Lets face it - things go wrong! Don't worry -- it's normal!
OK let's be straight -- I know it may be hard to believe, but we're not perfect and yes we do make mistakes.
So many people are involved in the process of buying a property that things are bound to go wrong.
In my career I have sold over 1000 properties, written over 1000 mortgages, overseen at a guess £150 million or more property sales and in all this time I have never seen a deal fall over that didn't deserve to fall over.
Let's consider 4 facts. Yes, I consider them facts because in all my experience I have never seen a case to the contrary.
- The developer wants to sell the property.
- The mortgage company wants to lend the money.
- The solicitor wants to see the property complete.
- The property club wants to see the property complete.
The sole remaining question is -- do any of these parties want YOU to be the person they sell to, the person they lend to, or the person who completes the property.
Let's look at each briefly in turn.
The Developer
The sole reason the developer exists is to make their shareholders money and the way they do this is by selling property. No matter how much it seems to the contrary, they want to sell you the property.
What they don't want is investors who say they will do something by a certain date and don't, or worse still -- reserve a property and then not proceed at all. For the most part they are also reasonable, rational human beings that understand the many pitfalls of applying for a mortgage and dealing with solicitors.
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The Mortgage Lender
The mortgage company want to conditionally lend you the money. The conditions will vary depending on the deal, the property, your personal circumstances and your own level of "commitment". By that I mean how much of your own money are you going to put in?
Make no mistake, a lender will lend you the money, but you may just not like their terms.
The Solicitor
Despite what you might think they are representing your interests and as long as you want to see the deal done, they will want to see the deal done. They are totally neutral in the transaction.
The Property Club
Of course we want to see the deal done. There is nothing worse than having to resell a property because someone changed their mind. My sales team get paid commission once fees are collected and if you don't exchange on the property I claw back that commission, so you better believe they are motivated to get you to exchange.
Don't worry about after exchange since it's after a property is let that my property managers are paid. This means it's in their interests to service you through to your first tenant is in your property.
But let's assume that something does go wrong with your plot, what then?
Do you really think you need to worry? Given that the mortgage broker, solicitor, developer and property club want to get YOUR property complete and let? I think not, but that doesn't mean you shouldn't do everything in your power to complete and get the property let.
As always if you have questions we are here to help. It's better to have a problem and learn from it than not to have any problems at all. Sure we'll make the process as simple as possible but with so many parties wanting the same and different things -- stuff happens.
Whatever happens... Sit back and enjoy the process of buying your property because I can tell you with my Set and Forget strategy the rest of property is pretty damn boring!
Live with passion,
Brett Wood