Off Plan Property

Guarantees

Giving you the certainty to purchase off plan property

Take advantage of these Guarantees

Hey guys,

Off Plan presents such a massive opportunity but we also realise that committing to the purchase of a property with a completion date into the future can present many risks (as well as many rewards). With this in mind, I've decided to take away some of the risks if we don't do our job to the highest of standards that you've come to expect.

So what are these guarantees I'm talking about?

We've been offering our usual property guarantees since the beginning of 2006 and they have been such a huge success.

Off Plan Property presents such a massive opportunity but we also realise that committing to the purchase of a property with a completion date into the future can present many risks (as well as many rewards). With this in mind, I've decided to take away some of the risks if we don't do our job to the highest of standards that you've come to expect.

So what are these guarantees I'm talking about?


Off Plan Property Guarantees:
 
1. Valuation Guarantee

    If the valuation at completion has dropped below your Contract Price or Discounted Price (whichever is the lesser), or

2. Rent Received Guarantee

    If the rent you receive is not within £50 per calendar month for properties below £200,000 or £100 per calendar month for properties above £200,000 of what our research says, or

3. 6 Weeks to Let Guarantee

    If we don't let your property out within 6 weeks of completion.

Then we'll fully manage your property free for a year!

Finally, our favourite guarantee -

4. 24 Hour property sleep test

    Once you have decided to go ahead, we'll give you a full 24 hours to sleep on your decision. If you don't have a restful night's sleep, tell us and you'll have lost nothing.

We've been in this game long enough to give you some level of certainty...

As you can imagine, we are taking on considerable risk here, but I really believe that our team can perform on each one of these property guarantees. They are trained in my fundamental principles and I believe the quality of our property is so good that only a very small portion of clients will need to exercise any of these guarantees.

If you had to choose, why not choose the company that offers you some certainty...

It would be irresponsible to say that your valuation won't drop, the rents won't drop or things won't change between exchange and completion. With terrorism, floods, famine, pandemics and other sorts of things affecting our lives in so many ways we simply cannot say something won't affect the property you are buying.

It would also be irresponsible to say that we'll refund all your fees if something happens outside our control but at the same time I feel we can create a massive point of difference from any competitor by offering something that will help you out if something changes.

So I decided that managing your property free for a year is something that won't send the company bankrupt if we have to pay out on a massive scale (if say terrorist acts get really widespread).

Seems too good to be true?

I know it might seem too good to be true but in the spirit of my 1, 2 STOP strategy, I think this will get our relationship off to a fantastic start. After all, you are guaranteed the value, guaranteed to let the property and receive a rent in the region that you expect. The bottom line is that if we don't offer you properties that meet these strict criteria we deserve to make at least sure the property is looked after free for a year.

The other thing it does is take away some of the emotional hurdles you will encounter as you build your portfolio.

Let's get this relationship started!

Please have a read of the conditions below and if you have any questions, please call the team, they will be happy to clarify anything.

Live with passion,
Brett Alegre-Wood

PS: Our guarantees are offered in the spirit of building a strong relationship and in creating a massive point of difference but we still need terms and conditions.

Guarantee Terms and Conditions

Reservation and Agent's Fees:

a. Must be paid on time as indicated on the invoice and normally within 7 days of reservation. This is taken to be receipt of deposit into our bank account.

b. Valid on residential off plan new build property in the UK only.

c. You will be notified on the Reservation Form if these guarantees apply.

Rent Received guarantee

a. The idea behind this guarantee is to give you the certainty that we have undertaken our due diligence and to the best of our knowledge you will receive an amount within £50/£100 of the Realistic Market Rent provided by our designated Agents within 30 days of completion of your property.

b. For properties valued above the £200,000 valuation the rent will be within £100 per calendar month and for properties valued below the £200,000 valuation the rent will be within £50 per calendar month.

c. If the difference between the rent we said you would receive and the gross rent agreed with the tenant is greater than £50 per calendar month.

d. This guarantee is only applicable to the first time that the property is let out immediately after completion.

e. In the event, you reject a suitable tenant this guarantee will be void.

6 Weeks to let your property guarantee

a. The idea of this guarantee is that our due diligence into the location of the property and the development will mean your property has a fantastic chance of being let out within 6 weeks of the completion date.

b. In the event, flooring is required the guaranteed is that the property is let out within 8 weeks of the completion date.

c. 'Let out' as referred to above means a tenant expresses interest and the agent says that they have confirmed they are taking the property. This will normally mean the date the potential tenant lodges an application and not when they actually move in. This may mean that they move in after the expiry of the 6/8 weeks mentioned above but the guarantee only counts until they express interest.

d. If a suitable tenant is found and they require furniture you must provide this furniture otherwise this guarantee will become void.

e. In the event, you reject a suitable tenant this guarantee will be void.

f. If any of the 6 week guarantee period coincides with bank holidays and other public holidays the guarantee is extended to 8 weeks from completion date.

g. Gladfish will not guarantee against a potential tenant who does not pass their referencing checks. Estates agents upon receiving an application may stop marketing the property. Referencing can take up to a week or more, therefore Gladfish cannot guarantee that a tenant will pass referencing. In the event an application is rejected due to referencing coming back unsuitable this guarantee will not apply.

Manage your property free for a year.

a. If we don't fulfil any of the above guarantees then we agree to manage your property for a full year using Ezytrac Property Management Ltd.

b. This includes only Ezytrac Property Management's "fully managed" service which is normally 10%/12% of the Gross Rent per Calendar month.

c. The guarantee does not cover costs associated with the management of the property only the monthly management fee.

d. You will still be required to pay the usual local lettings agents fees associated with letting and or re-letting the property. This will normally be the costs associated with their 'Let Only' service and may also include an inventory, any regulatory and other charges required to let the property.

General conditions

a. Guarantees are not redeemable for cash and have no cash value.

b. If at any point along the process between Reservation and your first let you become uncontactable for more than 48 hours without prior warning or you do not return calls within 48 hours all guarantees become void.

c. The property must be in a tenantable condition for the guarantee to be valid, this can mean that if major snagging issues arise that affect the ability of the property to be let out this may void the guarantees. Obviously, we would work hard at correcting these issues before they affect the lettings but Gladfish cannot guarantee the overall build quality of each development and plot. This will be at the sole discretion of the team at Gladfish.

d. Where applicable, Should you choose not to use our chosen Snagging company to deal with snagging items on your property all guarantees will be void.

e. You must use our designated Solicitor/s for the conveyancing.

f. If at any time it is felt that you have compromised the ability of the property to let out the guarantees will be void.

g. Guarantees will be void should you instruct our designated agent to accept a tenant or rent that we do not suggest. ie an offer is made £150 below the asking rate after a week and you instruct us to accept it despite us suggesting you should hold out for longer or a higher rent. 

h. All guarantees are void if you choose not to use the appointed local Letting Agent which shall be appointed by Ezytrac Property Management Ltd. We cannot accept responsibility for the poor performance of agents we are not managing.

i. Guarantees may be withdrawn without notice at any stage. This will not apply to properties that have already been offered the guarantees and which all fees have been paid.

j. Only one year of Free management per property is allowed. If we fail to meet two of the guarantees it will still only be one year's free management.

j. Guarantees effective for Property Reservations after 1st July 2017. Guarantees do not apply on sales before this date. 

Error or Omit Error

(Last updated - 1st July 2017.)

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