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RECOVERY SCHEME
Owning a property is a rewarding experience. However, if your circumstances change it can quickly feel like more of a liability than an asset. In the current economic climate, a large number of our clients are struggling to meet their mortgage payments.
Quality Group, in its efforts to help its clients who are faced with this situation, has made an agreement with Marcus James Recovery and offers a solution to the problem by allowing owners to bail out without incurring the penalties of repossession while at the same time presenting new opportunities for investors. Marcus James Recovery is part of the Marcus James Group, which has been helping its clients with their financial affairs since 1999.
Description of the scheme:
What’s in it for the seller? Walk away from financial liabilities and property-owning responsibilities.
What's in it for the buyer? The principal appeal of Recovery is that no deposit is needed, with a mortgage already in place.
We would like to stress that this scheme only applies to completed properties and the owner who wishes to walk away from his/her investment should be prepared to lose the initial deposit and any mortgage payments made so far.
How does it work?
For a fee of GBP 495 + VAT, the owner places the property with the company which then finds a new investor to “adopt” the property and take over the mortgage payments for an upfront fee of GBP 5,250 + VAT. The property is, in effect, sold – or rather transferred – for the price of the outstanding mortgage. If the property is not sold within the next 6 months, the owner is entitled to a refund of GBP 245.
Once the new investor pays the fee of GBP 5,250 + VAT, all the rights and responsibilities of the property are assigned to the new investor. The new investor can sell the property in the future, rent it out or live in it. The mortgage stays in the name of the first owner therefore there is no deposit to be paid and no mortgage to be underwritten. The scheme enables the investor to acquire a completed property, at the bottom of the market without having to rely on banks to offer him/her a mortgage.
If the new investor fails to pay the mortgage installments for 3 months in one year, the contract becomes null and void and the property reverts to the original owner. This means that there is no financial risk for the new investor if he/she cannot meet mortgage payments in the future.
This scheme enables you to legally “walk away” from your financial liabilities and property-owning responsibilities. This is achieved by matching owners, who are finding it difficult to sell and looking for an alternative way out, with potential buyers looking for a simple, low-cost investment opportunity.
If you believe that this scheme may offer you the solution you are looking for, please call us on +357 24821855 or send us an email on sales@qualitydevelopments.com
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