This usually takes approximately 12-16 weeks, if a traditional mortgage is being utilised to purchase the property. However, since this is a cash buy, we expect our process to take 6-8 weeks, assuming there are no delays to the process that are beyond our control.

SuchHomes will appoint legal counsel for the conveyancing process.

It is the process of legally transferring the ownership of your Preferred Home from the seller to the property-owning SPV, which will be set up to legally own your home during the term of our agreement. The process begins when our offer on your Preferred Home is accepted and ends when you move in. During the conveyancing process, our legal counsel, in conjunction with us, will do the following; Carry out ID certifications and anti-money laundering checks, collectively known as “Know Your Customer” (KYC) checks, on SuchHomes and the property-owning SPV. Review the draft SPA, lease documentation (if your Preferred Home is a leasehold property) and pack of property documents received from the seller and highlight and address any issues with us and the seller via their legal counsel; Conduct legal property searches to find out important information about your Preferred Home and highlight any associated risks and pertinent points in a report; Review the Home Buyer Survey or Building Survey reports from our licensed surveyor, highlight any important points to us and work with the seller to resolve these issues; Review of the draft completion statement and Transfer Deed prior to finalisation & signing and conduct a final Land Registry check before documents are signed and sent to the seller’s legal counsel; Arrange for payment of sales proceeds from investor funds to our legal counsel prior to exchanging contracts and completing the sale; Arrange insurance and carry out precautionary searched (land charge, bankruptcy searches etc.) to ensure that there are no changes since the beginning of the conveyancing process; Exchange of contracts and payment of sales proceeds to seller’s legal counsel after final checks, which will released to the seller; Lodge an interest in the property with Land Registry, which will trigger a ‘freeze’ of the deeds and start the transfer of deeds. We will also receive the title documents and existing transfer deeds in seller’s name; Settlement of purchase costs related to third parties and stamp duty land tax (SDLT) to HMRC; Register the SPV as the new owner of your Preferred Home via notification to the Land Registry of the sale. Obtain the fully revised Transfer Deed post-completion. Prior to the completion of the purchase, we will also require payment of the Product Fee and Initial Principal Savings from you.

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Yes. To add media follow these steps: 1. Enter the app’s Settings 2. Click on the “Manage FAQs” button 3. Select the question you would like to add media to 4. When editing your answer click on the camera, video, or GIF icon 5. Add media from your library.

You can edit the title from the Settings tab in the app. If you don’t want to display the title, simply disable the Title under “Info to Display”.

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Visual inspection of the property designed to assess its overall condition and state of repair. Highlighting major faults and defects and their possible implications, along with recommendations for further action. Visual inspection of all building elements inside and out, including walls and ceilings, roof and guttering, windows and doors. Visual appraisal of services including gas/oil heating, electricity, water and drainage, with recommendations for further inspections where necessary. ‘Traffic light’ grading system used to indicate the severity of any defects identified. Highlighting of any urgent repair issues as well as future maintenance requirements. Where applicable, observations about planning & building control, disputes and other legal matters, for further investigation by our legal counsel. Top-line information on environmental hazards. Reinstatement costs and market valuation of the property.

This is a brief version of the Building Survey but a detailed version of a RICS Condition Report. It is classed as a Survey Level 2. It is a visual inspection of the property by our appointed RICS-chartered surveyor, in which they will inspect visible areas of the property and report on its condition, highlight any defects and required repairs. They will not carry out intrusive inspections so will not lift up carpets or floorboards nor move furniture. However, inspected areas will include ceilings, roofs, bathrooms, and permanent external features such as roofing, pipes, gutters, walls, windows and doors. The surveyor will also inspect the heating, drainage, electric, gas & water services and provide an Energy Efficiency Rating. They will also look out for damp, subsidence and wormwood and rot in the timbers of the building. This is suitable for modern and conventional homes in good condition and will cover obvious issues with the property and offer repairs and maintenance advice for rectification.

Also known as a Full Structural Survey or Survey Level 3, the Building Survey is the most detail survey available for a property. This is usually suitable for buildings that are over 70-80 years old, with significant historical damage or wear and tear, or has unusual features. This is also recommended if significant renovations or extensions are planned. This type of surveyor will include all the areas covered under a Home Buyer Survey plus provide customised guidance on build type, condition, structural integrity, and maintenance issues. It will seek to uncover hidden defects and assess all major and minor issues uncovered within the property and its implications.

