FAQs

Frequently Asked Questions

Click on the questions below to reveal the individual answers.

+ Expand All
+ Collapse All

How does BMVwarehouse work with property buyers?

Important note: The property we offer for sale will in most cases need to exchange and complete within 28 days or less. You will therefore need to have funding in place for deposits and be mortgageable. If you would like to speak to one of our recommended mortgage / commercial finance brokers to explore what options are available to you, please contact us.

  1. All property deals are broadcast to our members via email as they become available and we list them on our website for members to view. Properties often sell within a few hours of us broadcasting them. If you haven’t already, you need to register your details with us using the form on our home page to receive our email broadcasts.
  2. You will only receive property deals for the regions of the country you have told us you are interested in.
  3. If you have any questions about a specific property deal, you can call us but we prefer you to use reply email so we can efficiently deal with your enquiry. This also enables us to deal fairly with enquiries in the order in which they are received.
  4. If having obtained answers to your initial questions you are seriously interested, and provided you are able to prove your ability to finance the transaction, we will organise for you to view the property.
  5. If you offer on a property and the vendor accepts, we will manage the whole conveyancing process for you making the buying process as simple and efficient as possible. Each sale is managed by one of our experienced sales completions coordinators to ensure that the transaction is completed in the agreed time-scales to the full satisfaction of both the vendor and the buyer.
  6. Having agreed a sale with you we typically ask you to pay a pre-contract reservation deposit and we will require you to supply proof of ID, in order for us to complete our Anti Money Laundering checks, and complete a reservation form and agreement.
  7. You must return the reservation form and pay the reservation deposit within 24 hours in order for us to confirm to the vendor that we have a committed buyer.  Failure to do so may result in the vendor withdrawing their agreement to sell to you and accepting another offer.

What consumer protection does BMVwarehouse offer?

The Property Ombudsman LogoAs a client of BMVwarehouse you can rest assured that you will be treated with honesty and integrity. BMVwarehouse, as a division of Andaine Limited, is a member of the The Property Ombudsman (TPO) Scheme – Membership Number D5762. This means that we follow the TPO Code of Practice for residential and commercial property sales and that you have a formal route for redress should you find fault with our service. The TPO Code is a rigorous set of conditions that have been approved by the Office of Fair Trading (OFT) under its Consumer Codes Approval Scheme and goes far beyond the minimum standards for redress registration brought about by the Consumers, Estate Agents, and Redress Act 2007 (CEARA).

Two of the key ways we offer you protection as a client are as follows;

  • Professional indemnity insurance cover
    In the unlikely event that something goes wrong that is our fault, we are insured. The minimum cover allowed by TPO is £100,000, our policy provides cover of up to £500,000 per claim.
  • All client money is held in a separate audited clients account
    This means that any deposit money you place with us is held in trust, completely separate from our business banking accounts, and is safe whatever happens to our business.

Information Commissioners OfficeAny personal information you provide to us either through this web site or through the course of transacting business with us will always be safeguarded and treated as strictly confidential. We will never sell or otherwise pass on your details to any 3rd party for any purposes without your prior permission. As an organisation that holds personal information about our clients we are, as is our legal obligation, registered with the Information Commissioner’s Office. For full details of the protection we offer you under our Privacy Policy, please click here -> Privacy Policy.

Can I view property you sell?

Yes, of course. It is important that you view before you buy to make sure you know what you are buying.

Can I use my own Mortgage Broker?

Yes, absolutely. The key thing here is speed. If you already have a good working relationship with a mortgage broker then this is most likely to be the fastest way for you to get a decision in principle (DIP) and your application processed through to offer.

If you don’t have a Mortgage Broker please ask us and we will happily recommend one to you.

Can I use my own Solicitor?

Yes, absolutely.  If you already have a good working relationship with a Solicitor then this is most likely to be the fastest way for you to progress the purchase of the property and meet the vendors time-scale expectation.

If you don’t have a solicitor please ask us and we will happily recommend one to you.

Are valuation and other 3rd party fees refundable?

No, valuation, mortgage broker, solicitor and any other 3rd party fees are your responsibility and entirely at your own risk. Under no circumstances will we offer a refund.

It is your responsibility, at your cost, to verify the information we provide and seek appropriate professional advice before making any investment decision. We make every effort to ensure that the information we provide is accurate and reliable but it should not be relied upon as statements or representations of fact and it does not constitute any part of an offer or contract. We do not make any representation or give any warranty in relation to the property we market and we have no authority to do so on behalf of the seller. We strongly recommend that all information which we have provided about the property is verified by yourself or your advisers. All measurements quoted are intended as an approximate guide only.

