A quick sale York are they safe to buy?

Myown

Hi every one,

I have looked at a property, it is for sale tghrough A quick sale ltd York

You pay rent for 5yrs pluss deposit per month towards 10% for a mortgage.

Are they safe to buy from? Am I committed to buy if I rent from them, how do I know the house is worth the asking price and no problems. Can I instruct a surveyor befor I rent to buy?

Thanks

googler

If you're obliged to get your mortgage through them too, alarm bells would be ringing for me...

hcb42

I would be very cautious too

Bosun

My understanding is that you pay rent and a monthly option fee which over a 5yr period builds to give you the 10 - 15% deposit necessary to buy the property. The price agreed to buy the house for is fixed at the start as is the rent and these are fixed for the 5yrs but after that is subject to increases (the price you may after the first 5 years will increase by half of the regional house price index).

You have up to 10yrs to buy the property, but can buy it at any time should your circumstances change, but if you default on the rent or decide not to buy subsequently, you will lose all of the extra option fee payments that you have made to date. This is the only real downside, so you need to make sure you are happy to commit for the long term before you enter into an agreement.

The landlord benefits from the deal as he has a tenant with a vested interest in the property who is also liable for any maintenance/repairs on the property and there will be no tenancy voids or arrears for him to worry about.

The prospective purchasor benefits as they are able to buy a property at todays price that is fixed for 5yrs with effectively no money down. Even after the 5 years they will have to pay more, but will still benefit from half of the properties market increase.
It may be the only way someone with no deposit is able to get themselves on the property ladder.

This Company started as a Below Market Value property purchasing company and from what I understand they are probably one of the more ethical companies in their sector.

I don't see why you should not be able to get the house surveyed before you rent, but you could also speak to local estate agents to get their view of a sensible purchasing price/rent or look on some of the house price websites to get an idea of what other properties in the same road have recently sold for.

My advice would be to find out all you can, ask lots of questions and be sure it is right for you before you take the plunge. Good luck!

geoffky

run......will they still be here in 5 years?

joerugby

Don't assume it will be worth more in 5 years time, or 10 years time.

googler

What happens if they go out of business before you buy?

Former_MSE_Andrea

Hi

The company's asked us to post a statement. MSE doesn't endorse anything a company says on the forum.

In terms of MyOwns specific queries;

1 - Are we safe to buy from. All tenant deposit money is retained in an Arla Trust fund - this is subject to £25k deposit protection insurance via Arla should we go under. This is similar to ABTA travel insurance.

The landlord does not receive this money, so should anything happen to them, the money is returned to you. This is covered in the FAQs and the agreement which your lawyer will check over for you. You also have a restriction in your favour registered on the property by your lawyer at Land Registry to protect your position.

2 - Can you survey the property. Yes - and we would recommend that you do so. Ultimately you are buying the house and you should carry out all the normal due diligence that any buyer would do to ensure that you are happy with both the value and condition.

Pimlico

MSE_Andrea wrote: »

The company's asked us to post a statement.

That isn't what the company is saying, they are saying that they were prevented from posting here.

I responded to all the queries raised, provided a history of our business, 8 years in operation, we've always traded profitably etc and suggested that people check us out on companies house and credit check us. I also pointed them to our FAQ's on our website to answer all the queries to the "difficult" questions that we never duck.

My reply was deleted because companies are not allowed to reply! How can it be a forum when only one voice is permitted?

RAS

MSE has a rule that corporate bodies are only allowed to post with prior permission. This applies to everyone including charities like CCCS and companies like E on, who have permision to post. Also to "private" posters who rountinely tout for corporate bodies. Post with prior permission and your post is removed. Get prior permission and you can post. Simples.

Pimlico

RAS wrote: »

MSE has a rule that corporate bodies are only allowed to post with prior permission. This applies to everyone including charities like CCCS and companies like E on, who have permision to post. Also to "private" posters who rountinely tout for corporate bodies. Post with prior permission and your post is removed. Get prior permission and you can post. Simples.

But it's interesting that only a censored post was allowed. When you control what is allowed to be said you need to be transparent about the controllers ..........