In-depth visual inspection of the property designed to assess its overall condition and state of repair. Details of all major faults and defects, including hidden defects and technical details for building construction and materials. Visual inspection of all building elements inside and out, including walls and ceilings, roof and guttering, windows and doors. Assessment of structural problems and subsidence, damp issues and timber decay, including woodworm and rot. ‘Traffic light’ grading system is used to indicate the severity of any defects identified. Advice regarding guarantees, planning and building control issues, disputes etc., to be followed up by our legal counsel. Informed recommendations for repair options as well as future maintenance requirements, including estimate of costings. Technical information about how the property was built, and all materials which were used in the process. Tailored advice on how the build type affects the structural integrity and maintenance of the property. Information on environmental hazards and considerations for your legal advisor. Reinstatement costs and market valuation of the property.

The Survey reports highlight any defects and issues in the property and provides advice on whether these can be rectified or not, prior to exchange contracts and purchase. This gives us the option to require the seller to fix any highlighted issues before purchase, re-negotiate the offer to exclude repair costs if we have to assume the repairs or rescind our offer if the issues highlighted are too expensive to fix or cannot be fixed.

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Before we make an offer on your Preferred Home, our algorithm calculates the following affordability metrics applicable to your finances and the home and compares it to its corresponding affordability criteria thresholds: Housing Affordability Ratio (based on your Gross Pay). Housing Affordability Ratio (based on your Net Pay). Ratio of Annual Household Expenditure (excluding rent) to Net Pay. Ratio of the Annual Rent on your chosen home (based on the market rent) to your Residual Income before Rent Payment (but after payment of Household Expenditure). Ratio of the Annual Rent on your chosen home (based on the market rent) to your Residual Income after Rent Payment (and payment of Household Expenditure). This enables us to determine whether you can afford the market rent on the chosen property and the required monthly principal savings. For a traditional mortgage, most banks use similar affordability criteria as ours above, to determine the level of borrowing. However, our affordability criteria enables us to determine if you can cover all financial obligations on the property and make you mortgage-eligible at the end of our agreement. This forms part of our application checks before we make an offer on your behalf.

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1. Making an offer. 2. Offer Acceptance 3. Signing of the Agreement for Lease to enter into a Modified Tenancy Agreement 4. Conveyancing Searches Home Survey (inspection) Contract Exchange 5. Valuation 6. Property-owning SPV set-up 7. Contract Exchange

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No, a purchase offer is not legally binding in the UK until contracts are completed and exchanged. This means that any offer we make can still be negotiated, if any repairs, defects or issues are raised and highlighted in the Home Buyer or Building Survey Report.

Our Agreement for Lease will be a binding contract between you and us to enter into a Modified Lease Agreement prior to or on the purchase completion date, or following the satisfaction of conditions set out in the agreement. It will set out the terms and conditions that have to be met before the Modified Lease Agreement is signed, and will include a provision that requires both parties to negotiations in good faith toward a final lease agreement. It will cover essential elements such as the terms of the Modified Lease that will be entered into when the purchase is completed, and any ancillary documents.

SuchHomes makes an offer, via email, on behalf of the property-owning SPV, to the estate agent. You will be notified of the offer once it is made. However, payment of the Reservation Fee, which is required to be made at the offer stage, will be paid by the tenant and confirmed to us by the estate agent and tenant. Once the Reservation Fee is paid, the estate agent will be asked to take the property off the market with no adverts displayed. This reduces the risk of gazumping, whereby the seller asks us to meet or exceed a higher offer made by another buyer as a result of the property still being on the market.

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Once our offer is accepted; We notify you of the offer acceptance. We send you a draft Agreement for Lease for your review and signature. We instruct our solicitor to begin the conveyancing process (searches, review of contract pack and Sale & Purchase Agreement (SPA) and Transfer Deed, survey results etc.) We instruct our licensed surveyor to inspect the property and prepare either a Home Buyer Report or Building Survey Report depending on the property condition. We start the process of setting up the property SPV.

To provide both parties with comfort that the other will indeed enter into the Modified Lease Agreement on the purchase completion date, or following the satisfaction of conditions set out in the Agreement for Lease. This also allows us to provide comfort to our investors that you intend to enter into a lease agreement, thereby assuring them that the property will generate rents once they finance the purchase. It also gives us comfort that you will not walk away prior to the purchase completion, leaving us to bear the purchase costs and without the benefit of a rent-paying tenant once the purchase has been completed. It also provides you with assurance of our commitment to purchase your Preferred Home on your behalf, and removes any doubt about losing your Reservation Deposit.

