For many people a house will represent the largest financial asset they will ever own.  If you need access to cash quickly then you could use a fast purchase property company that will provide you with instant cash for your house.

Why use Fast Purchase Property Companies

There are many reasons why you may need to sell your home quickly.  With the current economic downturn thousands of homeowners face the threat of repossession.  A quick sale property service could help you to access the equity from your property that is needed to pay off your debts and prevent repossession.   Selling your property can also release the money you need to cover your costs during difficult times. You may have suffered recent ill health that has left you unable to work or are going through a family bereavement or divorce.  By selling your property to a fast purchase property company you can quickly gain access to your equity.  You will not have to go through the time consuming process of putting your home on the market and waiting for an offer.  A fast purchase property company will take care of all of the legal details for you leaving you free to deal with other important issues.

Tips for using Fast Purchase Property Companies

You will need to make sure you are getting the best deal for your property when you use fast purchase property services.  It is important to look for a trusted, established company that can offer you with a reliable and fair service.  If you are selling your home quickly then you must expect to receive a cash sum that is lower than the current market value. By using trusted services with good reputations you can be sure that the offer you do receive will be fair and will take into account the true value of the property you are selling.

Here are just a few tips to help you choose the right fast purchase property company for your needs:

• Property Assessments – the UK market features a wide variety of properties in different areas.  Each individual home will need to be assessed by professional property agents for its market value.  You should never agree to sell your property to a company that makes you a standard offer without viewing your property or taking into account the local market place.
• Quotes – get a quote in writing that is signed by both you and the fast purchase property company.  Many homeowners have been caught out by agreeing to sell the homes at a good price, only to find out on the day of exchange that the purchase price has been reduced significantly.  This can be far too late for them to back out as they will have already made some serious financial and lifestyle commitments to the quick sale and they could end up seriously out of pocket.  If you have the purchase price in writing you will know exactly what you will be getting on the final day.
• Take Your Time – be very wary about any company that is trying to rush you into making a decision.  Look out for tell tale signs of sales pressure such as quotes with very limited time offers.  Selling your home for cash is a big decision and you should take as much time as you need to work through this and also to shop around for the best offers.

Who we are…

If you are a homeowner and you need cash then you can sell your house quickly with a fast purchase property company.  This could provide you with a quick, no-hassle way to get access to your equity.

If you are unable to make your home loan payments as because you are facing financial hardship, you can consider modifying it. If you opt for loan modifications, the terms and conditions on your existing home loan will be changed by your lender to suit your affordability, provided you agree to the changes. Home loan modification helps you eliminate the risk of repossession and gives you peace of mind.

Who is eligible for a loan modification?

Different lenders have different qualification criteria. However, some criteria are followed by almost all lenders. These are:

• The borrower must be facing financial hardship or another serious problem that is effecting their ability to pay (such as severe illness);
• The property must be the owners primary residence;
• Borrower must be at least 2 full months in arrears mortgage payments,

So, if you match these criteria, immediately write to your lender explaining your financial situation and requesting for loan modification.

What are the advantages of modifying your loan?

Some of the advantages of getting your home loan modified are:

• Helps you keep the property: The biggest advantage of loan modification is that you can keep your property and avoid losing it to repossession;

• Reduces interest rate: When you request your lender for a home loan modification, they may agree to reduce the rate of interest on your loan so that you can afford the monthly payments;

• Lowers monthly payment: Apart from reducing the interest rate on your loan, the lender may also extend the loan term to help you further lower your monthly mortgage payments;

• Reduces principal balance: By modifying your home loan, you can also get your principal balance reduced. Some lenders may also reduce the outstanding home loan debt balance (including interest payments);

• Eliminates or defers past due payments: Your lender may eliminate the past due amount you have incurred when you were unable to make your monthly payments. Instead of doing this, he may also partially reduce the outstanding amount and spread the remaining sum over a period of time so that you can comfortably repay it;
• Don’t have to pay for it: Another advantage is that you do not have to bear any cost for getting your home loan modified.

