Rod P

Esther (Ipswich)

Wanted to sell a jointly owned property in Sheffield and had not had any luck with local Estate agents and was getting desperate as the property was un inhabitable and costing her a considerable amount every month, so time was paramount. Here’s what we did for Esther and her mum and we rose to the challenge, but read what it meant to Esther and her mum

My mum and I bought a house as an investment but due to changes in circumstance and the dip in the housing market, we were left in a position which was incredibly stressful.
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The house had fallen in to negative equity and also in to a state of disrepair which meant that it was costing us money all the time. We looked at all the options we could find, from auction to voluntary repossession, to open market sale, to part exchange, to council lets, to even exploring a ‘buy your house quickly’ company. Most of these options offered empty promises and with their solution there was always a catch, it was going to cost Mum and I quite a few quid to use any of them.  We felt very disillusioned by traditional estate agents who charged money for what seemed to be no service, we were at our wits end, then I was introduced to Terry. There were no over the top promises, he did not say he would sell our problem property by reeling of a list of the marketing he would do, like a traditional estate agent valuer does. He came and gave an honest appraisal of the house, its saleability, what the options were, what the potential cost might be, the current market situation. So by the end of his visit we had a very clear picture of where we stood and how we were going to get out of our situation, we could finally see the light at the end of the tunnel. He offered a uniquely personal service and was directly contactable by phone, text and email, responding within the day to any queries or questions we had. We initially tried the ‘rent-to-buy’ option but when there was little response from the market Terry pro-actively suggested a change of plan and moved it to the open market. This gave us success and within the day of our house being open for a straight sale we had a buyer.We are now about to exchange this week and have managed, with Terry’s help, to solve what seem to be a unsolvable situation both financially and mentally. The experience, service and compassion with which Terry handled our dilemma was something that we wouldn’t have found by going to a local estate agent, and he is worth every penny. He was willing to go the extra mile, literally, given that the house was in Sheffield and I live in Ipswich and Terry is based in Colchester. We took numerous trips up to do viewings, again doubtful any traditional estate agent would be willing or able to provide this service. It is no exaggeration to say he saved the relationship between my mum and me and our mental well-being. If you find yourself in a situation similar to ours or just in a house that wont sell, contact Terry, at the very least you will have a conversation with someone who genuinely wants to help, and who probably can.
Esther – Ipswich

Gwynn – Sudbury

Gwynns wife was expecting their second child which was due in a few months and they had their house on the market with TWO local agents who could not get the price they wanted and had not managed to find them a buyer or get them an offer. We purchased Gwynns house within 6 weeks for £1,000 MORE than it was on the market. Here in Gwynns words is what it meant to him and his family. This was a video interview and briefly below is the transcript so that Gwynns personal details can remain confidential. The video is available at our offices for anyone to see.

Can you briefly describe the situation when we first met?

My wife to be was 7 months pregnant, we already had a 2 year old son and we’ve got 2 dogs but we were in a two bedroom house and we had outgrown that house so we needed to move and I was looking for a way that we could get out quickly before our second baby was born.

Did the offer I made and my explanation make sense to you?  Read more…

When you explained everything to me it did seem, at first, as though it was too good to be true. But, once fully explained and through the trust I have through our business associates I was very happy to move forward.So why do you think you couldn’t sell through an estate agent in the traditional way?

I think we could have sold through an estate agent but at the time there was a bit of a recession going on and everything was dragging its heels and I couldn’t, at that time, afford to drag my heels and keep on top of the mortgage payments.

At the time do you think you got a fair market price?

I did actually have the house on at the time for £157,000 and you came straight in with a price that was better than that so I was over the moon.

How do you think the process went?

The process was really good because you introduced me to the solicitor, who was independent. I spoke to the girl there who was clear and succinct about everything and knew how these things were done and she explained everything fully, which made me a lot happier in legal terms that this is going on around the world a lot more often than you think it is.

About dealing with me, have I done everything I said I would?

Yes, and more so. Since we’ve done this we’ve had to meet to exchange post and you have become a family friend.

