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Frequently asked questions

OFF-PLAN

I am interested in an off-plan property, where can I find a brochure?


If you fill out your details in the form here along with the name of the off-plan property you're interested in, we will forward a shiny brochure for you.




What is buying off-plan?


Buying off-plan is when you purchase a property before it has been fully built by a developer, or before construction has even started.




What are the BENEFITS in buying off-plan?


There are plenty of benefits buying a property off-plan which includes;

  1. Your property will be brand new.
  2. They are often discounted (the earlier the construction phase, the cheaper for you).
  3. Simple buying process.
  4. Chain-free.
  5. The property comes with new-build warranties.
  6. Often built in prime locations.
  7. When buying a new home, you aren't vulnerable to the same 'buyer beware' as you are when buying an existing home. If you buy off-plan and discover structural flaws, you may be entitled to sue the developer for the fair and proper costs of repairing them.
  8. Your property's value could rise between the time you reserve it and the time you/your tenant moves in.
  9. You may be able to personalise your home by deciding on the interior layout, furnishings, and fittings, as well as the location within the development.
  10. Some developments provide a range of property kinds to choose from.




What are the DRAWBACKS in buying off-plan?


Like with purchasing any property, there can sometimes be unforeseen drawbacks which may include;

  1. Many mortgage lenders refuse to lend for off-plan properties.
  2. If you can't complete the purchase due to mortgage complications, you could lose your deposit.
  3. If you are unable to finalise the acquisition, the developer may be allowed to sue you.
  4. If the construction is delayed, you may need to reapply for a mortgage because most offers are only valid for six months.
  5. You have no way of knowing how the property will turn out.
  6. Your property may lose value depending on economic conditions.




How much deposit do I need to reserve an off-plan property?


Reservation fees vary. See our off-plan properties here to check what reservation deposit you would need to pay for each property.





SOCIAL HOUSING

Can I view one of the social housing properties?


No. The tenants that occupy these properties are law-protected asylum seekers and viewings are strictly prohibited.




Can I purchase a social housing property with a mortgage?


No. The majority of lenders avoid providing mortgages on asylum seeker properties due to their long-term management contract nature of between 5 and 10 years. In result of this, the social housing properties are for sale for cash only.




Who manages the social housing properties?


Serco PLC manages the social housing properties in the North West of England. Mears PLC manages the social housing properties in the North East. Both of these companies have been appointed by the UK government Home Office with a £2.9bn contract.




What is the demand for asylum seekers?


There is an ongoing situation in regards to asylum seekers in the UK. Including the very recent evacuation of refugees from Afghanistan, along with asylum seekers crossing the English Channel on a regular basis. There are both legal and illegal types of asylum seekers, despite this, they still need accomodation desperately. Even more so due to the global COVID-19 pandemic. Because of the pandemic, the seeking asylum process has been far longer than the traditional five years, meaning more people and less accomodation is available.




What are the BENEFITS of owning social housing properties?


These properties are sold with brand new management contracts in place. Serco provides contracts with 7+3 years and Mears provides a 5-year contract. Throughout the contract duration, the benefits for you are;

  1. Maintenance is free (unless structural).
  2. Management is free.
  3. Rent is guaranteed.
  4. No voids.
  5. Each property has a housing officer from Serco or Mears that is responsible for the property and the tenants. The property must be returned to the landlord in the original state as per the lease - at the management companies' expense (unless structural).




Do the social housing properties need to be refurbished upon purchase?


No. The social housing properties that are up for sale have been; newly refurbished, inspected, adhered to building regulations, council regulations, and Serco/Mears' standards.




How long does the sale process take?


The properties sell on a 28-day completion time frame that includes an auction pack with electrical certificates, gas safety certificates, searches, and property condition reports from Mears or Serco.




Can I book a survey on the property before purchase and completion?


As the tenants are asylum seekers are asylum seekers and are deemed vulnerable people that are protected by law, the properties are sold with the condition reports supplied by Serco or Mears in lieu of the survey. The property is contractually required to be returned to you in the original condition as it was at the beginning of the contract.




Why are the social housing properties not listed on your website?


We have a constant and steady stream of social housing properties available. Due to quick turnover of these types of properties, listing them online will be an inefficient use of time as we would be constantly updating, removing, and adding properties within very short timescales.





GENERAL

Do you cover any other areas?


It is in the works! Since we originate in Manchester, we know the North West quite well and feel we can best serve our customers here primarily. We are currently branching out into providing Social Housing properties in the North East of England with management contracts in place - cashflowing from day one.




Do you have any other properties available?


Most likely! We often have all types of properties available that we don't list online to maintain exclusivity. As we are targeting 'hands-off' types of investors, these types of properties are extremely low maintenance and passive. This means no more getting dirty whilst refurbishing, and making sure your time is effectively managed by pursuing your main income-generating tasks.




Do you cover any other strategies like BTL's, SA and R2R?


Not primarily. We primarily provide off-plan, whole blocks and social housing properties for our strategy. This is because we target the 'armchair' type of investor. However, should an opportunity be presented to us that could be a perfect fit for a 'passive investor' of a different strategy, we may be able to provide this to them for review. The types of properties we provide are a fantastic match for investors with careers in various fields, where property investing is just an additional source of income for them with absolutely no interest in refurbishments, property visits, and maintenance.





BLOCKS


IMPORTANT

I would like to purchase a property. How can I do this?


Once satisfied with your chosen property, forward your amount to info@matadorsourcing.com along with;

  1. The property you are interested in.
  2. Your proof of funds (cash statement, MIP/AIP, any alternative proof of lending from a corporation).
  3. Solicitor details.
  4. Buying position (purchasing privately, or in a company etc).
IMPORTANT If a property is going to be registered in a company, then we need your company name and registration number (you will also need to be a director associated with that company). If you are purchasing on behalf of someone, we will need permission from that person/entity that they consent for you to act on their behalf. Any and all transactions will not commence until this is verified and anti-money laundering checks have been conducted on the relevant persons/entities. Any proof of funds that are not in your own name/entity will not be deemed acceptable and will be enquired upon further by ourselves. Any offer amount that has been forwarded to us without the provision of proof of funds will be forwarded to our clients as we are legally required to, but our clients will be made aware that proof of funds have not been provided to us and your proposal will most likely not be taken as seriously by the vendor and ourselves.




Do I need to pay a sourcing fee when purchasing property from you?


Most of the time, no. We are mostly retained by our vendors (clients) and purchasers do not normally need to pay us anything. However, opportunities may be presented where a purchaser sourcing fee is required. This is only if a vendor is looking to sell their property for free.




Disclaimer | Social Housing


Due to social housing tenants being protected by UK law and being deemed vulnerable, Matador Sourcing Ltd accepts no responsibility for any inaccuracy of property misdescription (inclusive of the photographs, property description, location, floorplans, measurements, and legal documents). All social housing properties and their contents have been provided at the vendors' responsibility. All content related to any social housing property has not been created or influenced by Matador Sourcing Ltd. You will be made aware that you are purchasing a social housing unit on the basis that Matador Sourcing Ltd has not provided any social housing marketing content, or physically had access to the property of interest or its boundaries due to legal reasons. A disclaimer will be presented upon signing a reservation form when you (the purchaser) are signing.





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