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Frequently Asked Questions:

> How does BMVwarehouse work?

> Is the reservation deposit refundable?

> Are valuation and other 3rd party fees refundable?

> Can I use my own Mortgage Broker?

> How does BMVwarehouse validate market values?

> Does BMVwarehouse sell leads?

> How does BMVwarehouse work?

Important note: In order to act upon the property deals we distribute you will need to be able to make quick decisions and in most cases be able to exchange and complete within 28 days or less. You will therefore need to have funding in place for deposits and access to mortgage brokers and or lenders that are specialists in buy-to-let and commercial lending. If you need help with this, please use the enquiry form on our Mortgage Rates Page.

1. All property deals are broadcast to our members via email. We don’t use a shopping cart system or list properties anywhere on our site simply because there’s no time and no need for us to do so. Properties generally 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 deals for the regions of the country you have told us you are interested in.
3. All deals are allocated on a first come first served basis, but we always manage a reserve list of 2 or 3 people in case the first applicant falls over due to failing to get a positive DIP etc.
4. Please be sure to read our emails carefully from top to bottom before you act as sometimes there may be special instructions for you to follow which are specific to that deal.
5. So that we can manage our deal queue effectively Interest must always be registered by email in the first instance. Responses by any other means can not be guaranteed to register your interest. Please note that if you want to take a deal you must make your intention very clear in the email i.e. I would like to reserve this deal.
6. If you have any questions about a specific deal, please use reply email rather than calling us on the telephone. Due to the volume of enquiries we get we would simply drown under incoming telephone calls otherwise. This also enables us to deal fairly with enquiries in the order in which they are received.
7. Again, due to the volume of enquiries we get, please do not be offended if you don’t get a reply email from us in every case; If you don’t hear from us then it’s because the deal has already been taken by someone else.
8. If you are the first to confirm you want to take a deal we will send you by reply email a full breakdown of the deal, further information, a reservation form / client agreement and instructions how to pay the pre-contract reservation deposit. If you are 2nd or 3rd in line we will also email you to let you know your position.
9. You must return the reservation form and pay the reservation deposit within 24 hours otherwise we will allocate the deal to the next person in the queue.
10. You must instruct your mortgage broker immediately and within 24 hours to obtain a decision in principle (DIP) and if positive instruct the mortgage valuation / survey. If you fail to get a positive DIP you must inform us immediately so that we can offer the deal to the next person in line. If you fail to obtain a positive DIP your reservation deposit will be refunded in full within 5 working days. If you don’t have a mortgage broker, ask us and we will recommend one.
11. Solicitors must be appointed within 3 working days and you must return all correspondence to the solicitors without delay throughout the conveyancing process.

> 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 / 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.

> Are valuation and other 3rd party fees refundable?

No, valuation, mortgage broker 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 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.

> Can I use my own Mortgage Broker?

Yes; 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.

> How does BMVwarehouse validate market values?

Unlike many, we are not into giving people false promises on discounts and expected valuations. Whilst we can not guarantee that the market values that we put on property will be confirmed by bank valuers / surveyors, we do invest considerable time and effort in validating the expected valuation figures for deals we offer our members.

To do this we use a combination of desktop tools and our own experience. The key tools we use are Hometrack ART 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 a 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.

> Does BMVwarehouse sell leads?

At the moment we don’t. However, it is something we are considering and may start to do so in the future. If we do we will be sure to let you know via email (provided you’re a registered member).