How to find a UK buy to let property bargain
If you are considering buy to let mortgage [http://www.letmortgage.com] property investment in the current UK market and want to avoid the auctions, there is another route for you to take.
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Buying repossessed properties at below market value.
Although for some the idea of making money from others misfortune may be unsettling, its an unfortunate reality that there has been an increase in repossessions as the current credit crunch bites.
If you are looking to get the jump on other investors you need to be aware that many properties that are eventually repossessed by the mortgage lender or a trustee in bankruptcy repossession will already been empty for some time.
Even when the property is repossessed there is often a time lag between the repossession and the property being put on the market.
This is your opportunity to put in an early offer, which may be accepted.
The lender or perhaps the trustee in a bankruptcy repossession case doesn't necessarily want to spend any extra time and more importantly money, maintaining the property, placing the property on the market and/or putting the property up for auction if they receive a reasonable offer.
So how do you spot an empty property that may be a repossession bargain?
1 Look for tell tale signs of rubbish at the front of the house, especially larger items of furniture that have been cleared as part of an eviction or left by the previous owners in a rush.
2 Look for any tape over the letterbox or the letterbox may have been nailed shut to stop unwanted mail. If this hasn't happened you may be able to see a substantial build up of mail, which may indicate that, the property is empty.
3 There may be a notice usually in a front window, which instructs the former owner to clear their chattels from the property by appointment. This will also have details of the parties involved in the repossession of the property, which is worth noting and then contacting them to see what is happening with the property.
If you think you have identified a suitably property for buy to let then I would recommend visiting the land registry website finding the property land registry entry and paying three pounds for an online version.
Secondly I would recommend that you have checked your credit record in the last 12 months with one or all of the major UK credit agencies Callcredit, Equifax, and Experian. I have also recently become aware of a fourth UK credit agency National Hunter who helps the banks with fraud protection.
Finally and especially in the current climate as rates and products are changing daily, I would recommend getting advice from a professional buy to let mortgage broker to make sure that you have the finance in place to be able to make an offer on the property.
Good Luck
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Although for some the idea of making money from others misfortune may be unsettling, its an unfortunate reality that there has been an increase in repossessions as the current credit crunch bites.
If you are looking to get the jump on other investors you need to be aware that many properties that are eventually repossessed by the mortgage lender or a trustee in bankruptcy repossession will already been empty for some time.
Even when the property is repossessed there is often a time lag between the repossession and the property being put on the market.
This is your opportunity to put in an early offer, which may be accepted.
The lender or perhaps the trustee in a bankruptcy repossession case doesn't necessarily want to spend any extra time and more importantly money, maintaining the property, placing the property on the market and/or putting the property up for auction if they receive a reasonable offer.
1 Look for tell tale signs of rubbish at the front of the house, especially larger items of furniture that have been cleared as part of an eviction or left by the previous owners in a rush.
2 Look for any tape over the letterbox or the letterbox may have been nailed shut to stop unwanted mail. If this hasn't happened you may be able to see a substantial build up of mail, which may indicate that, the property is empty.
3 There may be a notice usually in a front window, which instructs the former owner to clear their chattels from the property by appointment. This will also have details of the parties involved in the repossession of the property, which is worth noting and then contacting them to see what is happening with the property.
If you think you have identified a suitably property for buy to let then I would recommend visiting the land registry website finding the property land registry entry and paying three pounds for an online version.
Secondly I would recommend that you have checked your credit record in the last 12 months with one or all of the major UK credit agencies Callcredit, Equifax, and Experian. I have also recently become aware of a fourth UK credit agency National Hunter who helps the banks with fraud protection.
Finally and especially in the current climate as rates and products are changing daily, I would recommend getting advice from a professional buy to let mortgage broker to make sure that you have the finance in place to be able to make an offer on the property.
Good Luck
