Like the gym I was going to join….
We all start a new year full of good intentions, motivated and with fire in our bellies about the goals we’ve got. If buying an investment property in 2015 was top of your list, chances are you attended your first auction to get a feel for how it all works. Perhaps you attended your first investment property seminar or bought and read the self-help book? So far, so good. Then, all of a sudden, its summer holidays, the kids are back to school, and it’s almost Christmas again. Where did the year go?
If you’re one of those people whose plan was to invest in a buy-to-let or investment property, but didn’t actually take the plunge, then now, more than ever, is the time to act. Walk the talk, pull your socks up, or better still, get your skates on now and buy before the newly announced Stamp Duty changes* hit hard in April 2016. If you buy at our next auction on 8th December, or, at a pinch our auction on 3rd February 2016, you could still complete on your purchase in time to avoid the proposed 3% surcharge on buy-to-let and second home purchases.
Think of it like this – the money you save by purchasing before the April 2016 deadline could cover the cost of a new kitchen or bathroom for your new property!
And don’t worry if it all sounds too quick to organise – that’s where I come in. I can guide you through the whole process, including arranging the finance, and make all the necessary arrangements for you to buy at auction. And, all being well, beat the Stamp Duty deadline.
Ten minutes before writing this blog, a client of mine, Mr Kamran, exchanged contracts on a property pre-auction. His week, running up to today, went like this:
|DAY 1||First meeting with myself and our finance specialist, Rachel Carlin|
|DAY 2||Mortgage Approval in Principle received from Lender|
|DAY 3||Mortgage Valuation instructed|
|DAY 4||Mortgage Valuation conducted|
|DAY 5||Valuation Report received|
|DAY 6||Full Mortgage offer received and contracts exchanged|
And Mr Kamran is not a seasoned property dealer – in fact, this is the first house he has ever bought. After reading my last blog, he gave me a call for a chat about buying at auction and, with his decisive approach and my help, backed up by the Edward Mellor network, Mr Kamran has bought himself a great property – in the space of a week – and he couldn’t be happier about it!
Here’s what he has to say about the experience:
“Having missed out on a couple of properties with local estate agents, I decided to look into auctions. After reading Andy’s blog that mentioned the success of a recent First Time Buyer at auction, I arranged to meet him to see if he could help me too.
Andy was great and talked me through the whole buying process and even though I was eager to buy the property as soon as possible, he made sure that I had everything in order first and didn’t take unnecessary risks. He also put me in touch with Rachel who is the Financial Advisor working with Edward Mellor Auctions. She arranged my mortgage really quickly, knowing that I was in a rush.
Having someone with Andy’s knowledge on hand everyday makes a huge difference and the whole process from meeting him to exchanging contracts (including getting a full mortgage offer) took less than a week. I can’t wait to get the keys now!
I would wholeheartedly recommend Andy and the team at Edward Mellor if you’re looking to buy property from auction.”
So, “get your skates on” and end the year on a high by buying at Auction on 8th December, or “get your ducks in a row” (see my last blog) for our next one on 3rd February and start 2016 with a bang (of the gavel!).
Andy Thompson, Auction Consultant
0161 443 4740 / 07530 704234
*If you have any questions regarding the proposed Stamp Duty changes, you can call the HMRC Helpline direct on 0300 200 3510.
Tuesday 8th December, 2015.
A J Bell Stadium, 1 Stadium Way, Barton-Upon-Irwell, M30 7EY
Registration from 1pm. Auction starts 2pm.