Equity & Law - Repossessed Property Solutions... establishing current market value is the effective way to begin to manage the sale of repossessed property.
Equity & Law's expertise
Marketing repossessed properties is a specialised business demanding expert property management and sales skills from pre-possession through to completion.
Equity & Law provide a comprehensive marketing service focused on achieving the very best price as quickly as possible in the most cost-effective way for our clients. We service all sectors of the lending market; providing tailor made solutions to clients with in house management teams and those with no specific “in house” resource, matching our service with our clients needs.
- Possession of the Property
- Full pre-possession liaison service.
- Experienced contractor teams are instructed to attend at possession.
- Works tailored to individual clients need.
- Requirements, normally locks changed, drain down water system, cleaning, garden works and rubbish clearance.
- Confirmation of possession normally sent the same day.
- Within 48 hours of possession a comprehensive maintenance report is prepared, including full chattels inventory and digital photographs.
Establishing a current valuation on your property.
- Valuation surveyor appointed from our own or client designated panel on day of possession.
- Provision of a range of valuations including current market value, projected market value and recommended asking price.
- Specialist reports instructed where required i.e. structural engineers, timber and damp reports etc.
- Valuers are required to adhere to strict turnaround times.
- Choosing the right Business Transfer Agent or Estate Agent.
- We select the best Business Transfer Agent or Estate Agent to market your property to ensure:
Detailed knowledge of local commercial and residential markets across the UK.
The suitability of the estate agent based upon the type of property, proactive approach to sales and marketing, agent’s performance and the coverage provided by the agent’s local branch.
Constant monitoring of Business Transfer Agent or Estate Agent, recording their performance against key criteria.
Marketing your property
Throughout the marketing campaign, we keep you informed of progress and make recommendations to advance the sale of the property.
We contact estate agents regularly to ensure that the property is being given the widest possible exposure to the market. Estate agents are asked to provide us with the following written reports:
- Local market conditions
- Placement of advertisements & results
- Asking price recommendations
- Number of viewings
- Property visit programme
- Prospective purchaser’s comments
- Comparable local property sales
It is important that we monitor the condition of your property throughout the marketing campaign.
We will make sure that the agent visits the property weekly after it has become vacant.
Independent “mystery buyer” schedules can be arranged to monitor agent performance.
Maintaining your Property
It is our responsibility to maintain your property once it has become vacant. We will, where applicable:
- Clean the properties.
- Remove any junk mail.
- Maintain the gardens.
- Attend to any emergency maintenance or security issues.
Driving the Sale
- We prepare a Memorandum of Sale Contract ready for an immediate sale of the property.
- Once a sale price has been agreed it is our responsibility to ensure exchange of contracts happens immediately and completion are achieved within 28 days.
- Our account team will liaise with the business transfer agent or estate agents, surveyors and solicitors.
- Should the buyer attempt to withdraw after contracts have been exchanged we will invoke the terms under our General Conditions of Sale.
- We will assist in the mortgage and conveyance process if needs be in order to minimise delays, strictly keeping within the terms and conditions of our General Conditions of Sale or any Special Conditions or Addendum so attached by your solicitor or conveyancer.
Management Information
We provide you with pertinent management information tailored to your needs.
- Electronic and hard copy management information is complemented by face to face reviews.
- Reports include individual caseload summaries and consolidated overviews of your portfolio, incorporating:
- Recommended asking price
- Current asking price
- Number of viewings
- Offers received
- Details of advertising
- Property condition
- Viewers comments
- Market observations
- Key event reports
Invoice processing
Our accounting services will reduce your administrative burden and audit trail.
We can pay third party invoices on your behalf.
Expenditure reports and reconciliations are provided for your records.
Services to complement an ‘in-house’ team
- All services fit with specialised in house teams offering you a service that is designed to work with your existing operation.
- We provide accurate market analysis of local market conditions and expert marketing recommendations.
- We have an in house contractor management operation - Housemates UK delivering a full maintenance and emergency service.
- We have an in house conveyancing team that can handle all of your conveyancing needs no matter how many properties that need to be processed quickly for completion.
- As a consequence of the volume of repossessed properties that we sell each year, we are able to pass on the benefit of our service agreements and volume discounts to you, regardless of whether you wish to purchase our full management service.
