Frequently Asked Questions
At North Home Buyers, we understand what a stressful and uncertain time selling your home is, whatever your reason may be for selling, which is why we’re dedicated to making the process as simple and fast as possible. Read through the dropdowns below for more information on each particular situation we have particular expertise in dealing with and get in touch with us today to speak to a member of our staff based right here in the North East.
How much can you offer me for my property?
The exact amount you receive will depend on the market value of your home (which is affected by factors such as the condition of your home and your circumstances. We have different solutions and we tailor our offers to suit you and your personal circumstances.
Our initial offer is based on what we think is the market value of your home. We determine the market value by collecting data from historical sales in your street and immediate locality as well as current prices. We also use professional software to assist us in coming to this figure.
We always have a survey done on the property before any purchase completes so all our offers are made subject to an independent RICS surveyor’s valuation which we will pay for. The survey is done by a qualified surveyor who belongs to the Royal Institute of Chartered Surveyors, This is to ensure that the valuation is done professionally, correctly, and independently so that it is totally fair to you.
How much will it cost me?
Our service is completely free. There are no catches and no hidden costs. We pay up to £500 (including any VAT) for your legal fees provided you use a specialist solicitor from our recommended panel. We also pay for the independent valuation.
How much will I receive?
Do to the nature of our business and our ability to buy your house so quickly, we typically offer 75%-85% of the current market value. However, if you are willing to be flexible on terms, we can often offer you the full market value.
When will I receive payment?
The entire process can often be completed in 10-14 days.
Can I still live in my home?
If we buy your house, unfortunately not. We are no longer able to offer you a Sale and Rent Back service due to the restrictions and regulations from the Financial Conduct Authority (FCA), formerly the Financial Services Authority (FSA). There are other authorised FCA companies who can offer this.
I have mortgage arrears – can you still help?
Yes we can. We can also help even if you are in negative equity.
How quickly can you stop repossession?
We can stop your home from being repossessed straight away. Even if your home is being repossessed the next day, we can still help.
What work will I have to do on my house?
None! We take care of the entire process for you, without you having to do anything. You don’t have to redecorate your property as we are fully committed to buying all types of properties, no matter what the condition is.
Can I use my own solicitors?
Yes you can, however we only pay your legal fees when you use one of our recommended panel solicitors. We use solicitors we work with regularly, who can guarantee a quick completion and who understand how this process works. Not all Solicitors are familiar with this process.
What is a lease option?
In simple terms, it is an agreement between you and us where you give us the right to buy your house at a fixed price in the future. The price is agreed today at the time the agreement is signed. This right to buy’ lasts for an agreed period of time (typically 5-10 years). We can buy the property at any time during this time at the pre-agreed price and in the meantime we guarantee to pay your mortgage every month until we buy your property.
However, we are not obligated to buy the property and in the unlikely event that we are unable or unwilling to buy the property during the agreed period of time, you are free to sell it on the open market to any buyer of your choosing and at any price that suits you.
What if I know somebody else who wants to sell?
Please let us know and we will pay you a referral fee of £500 if we buy the property.
If we haven’t answered your question, please contact us and we will be very happy to discuss your house sale.
Is my property suitable?
We will consider any property in any condition. If the property meets our criteria, we will carry out refurbishment work, often at no cost to you as the landlord.
This benefits us because as a newly refurbished property, this makes it more desirable to the lettings market. You benefit because your property is returned to you at the end of our agreement, often in much better condition than when it was handed to us.
The refurbishment will be carried out to a clean and contemporary standard. We design the refurbishment to appeal specifically to the chosen target rental market.
Are there any requirements?
We insist that there is valid buildings insurance, a valid electrical safety certificate, a valid gas safety certificate if appropriate, and a current energy performance certificate. Some properties may also require a mandatory HMO licence. If your property does not have this, we can arrange to obtain these (other than the buildings insurance) on your behalf.
How quickly can it start?
We can often start our agreement within weeks of the first contact.
Get in touch for your cash offer
At North Home Buyers, we buy any home that meets our criteria. If you need to sell your house fast, get in touch today for your free consultation and a cash offer within 24 hours.