"Buy My House" company - has anyone had experience with them?

catw75

Hello all, I'd like to know if anyone has had any experience with this company, Buy My House? buy-myhouse.co.uk

I own a small flat and rented it out, managing it myself, for the last 5 years, since moving in with my partner. My last tenants moved out recently. I want to sell the flat, because my partner and I have moved to a new area. We are currently renting, and would like to buy a home together here, but not immediately, because he wants to save his bonuses from work over the next year or so, to contribute to a deposit for the new place, and I'll contribute my proceeds from the sale of the flat.

I have had an offer from this company. It's a good offer and compares well to property values and sales in the area. They are cash buyers and are able to complete a quick sale, and it would be ideal to sell my flat before April, so that I can still claim lettings relief on my Capital Gains Tax. It would also enable me to avoid paying estate agents' commission, as I haven't instructed an estate agent yet. It would take longer to sell through an estate agent, and I'd have to pay the mortgage, Council Tax etc on the flat in the meantime. I'd also probably need to spend some money on making the place more appealing to buyers, too.

I'd be really grateful to hear from anyone who has sold a property to this company, does anyone have experience with them, please?

[Deleted User]

https://uk.trustpilot.com/review/www.buy-myhouse.co.uk

https://www.reviews.co.uk/company-reviews/store/buy-my-house

Not used myself but if its the companies above they get predominantly good reviews and you have lots of plus points in your post too
I guess you are worrying - is it too good to be true ?

JGB1955

If it sounds too good to be true....proceed with caution. A barge pole comes to mind...

tom9980

typically they give you an ok offer then just as you are about to exchange and complete drop the price when you are desperate and invested in the sale.

parkrunner

These type of companies have a reputation for offering a decent price and then dropping it considerably nearer the exchange of contracts. Just stick to your guns and don't accept a lower price.

Mojisola

There was an item on Moneybox today about quick sale companies -
https://www.bbc.co.uk/programmes/m000dpp1

pinkshoes

Just sell it at auction. Much better than those quick sale companies and you will probably get a lot more!!

eddddy

catw75 wrote: »

It would also enable me to avoid paying estate agents' commission, as I haven't instructed an estate agent yet.

Estate agents typically charge a 1% to 1.5% commission fee.

Buy My house say:

How much will you offer me?

We typically pay up to 90% of the current market value of your property. The offer can depend on the location, value and condition of your property and whether it is tenanted.

Link: https://buy-myhouse.co.uk/faqs/

i.e It would be much cheaper to pay estate agent's commission.

Also, that will be upto 90% of BMH's assessment of market value. And I suspect BMH's idea of market value will be much lower than anyone else's.


As you probably realise, BMH want to make a profit - so they will need to buy well below market value from you - so that they can resell it at market value.

So why not cut them out and sell at market value yourself?

catw75

Hi Denzol, thank you! Yes, I was hoping it wasn't too good to be true. But it certainly doesn't look like it from these reviews, and thank you for finding the links for me!

catw75

Hi Tom, thanks for the warning. I've considered that possibility, and decided that if they do that, I'll just walk away and instruct an estate agent instead. I'm not in a desperate situation or about to buy a new home. My partner and I are happy to carry on renting for a while, and if it does work out with the company, I'll hang onto the money until we decide to buy. There's no chain and no pressure.

Good advice, though. I'll make it clear from the start that I will simply walk away if they drop the offer at any point, and that I'm in a position to do so. And I'll use a 'no sale, no fee' conveyancer.

davidmcn

catw75 wrote: »

I'll make it clear from the start that I will simply walk away if they drop the offer at any point, and that I'm in a position to do so.

I wouldn't waste my time even entering into negotiations with them - as above, their business model is to buy from those who are desperate, and then resell the properties (quickly) - if they are to make a profit after all their expenses then they need to buy at well under their expected reselling price, which itself is probably under the full price you'd get by conventional marketing.

You can do the "selling quickly" bit yourself by pitching the property at an attractive price via conventional estate agents, or by sticking it in an auction.