Is the reservation deposit refundable?

Yes, if the vendor pulls out or you have to pull out due to inability to raise finance, down valuation, or due to title or structural issues, your reservation deposit will be returned to you in full within 5 working days by bank transfer. see our terms and conditions of business for full details.

Please note that for your protection, all reservation deposits are held in trust in a separate registered Clients Call Account with Lloyds TSB. The reservation deposit is only released on unconditional exchange of contracts or contract completion and is used either as part of the purchase funds or to settle our fee agreement for which a VAT invoice will be issued.

We make a specific point of never knowingly putting clients funds at risk, so rest assured that your reservation deposit will not be used by us or sent to any third parties until unconditional exchange of contracts at the earliest.

Warning: When considering buying property deals off sourcing companies / deal packagers / agents / individuals, always make sure that any reservation fees or pre-contract deposits are held in trust either in a solicitors account, in an escrow account or in a separate clients call account. Unfortunately there are many unscrupulous people operating in the property market that will happily use clients deposits to cash-flow their businesses, or worse, rely on withholding reservation fees for failed deals (or perhaps non-existent deals) as a major source of income. Rest assured that this is not how we operate. Alarm bells should also start ringing if you are being asked to put down a significant reservation fee or deposit, £1,000 is normal, anything more and you need to be asking why. Finally, be careful not to be caught out by those that add the reservation fee to their agency fee.

Do you offer or allow property to be bought with 'creative finance' or 'no money down' / 'NMD'?

No, not if your intention is to obtain a higher loan to value (LTV) mortgage from the lender than they would normally offer by fabricating the purchase price, for example, or not disclosing relevant facts. This would be a fraudulent act and is not something we offer and not something are willing to get involved in.

However, it is possible to legitimately buy investment property with technically little or no money down and with full disclosure to the mortgage lender if you have sufficient equity in other assets. For example, if your own home has little or no debt secured against it and lots of equity you could obtain a loan or draw-down facility from your bank or mortgage provider that would enable you to release the cash funds you need for the 20-30% deposit typically needed to top up on a typical 70-80% LTV buy-2-let mortgage. There are other options similar to this, but all rely on you having equity to offer as security. If you have other property, pension or business assets and would like advice on this we can introduce you to financial advisers and finance brokers that can help you understand the options that may be available to you.

How does BMVwarehouse estimate market values?

Whilst we can not guarantee that our estimate of a property’s market value will be confirmed by a bank valuer / surveyor, we do invest considerable time and effort in researching and estimating the expected valuation figures for property that we market.

To do this we use a combination of desktop tools, talking to local sales and letting agents and our own experience. The key tools we use are Hometrack and Rightmove. Desktop valuations are however limited in their accuracy and should not be relied upon. We can not and will not be held responsible for properties being valued differently by 3rd parties.

We recommend that prospective buyers always carry out their own due diligence and consider employing a professional RICS (Royal Institute of Chartered Surveyors) surveyor to survey / value the property. This is particularly important with leasehold property where the valuation can be heavily affected by the terms of the lease and the number of years remaining. In cases where the remaining lease is close to or less than 80 years, we recommend employing the services of a RICS surveyor that specialises in leasehold valuations work in the local area. For more information on leasehold issues and to find a specialist surveyor in your area visit http://www.lease-advice.org.uk/

Again, please note that it is your responsibility, at your cost, to verify the information we provide and to seek appropriate professional advice before making any investment decision. We make every effort to ensure that the information we provide is accurate and reliable but it should not be relied on as statements or representations of fact and it does not constitute any part of an offer or contract.

How does BMVwarehouse charge for its service?

We typically charge the vendor for selling their property. Or sometimes we may be acting as the buyers agent, in which case we will charge a fee to the buyer. We will always make it clear from the start what our role is and what our fee is going to be. Our fee of is typically 2% of the sales price agreed, minimum £2,500, plus VAT payable on exchange of contracts. We will typically ask the buyer for a pre-contract deposit of £1,000 which must be paid to our clients account to reserve a property. When our fee becomes due for payment the pre-contract reservation deposit is then used as part payment of our fee and the balance will be paid to us via the clients solicitor. (see note and warning about reservation deposits / fees charged by some companies)

Note that we reserve the right to adjust our fee on a deal by deal basis but we will always confirm our fee with you prior to you committing to any individual transaction.

Comments are closed.


Powered by WishList Member - Membership Software