Please note that loan modification could adversely affect your credit score (check with your lender). But the damage caused by it is not as severe as compared to what repossession does.

Quick Sale Completions take pride in offering free, confidential and no obligation assistance to people going through repossession, remember there is often a simple solution to what may seem like a complicated matter . Visit our website at www.quick-sale-completions.co.uk and find out more about our services.

Sell and rent back is one way of avoiding losing your home if you are behind with your mortgage repayments. Finding a quick sale completion company who is willing to buy your home fast may save a great deal of heartache as you are able to remain in the property. However, when considering selling and renting back, you may wish to weigh up the pros and cons before jumping in.

One of the biggest pros when you choose to sell and rent back with a quick sale completion company is of course that you are able to remain in the property. When you sell and rent back the company works with you to find a deal that works for you. They typically give you so much of the full value of your home and then ask that you pay so much in rent each week so that you can stay on in the property. This brings us to one of the downsides of choosing to sell and rent back.

Typically when selling your home through sell and rent back with a quick sale completion company you are not given the full asking price of your property. However this may not be as bad as it sounds when you take into account what you get in return.

When selling with a quick sale company offering you the chance to sell and rent back there are usually no fees to pay out to such as an estate agent or a solicitor. When you take into account that these fees may add up to a considerable sum of money the slight reduction in the price you may be offered for your property may not seem as daunting as it first did.

You also have to take into account that when you sell and rent back to avoid repossession you are usually able to get a guaranteed sale if you and the quick sale completion company are happy to go ahead. This sale may also be over very quickly, often in just a matter of a few weeks, which when faced with repossession can be a lifeline.

Another bonus to choosing to sell and rent back your home is that you are often given the chance by the quick sale completion company of buying back in the future. You may have short term financial problems and are able to buy back at an agreed date in the future and for an agreed sum of money at the time of selling. You are able to choose to sell and rent back your home in a wide range of circumstances requiring you to obtain a fast house sale.

You may sell and rent back if divorcing and one partner wishes to remain in the property. You might need to get your hands on a large cash sum of money by using the equity in your home. In these cases you can sell property fast and rent back to remain in it with the option of buying back in the future. You might even wish to sell fast and rent back if you are emigrating and want peace of mind of a fast sale. In this case you can sell for cash and then rent back the property until it’s time to leave.

Mortgage arrears can be the worst nightmare of any homebuyer as they may lead to you losing your home. However this is not to say that all is lost if you fall behind with your mortgage repayments, in some cases property buyers are able to avoid repossession, but this may depend on your actions and your dealings with your lender.

Typically lenders are reluctant to take property away from the homebuyer, despite what you may believe the majority would rather come to an agreement with property buyers, allowing them to stay in their homes. Repossession is usually only a final resort and of course depends on how far you are behind with your mortgage repayments and the circumstances. Generally major lenders do not commence mortgage repossession unless you are at least three months in mortgage arrears; some may even give the homebuyer six months grace before taking proceedings. If you know you cannot meet your mortgage repayment the first step is to:

Speak with your mortgage lender

As soon as you realize you cannot meet your mortgage repayment, the first step, and this is a crucial step, is to get in touch with your mortgage lender. The sooner you contact them the better your chances are of being able to reach an agreement, so let your lender know what’s happening. Never be tempted to hide your head in the sand and hope that your financial problems will go away, they never do. Your lender may talk with you about actions you are able to take to remedy your situation. For instance you could:

Take a holiday from your mortgage repayments

If financial problems are short term you may be able to take a holiday from your mortgage repayments. This may allow you some time to get back on track, however usually this affects your credit rating.

Extend the terms of your mortgage

Consider extending the term of the mortgage which allows you to spread the cost, which typically reduces the monthly mortgage repayment. However you will pay out more in interest on the loan by doing so, but once you catch up and you are in a better financial position you may be able to reduce the mortgages term.

