Step 1: Come for a tour
Example: £160,000 5 bed property with 70% loan-to-value mortgage.
We highly recommend that any client comes to see our properties first hand. Our tours allow you to see the properties before, during and after renovation. It is not compulsory but remains the best way to see the quality of the product and get a feel for the people behind the business.
Step 2: See what properties are available
Example: £160,000 5 bed property with 70% loan-to-value mortgage.
When you are ready to move forward the next step is for us to send you a list of the properties that we have available. If you have a preference for geographical location or price then we will work hard to accommodate your particular needs.
Step 3: Reserve a property
Example: £160,000 5 bed property with 70% loan-to-value mortgage.
If one or several of the properties take your interest we will then ask you to reserve the property. We do not ask for a deposit upfront but will require you to arrange for proof of funds or pass a 'decision in principle' before we take a property off the market. Due to the high demand for our properties it is not unusual for us to have a waiting list. If this is the case you can reserve a property off plan with an expected 3 month delivery time. We do this via a pre-agreed total spend and net yield.
Step 4: Visit the finished property
Example: £160,000 5 bed property with 70% loan-to-value mortgage.
We always recommend that you visit any property that you are intending to buy. Buying properties that you have not seen in person opens yourself up to a high level of risk. It is far better for all concerned that you physically visit each property and sign off on its quality and contents. It is also the best way to understand your property portfolio in detail and serves us both well in the long term to spend a little time in each others company to better understand what makes you tick.
Step 5: Fill in the mortgage paperwork
Example: £160,000 5 bed property with 70% loan-to-value mortgage.
Mortgages now come with a mountain of paperwork which is unavoidable. Our partner mortgage brokers will walk you through the application process and assist you in filling in the various fact finds. We are also on hand to support with any requisite documentation regarding the renovation works and certification.
Step 6: Progress the mortgage
Example: £160,000 5 bed property with 70% loan-to-value mortgage.
With proof of funds, a decision in principle and a fully completed mortgage application we are now ready to progress the mortgage. This process is in the hands of the lender and can take anything from 10 days up to 6 weeks. Patience and an flexible approach to rigorous questions is the order of the day at this stage. Be prepared for lenders to come back with puzzling and seemingly irrelevant questions - that's simply par for the course in this day and age. Remember - on the other side of this process is a lifetime of high monthly income.
Step 7: Fix the dates for exchange and completion
Example: £160,000 5 bed property with 70% loan-to-value mortgage.
Once you have received the mortgage offer you will then progress to setting a date for exchange and completion. Often these two transactions will take place same day.
Step 8: Sign the lettings management agreement
Example: £160,000 5 bed property with 70% loan-to-value mortgage.
Before you complete your purchase we will arrange to have the lettings management agreement signed as well as transferring the insurance and requisite certification. The property will come with planning and a HMO license in place which will be tranferred into your name.
Step 9: Complete the purchase
Example: £160,000 5 bed property with 70% loan-to-value mortgage.
With everything in place we are now ready to exchange and complete. Your solicitor will walk you through the exact dates and once complete we will send across the file which includes all aspects of the deal.
Step 10: Reap the rewards
Example: £160,000 5 bed property with 70% loan-to-value mortgage.
With the property now in your ownership you can sit back and enjoy your new monthly income. Adavo provides a full management service which means we covers all aspects of the administration, marketing and management. Each month you will receive a landlord statement setting out the gross income, monthly costs and net monthly income. We handle any issues as part of the service.
