Property Buying Process
Looking to sell your property? A quick check…
Is your property a 1-4 bedroom house or flat?
Is the property in Redcar and Cleveland, Middlesbrough, Stockton, Darlington or Hartlepool?
Is the property in good condition with no or minor repairs/improvements needed?
Does your property need more work doing but you can therefore accept a lower price?
Please note we buy properties that enable us to keep future rents affordable, we can only purchase properties that are fair and realistically priced.
If you have answered yes to the above, great! We are interested in purchasing your property!
Looking to sell a full or part portfolio? A quick check…
Is your portfolio situated in Teesside and/or the wider North East area?
Is it made up of 1-4 bed self-contained properties (not shared accommodation like HMOs)?
If you have answered yes to the above, great! We are interested in purchasing your portfolio!
We can look at purchasing up to c.50 properties in one transaction, or can buy in smaller quantities. We also have more flexibility on what gross yield value we buy at than we do for individual property purchases. We will need to inspect all properties.
The Purchasing Process
Selling your property to The Ethical Housing Company is a simple, quick and transparent process. We aim to complete on purchases within 8 weeks of our initial offer made, usually a little longer for portfolio acquisitions. We keep you informed throughout the process and will always strive to make a purchase wherever possible. We’re not here to waste anyone’s time least of all our own!
Stage 1 – Desktop valuation of your property/portfolio and indicative purchase price
We will ask you for some basic details about your property and calculate an indicative offer price. This price is subject to property inspections and surveys. If you accept this indicative offer in writing (email) then we will arrange to visit your property/portfolio. If you can’t accept the offer then we terminate the process.
Stage 2 - Preliminary Property Inspection
We will arrange a preliminary property inspection attended by ourselves, to determine whether or not the property is suitable for us to let. If the property is tenanted the tenants must be in. If the property is not suitable, we will notify you as soon as possible with the reason/s why we will not be purchasing. If you are able to address the reason(s), for example, you offer to complete some repairs that we require, then we may then be able to proceed.
If the property is suitable we will confirm the indicative offer price, or make a revised offer e.g. if it needs works doing. When you accept this offer in writing (email) then we will instruct our surveyor to carry out a building survey. If you do not agree to any revised offer price, the process will terminate.
Stage 3 – Survey and Electrical Testing
We will instruct our surveyor to attend ASAP. If all okay with the survey and no major works needed, we will confirm our offer still stands and then instruct our electrician to carry out electrical testing. We will review the electrical report and confirm offer price still stands, or a revised offer if any major works needed. Assuming all okay and you agree to any amended offer price, we then proceed to conveyancing.
Stage 4 - Conveyancing, exchange and completion
Once instructed, our solicitors aim to complete all acquisitions within 4 weeks. This is for individual properties and for portfolios (the longer time needed for portfolios is property inspection/survey stage). You will need to use your own solicitor and we ask that you ensure they respond quickly to our solicitor's requests, so there are no unnecessary delays.
Our promise to you
All through the process, we are honest with you, we will only reduce our offer price if we find major problems from the survey or electrical testing. We will also give you the option to carry any such works out yourself if you prefer to do this and prevent the offer price from reducing.
© 2018 Ethical Lettings Agency