Frequently asked questions
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;
Your property will be brand new.
They are often discounted (the earlier the construction phase, the cheaper for you).
Simple buying process.
The property comes with new-build warranties.
Often built in prime locations.
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.
Your property's value could rise between the time you reserve it and the time you/your tenant moves in.
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.
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;
Many mortgage lenders refuse to lend for off-plan properties.
If you can't complete the purchase due to mortgage complications, you could lose your deposit.
If you are unable to finalise the acquisition, the developer may be allowed to sue you.
If the construction is delayed, you may need to reapply for a mortgage because most offers are only valid for six months.
You have no way of knowing how the property will turn out.
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.
Can I view one of the social housing properties?
Can I purchase a social housing property with a mortgage?
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;
Maintenance is free (unless structural).
Management is free.
Rent is guaranteed.
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?
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.
Do you cover any other areas?
It is in the works!
Do you have any other properties available?
Do you cover any other strategies like BTL's, SA and R2R?
I would like to purchase a property. How can I do this?
Once satisfied with your chosen property, forward your amount to firstname.lastname@example.org along with;
The property you are interested in.
Your proof of funds (cash statement, MIP/AIP, any alternative proof of lending from a corporation).
Buying position (purchasing privately, or in a company etc).
Do I need to pay a sourcing fee when purchasing property from you?
Most of the time, no.
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).
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