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Buy Fast Ltd - Good/Bad/Ugly?
neas
Posts: 3,801 Forumite
Hi all,
Am asking this question on behalf of wife's friend, they own a property currently and are getting into difficulty with mortgage payments (dont have much detail except they trying to sell to a sell and rent company)
Anyone got any advice/information/reviews/pitfalls that I can relay back to them?
The company they want to use is Buy Fast LTD. Personally I wouldn't do this but if its there only option then I have to help them.
Questions:
- How long are they guaranteed to rent the place after they sell it? Can they just turf them out after 1 year?
- What typical percentage do they pay in relation to market? 80% of what you'd get selling normally?
I will do my own research too but advice is appreciated
.
Am asking this question on behalf of wife's friend, they own a property currently and are getting into difficulty with mortgage payments (dont have much detail except they trying to sell to a sell and rent company)
Anyone got any advice/information/reviews/pitfalls that I can relay back to them?
The company they want to use is Buy Fast LTD. Personally I wouldn't do this but if its there only option then I have to help them.
Questions:
- How long are they guaranteed to rent the place after they sell it? Can they just turf them out after 1 year?
- What typical percentage do they pay in relation to market? 80% of what you'd get selling normally?
I will do my own research too but advice is appreciated
. 0
Comments
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Companies House do not appear to have any company known as "Buyfast.." or "Buy Fast..." listed... Hmmmnn..How long are they guaranteed to rent the place after they sell it? Can they just turf them out after 1 year?
Only guaranteed to rent for the initial fixed period of the AST. If that is 12 months then after 12 months they issue S21 notice (can do after one month of tenancy) then apply to court for possession (and if the forms are filled in correctly the court has no option than to grant possession), then send the bailiffs round and the tenants are out. If AST fixed-term is 6 months, after 6 months.
I wouldnae trust these blood-sucking evil b***ards further than I could throw them: And I have a bad back.
Cheers!
Lodger0 -
I agree, but as they are desperate and not good with money I can see them doing this.!0
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Aye; & Buy-fast will lie about them being able to stay, and about them not increasing the rent....
Sorry to hear about your friend's circumstances...0 -
I cant actually find the companies website... more alarm bells ringing lol.0
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If your friends want to give away all the equity they have in the house, why don't they find a more deserving cause? RSPCA, NSPCC, or even sell it cheap to someone who will make it their home.
Pretty much all these companies are complete sheisters. They will take the maximum advantage they can out of your friends, who are really just buying themselves an extra 6/12 months in their current home, but paying wildly over the odds for that. They would be miles better off accepting that they will have to leave, and selling the house quickly to someone who will actually use it. The price will be less than they hope, but miles more than any of these sheister companies will pay.No reliance should be placed on the above! Absolutely none, do you hear?0 -
They have no guarantee - if the buying copany go into administration 1 month after buying your friend's house, then the administrator will decide whether or not they stay, without reference to any guarantee.
If by some slim chance this co. are offering 80% of the market value (unlikely, probably nearer 70 - 75%), wouldn't your friends be better off selling on the open market for 85% (or possibly more) of the market value and finding somewhere else to rent?0 -
they are committing financial suicide......get them to get thier mp involved and call of the hounds..It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
Have they spoken to their mortgage co or mortgage advisor to see if they can re-organise their payments?
If they're on 15 yr term at the moment, could they move to a 20-year term with lower payments, that sort of thing?0 -
You'll be lucky to get 65-70% from these type of 'companies'. I'd steer well clear unless i was very very very very very desperate to sell. Tell them to talk to a few local estate agencies, they tend to have people on their books looking for cheap properties.0
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