How was me paying your mortgage, how did that work?

That’s worked out even better, so not only have you paid everything on time but that has helped my credit rating improve, month on month.

Have you received all your agreed payments in full and on time?

Yes, not only on time but early as well, which has been a nice bonus.

Looking back, would you do it again?

Without question, myself and my partner have been very happy with the whole process. If we wanted to move from one house to another this would be a quick and easy way for us to move on

How did things improve once you sold your house?

Well, with the payments we were able to get ourselves back on track and have a holiday and get our credit rating back and “she’s happy”, that’s the main thing

That’s all my questions. Do you have any other comments to add?

As far as I’m concerned it does and did seem too good to be true but as the solicitor explained it is a way which people used to do things after the war and is a way that has been forgotten but it is a way to move house and see the benefits in years to come.

Thank you, Gwynn

Gwynn – Sudbury 

Lee – Colchester

This again is a video interview transcript with confidential information edited out to preserve confidentiality and personal details.

Can you briefly describe your situation when we first met?

We were looking to move home and we had had the house on the market so we could move up to a bigger house so to do that we needed to raise some equity out of the property and the only way we knew how to do that was to sell the house. We had it on the market for 6 weeks with no joy and then this came up.

Did the offer I made and the explanation make sense to you? Read more…

Yes it did, it made a lot of sense. Initially you think it’s a bit odd but once you get your head round it, it makes a lot of sense. Obviously, it has worked and it’s got us out of a hole.

Why do you think it didn’t sell with the traditional estate agent?

Not sure, really, the market was difficult and the second bedroom is quite small and the estate agents weren’t particularly impressed by the idea of that and the market was tough at the time. We had a few people who liked it but because it was a first time buyers property they were struggling to get the deposit and mortgage. It was also November/December and it probably wasn’t the best time of the year.

Do you think you got a fair market price?

Yes it was on for £135,000 and we managed to do a deal at that price.

How do you think the process went?

Well, to be fair I didn’t have to get too involved in the process. It was one of those things where you explained what was happening, when and who we needed to deal with. It was seamless as far as I was concerned.

Dealing with me, have I actually done everything I said I would?

Yes, everything has been spot on. We spoke about the money upfront in the first place and how it would work and who you would deal with on my behalf, absolutely couldn’t fault it.

How did you feel about me paying your mortgage?

Initially the thoughts are how is that going to work that I’m not going to be liable for it but when we sat down and spoke about it and I realised just how it’s going to work, then absolutely fine. I know that if payments are missed I’m going to benefit from that but I don’t expect that’s ever going to happen, it’s not a problem for any of us.

So, now I’ve been paying it for a year have you heard anything from them?

No, not heard anything. From the outset they were fine about it and it’s not had any negative impact on me getting another mortgage. That was one of my thoughts, is that going to be a problem but not at all, they seemed to understand how the system worked and the solicitors worked together without me really knowing about it.

Have you received all the payments we agreed in full and on time?

Yes the money was paid in well before we put an offer on this property that we’re in now. Can’t question the payments coming in on time.

Looking back, would you do it like this again?

Yes, if we can find somewhere the next time we want to move and we can find a way of doing that again by getting some money out of this property first, I’m 100% we’d do it again. It’s so so much faster and so much easier than having estate agents trying to screw you down and having people traipsing through your house.

That’s interesting, how long was it from when we met to you moving into your new house?

It was late November when we decided and we moved in just before Christmas so about 3 1/2 weeks, which is mad but it worked and everything was sorted out.

How did things improve by doing it that way rather than the traditional way?

Well, instantly we stopped worrying about selling the house, which is a big plus, you can’t put a price on that, having people coming around and hassling you. Then as soon as we had the deposit money we could go out and put it down on another house, it just makes it so much easier. It also puts you in a good position to buy, in effect as far as they’re concerned we are a cash buyer because the deposit money is there and the mortgage is approved so it just puts you in a much stronger position than having to wait for a chain of people to complete before we could actually put an offer in.

Thank you, Lee