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Understanding House Prices

The Buying Cycle – How it Works
This is a generic Step by Step Process. It is a general overview on how the Sales Process works at
Properties Discounted ™ for a Residential Property Investment purchase.

Survey and Mortgage Offer

Step 1: Talk To Us – Let’s find the Right Property for you

As everyone’s personal circumstances and investment objectives are different, we like to start from a blank sheet of paper.

We want to understand what you’re looking to achieve. Many potential investors who are completely new to the property investment market approach us, looking to venture in to the market and are unsure on how to proceed, establish a portfolio of properties, or what they should look to expect.

Whether you are a new comer or an established property investor, we want to understand your model, and where possible provide you with our input.

We want to make sure you get the details of properties that you are interested in, providing you with those that match your requirements.

We want to give you open and honest advice.
We want to help provide you with information in regards to the local area and the market.
We want to go that extra distance to ensure we both get it right – that’s us and you.
We will constantly update you via email and sms alerts keeping you informed. We invest in training and technology, making sure that we continuously keep you updated throughout the entire process from Start to Finish.

Together we want to make it happen, but the ultimate decision will always be yours.

Step 2: Arrange your Mortgage – Put your finances in Order

It is important that you strongly consider your finances, and set your goals on a property that fits your own strategy. We strongly advise that the business fits with your objectives and not the other way around.

As property Investment is a business we must always keep an open mind, consider all our options, look at the different lending solutions that are available and more importantly assess if you are mortgeable. If you require a Mortgage then we can recommend you to a Mortgage Broker, who is completely independent of us, and who can help assist you in obtaining a decision from a lender to see how much you will be able to borrow based on your own individual circumstances.

They will try to get you the best possible rates and mortgage deals; being open to the whole of the mortgage market they have access to all the mortgage products.

Once you get the Green Light (mortgage in principle), then it’s all systems go.
Our Sellers will Love you – as you can prove that you are in a true position to buy, you’re serious and as such any offer you put forward must be considered. In fact we will put all offers forward to our Sellers.

Step 3: Viewings

Once you have decided that a property may be of interest to you, we will arrange for a viewing and try to find a time that is suitable to both you and the Seller.

We ensure that we follow up after your viewing to monitor your interest, and should you choose to make an offer then we will present this to the Seller for their serious consideration.

We understand that this is a big decision for you. So should you want to arrange any subsequent viewings, we will endeavor to book them in for you as soon as it is possible.
Here are some useful Viewing Tips

Make a list of what you are looking for. Set the vision - Everything else will follow.

  • Walk past the property before entering, look at the area, local amenities and surroundings. Have a look at the neighbors’ property, is it well maintained? Look at the property from outside, and see if fits in with your investment strategy. Consider how you could enhance the property, always keep an open mind.
  • View the Property with the Agent, friend or family, we recommend you do not view the property alone. A second opinion will quite often be very helpful, the other person may spot something you miss, besides a second opinion can do no harm.
  • Check the outside of the Property, see if you can look at the roof (from a distance) to spot any missing tiles, look at the guttering and facia boards. See if the garden is tidy and has potential for what your looking to create, consider the parking and outbuildings. Look at the external doors and frames, the windows, driveway, and garage. Make a list of any defects – these could be integral in your negotiations.
  • Be thorough, always ask the sellers permission first, but look at cupboard doors, kitchen units, under the sink, the cellar, the basement, the attic.
  • If this is to be your home, you would want to establish if there are to be any further expenses and as such legislate for them when putting your offer forward.
  • Only check the loft and the basement if it is safe to do so.
  • Check the plumbing. Does hot water come out of the taps?
  • Check the heating. Are the radiators warm?
  • Check the lights, do they switch on and off – check the extractor fans too.
  • Look at the fuel bills, and the energy performance certificate, you will get a good idea what the running costs will be for the property.
  • Check what will be included in the fixtures and fittings, what will stay and essentially what will go.
  • Check the condition of the flooring and the decoration.
  • Check to see if you can spot any damp patches and creaking floors.
  • Visit the property in the daylight and may be in the evening if possible.
  • Make a note of what you see, and please try to convey this back to us. We love feedback and let us do the negotiating for you.
  • Strike up a rapport with the Seller. We normally have lots of interest in a Property, if you are friendly with the Seller, they will be more likely to remember you and as such this could help in the negotiation process.

Due Diligence

Please remember that the investment property is NOT your home, you must detach yourself from this and as such consider the property on its own merits, and more importantly assess as to whether it fits in with your own personal investment strategy.

Ensure that you carry out thorough research in to the area. For a more in-depth summary please refer to our Due Diligence Section. Consider the following;

  • Transport Links
  • Employment
  • Location
  • Educational Facilities
  • Developments
  • Regeneration
  • Points of interest
  • Crime Statistics
  • Price Comparable
  • Tenure
  • Rental Demand
  • Warranties and Indemnities
  • Fixtures and Fittings
  • Survey
  • Enhancements value
  • Running Costs
  • Local Demand

Step 4: Make an Offer

This is the exciting time, you have put you finances in order, you have searched for your investment property, and now you’re ready to make an offer.

We will work with you from start to finish and help guide you through the process.

We will contact the Seller immediately and inform them of the offer, as they will equally be as anxious to consider any offer received. We will report directly back to you and try to make the process a seamless one.

We are here to negotiate between you and the seller, and our senior Negotiators will help you through the process.

Like you, our adrenalin is also rushing and there is no better feeling than having your offer accepted. On acceptance of your offer, we will prepare a Memorandum of Sale and write to all parties concerned.

Step 5: Conveyancing

Now that your offer has been accepted, it is time for you to instruct a Solicitor or a Licensed Conveyancer, either of which will be able to assist you in purchasing your home.

They will have the appropriate experience to help look after your best interests and will be able to carry out searches and enquiries, inspect the contract from the seller’s solicitors, and investigate the property title making sure you are aware of what you are buying.

Your Legal representative will be able to liaise directly with your Lender once they receive a mortgage offer (provided they are on their panel), and help work with you to exchange and complete the purchase of your investment property.

We will help keep you informed throughout the whole process, liaising with your Legal representatives. Please Remember it is important to insure your property investment, your solicitor should inform you of this, as you will want to be covered against potential risks, this could even form part of a condition of your mortgage offer.

We can refer you to a Solicitor or Licensed Conveyancer, we are completely independent and as such you will receive impartial, honest and professional advice from them. They are regulated under their own professional bodies and carry indemnity insurance so that you are protected.

Step 6: Survey and Mortgage Offer

Now that your offer has been accepted, it’s time to reengage with your Mortgage Broker, and instruct a valuation. The surveyor is completely independent to us and acts for the Lender, they are qualified individuals who are members of the Royal Institute of Chartered Surveyors (RICS), and they have experience in valuing property, especially in the area you are looking to make your purchase in.

The Surveyor may require further reports such as Damp and Timber Reports, Structural Reports, or any other report they think is vital to help assist in their valuation, should such further reports be required then we will help locate a professional for you.

Once the survey has taken place it is passed back to the Mortgage Lender who will then assess your application and survey report and provided they are satisfied they will issue you with a Mortgage Offer, a copy of which will be sent to your solicitor.

Step 7: Completion

Once the formalities have been concluded, and the balance of monies between the exchange and completion has been received by the Sellers Solicitors from the Buyers Solicitors, Completion has taken place.

You will then be provided with the keys of your now, new Home.
Congratulations you are the New Legal Owner.

Our Due Diligence Process >>>

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