At YHS Nationwide we understand that selling your property fast for a considerable discount isn’t always the ideal option. You may have little or no equity in your property or maybe you have plenty of equity but still require a specific amount of money to move on.
Dedicated to providing solutions for any circumstance, we are here to help no matter how complex your case. If your situation does not justify a fast cash sale, then a delayed completion option may be just right for you. Used around the world for more than 30 years, delayed completion simply means to have a longer than normal delay between exchange of contracts and a completion date. One example of using a delayed completion is if you wanted to buy a new build property off plan from a developer, typically you would put a deposit down, exchange contracts and have a delayed completion to a date when the property has finished being built.
How it typically works:
We agree a price to buy your property (up to full market value), we then agree a time frame of how long before we can complete, we both independently instruct solicitors and release you a deposit on exchange of contract (In most cases within two to four weeks of starting the case).
The delayed time before we complete is typically anywhere from 1 year to 6 years depending on the finer details. During this period we will legally become responsible for the property, meaning we would take over the monthly mortgage payments, council tax, any service charge and all maintenance associated with the property. Over the years we have put together many of these transactions which have proven to be great win win solutions, especially when a seller needs the full market value or simply requires a specific amount of equity to be released quickly.
Mr Williams put his property on the open market for £200,000. His outstanding mortgage was £180,000 and he was advised that for the property to generate interest in today’s climate, he would need to reduce his asking price to around £185,000. He also discovered that it could take up to a year for his property to sell and at the end, he would be left with barely any profit at all.
Anxious and frustrated, Mr Williams came to us for help. He granted us permission to buy his property for £200,000 within the next 6 years. In the meantime, we agreed to give Mr Williams £10,000 upfront and take over his monthly mortgage repayments up until completion. As a result, Mr Williams had the financial freedom to move on with his life straight away and ended up with £10,000 + more profit than he would of got selling via the traditional market.
To do that, we’ve had to experiment with a lot of crazy things to make that happen. We’re consistently trying new things, working with new partners, and overall, trying to make your search experience as seamless as possible. At the end of the day, we know how important it is to find the perfect home, and we’re excited to help you find it, and to help you through the entire process.
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