Cash Property Buyers
If you’re selling your property direct to a property buying company, the only contract or agreement that you should need to sign will be the contract of sale, and that will be issued to you by your solicitor.
We buy properties in any condition, quickly for cash
Vendors in the second category will most likely own a property that falls into one of the following categories and might require a cash buyer or a specialist lender:
– Derelict property.
– Property without bathroom or kitchen (or just without cooking/ washing facilities).
– Properties valued below £50K, especially for buy to let lenders.
– Leasehold property with a short lease – typically less than 70 years.
– Structural defects or properties close to mining works, areas of landfill, recent flooding, or subsidence. Or issues that could potentially cause structural problems e.g. Japanese Knotweed.
– Sitting tenants/regulated tenancies/life tenancies.
– Defective lease.
– Damp, dry or wet rot, wall tie or structural problems.
– Planning issues or boundary disputes.
– Building is in severe disrepair or needs demolishing.
– Unusual or non-standard construction.
Other situations that could potentially cause problems include:
– More than one flat in the same block for same borrower and /or lender.
– Freehold flats.
– Flats higher than 5th storey in tower blocks.
– Above or close to commercial.
– Neighbouring properties ( two houses next door to each other).
– Properties where a sourcing club is involved will get rejected as unmortgageable.
– Vendor has owned the property for less than 6 months.
It’s worrying how many buyers claim to be cash buyers but are not! This goes for buyers introduced through estate agents and buying companies too. In the case of estate agents it is usually a ‘mix up’ of information that leads to the inaccurate statement– these things sometimes happen when you appoint a third party to work for you! When ‘property buying companies’ claim to be cash buyers but are not, what they often mean is that they have cash buyers ‘on their books’; they can refer the sale to a third-party cash buyer. It’s always worth requesting proof of funds (e.g. bank statement or letter from solicitor) from any buyer who claims to be purchasing with cash.