Switch to an interest only mortgage

You could consider asking the lender if you can switch to an interest only mortgage for a short while and this may bring your mortgage repayments down by a great deal each month. The downside is that you are only repaying the interest on the total amount you borrow and have to find the capital when you reach the term of the interest only mortgage.

If all else fails, consider other options

If you cannot reach an agreement with your lender then you may wish to consider other options such as a quick sale of your home. There are property purchasing companies out there who specialize in helping property buyers get a cash home sale. When considering this as a last resort you are able to sell your house for cash and pay off your mortgage. You can even sell to rent back which means you do not have to move, you can stay in the property as a tenant and pay affordable rent.

As an organisation, Quick Sale Completions receives many calls from homeowners who think they need a fast property sale because they are facing the prospect of repossession.  The reality is that there is often a very simple solution to what may seem like a complicated situation – meaning that you do not even have to consider selling the property at all.

This short article explains the various stages that the lenders go through once a borrower falls into arrears and the steps that can be take to avoid repossession.

Stage 1 – If you are minimum of three months in arrears, the lender will write to you.  Whilst the letter may seem threatening in its tone, you should remember that lenders often have computerised (automatic) systems which deal with people who fall into arrears.  Your best option is to keep in touch with them to discuss the situation.  You will need to take a close look at your monthly budget and see whether you realistically have the means to pay them in the time they require.  If so, you should contact them and explain exactly when the money will be paid back and follow it up with a letter (photocopy this for your own records).  Lenders can be flexible with monies owed provided the homeowner remains honest and keeps in regular touch.

Stage 2 – If the arrears are unpaid for 3-6 months or more (and you have not discussed a payment plan with them), the lender will refer the account to their solicitors. They will write to you demanding full payment and warn that if you do not bring their account up to date or if they have not responded with an adequate proposal for paying off the arrears, court proceedings will be started.  The lenders will start to take a more serious look at what is happening so the key here is to communicate with them as much as possible.

Stage 3 – The start of repossession proceedings: when the lender gets no clarification with regards to paying back the arrears, the solicitors will issue County Court Repossession proceedings against you. The court will set a hearing date which you must attend (or else the repossession procedure could be fast-tracked).

Stage 4 -  At the hearing the Judge will decide whether you can repay the mortgage, on what terms and over which period.   It should be remembered that, generally speaking, the court’s view is that repossession is the last resort and the Judge will explore all options available to you.  If you are in this situation, you should take along as much evidence as you can with you to show if, what and how you will be able to pay them back (things like payslips, a letter from your employer / job centre).  The judge will make one of the following decisions:

• Adjorn – one outcome at the first meeting is to adjourn to a later date to allow for the collection of more information (if, for example, you are able to provide some new evidence as to how you can clear the arrears) – a new hearing date will be set;

• Dismiss or Adjourn indefinitely – usually only following full payment of the arrears;

• Issue a Suspension Order – if you can come up with an agreed arrears repayment schedule, then the Judge may issue a Suspension Order i.e. the repossession order is temporarily placed on hold.

Stage 5 – after the hearing, if you feel that you still cannot keep up with the agreed schedule with the judge contact us by completing the form on the right of this web page.  We will spend some time discussing other ways you could potentially deal with the situation, including our ‘part-now, part later’ policy which will enable you to receive the full market value of the property.

If you fail maintain the agreed payment schedule, the lender can obtain a Possession Warrant (Eviction Order) without further court hearings.  You will receive a date and time from the court when you must leave.  Please note that should you find a way to clear the arrears at this point (for example, you have found a buyer for your property) you can still stop the process from happening by visiting the court with a completed N244 form which can be downloaded here.

Note that there have been some exceptional instances where we have been able to get the property back into the name of the homeowner after the eviction has taken place.  If you have been repossessed already, complete our form on the right and our legal team will be in touch with you in the next few hours.

Please complete our web form to the right of this page for a no-obligation chat.