Following the acceptance of our offer by the seller’s estate agent and prior to the due diligence and conveyancing process.

The Agreement for Lease will be amended to reflect your choice of a new Preferred Home, or terminated if you no longer wish to proceed.

Searches are checks carried out by our legal counsel on the local area of the Preferred Home to check if any future planning developments, historical issues, highway issues, or building control issues may affect the Preferred Home being purchased.

Local Authority Searches: These types of searches will examine the information held by the local authority related to the Preferred Home,including prospective planning permission or restrictions and will display the party responsible for maintaining roads and paths or walkways around the Preferred Home. They can take between 1-3 weeks to complete, depending on the applicable local authority and may cost between £70 and £400. Land Registry Searches: This type of search will examine the Title Register and Title Plan at the Land Registry to ascertain that the seller is the legal owner of the Preferred Home we are purchasing. These are a legal requirement for any property sale in the UK and can cost around £3 each. Environmental Searches: An environmental search is very crucial as it determines if the Preferred Home is situated on contaminated land or water, or an old infill site. This is required as many properties are built on land previously utilised for industrial purposes, which leaves the possibility of the presence of toxic substances in the ground. If this is the case and not uncovered before the sale, your Preferred Home may be impossible to sell later and therefore not mortgage-able. At worse, this could be seen as a health hazard. This type of search also determines if your Preferred Home is at risk of flooding. Location Specific Searches: These can be additional searches carried out depending on the former use of the area (such as mining) in which the Preferred Home is situated. In this instance, a Mining Search will be carried out to determine if the Preferred Home has been built on unstable ground and is at risk of subsidence. Another example would be a High Speed Rail 2 (HS2) search to determine if the Preferred Home will be affected by the proposed route of the new High Speed Rail line. Water Authority Searches: This type of search will establish the source of the water supply at the Preferred Home and whether there are public drains on the property. This is very important to establish as it could affect any future works at the property, like an extension. Chancel Repair Searches: This type of search is usually applicable if the Preferred Home is situated close to a parish church and is carried out to determine if there is a liability for any church repairs. To provide context, property owners were responsible for repairs of church chancels in the Middle Ages. The law was changed in 2013 to require churches to establish and lodge liability with the Land Registry; however, in certain instances, the church has the power to request property owners with properties in the vicinity of the church to cover any repairs even if the liability has not been registered. A chancel repair insurance costs from £50 to £130.

Unfortunately not. As part of our obligation and duty of care to our investors to invest their funds judiciously and responsibly, we cannot purchase your Preferred Home without conducting the necessary searches to establish that this is a sound investment. Secondly, most mortgage lenders require that searches are conducted as a requisite to securing mortgage finance. Since you are likely to purchase your Preferred Home from us at the end of our Agreement, with the help of a mortgage from us, it is prudent to establish via searches that there are no issues that could impact on your ability to secure long-term finance at the end of our Agreement. It also ensures that we have a viable exit plan for our investors.

Before the purchase, we will instruct a Valuer of our choice to undertake a valuation of your Preferred Home in order to ascertain whether the price sought by the seller is in line with the market value in order to avoid over-paying for the property.

Any fees incurred in the valuation of the Preferred Home before purchase and during our Agreement will be paid by our investors.

Location: This plays a very important part of the valuation process, and the more sought after the area is, the more valuable your Preferred Home is likely to be. Factors taken into account include the proximity of bus and rail links, airports, schools, shops, and restaurants. Layout: The layout of your Preferred Home and the number & dimension of rooms play an important role in the valuation of the property. Factors also considered are the number of windows, height of ceilings, size of gardens or outdoor space, availability of sheds or garage space, driveways, parking and cycling facilities will positively impact the valuation of your Preferred Home. Key Rooms: The condition and number of key rooms such as kitchens and bathrooms play a huge importance in a valuation. A contemporary and spacious kitchen or bathroom with modern amenities definitely adds more value to your Preferred Home. Internal Elements: Characteristics such as flooring, double glazing, excellent insulation, efficiency of boiler and heating systems will have an impact upon the value of your Preferred Home. Aesthetics: A significant factor affecting the value of your Preferred Home is the cleanliness, tidiness, and well-maintained nature of the property. A property with widely appealing features such as French windows, balconies, original or period features is also likely to be highly valued. Value of comparable properties: The purchase price of comparable sold properties and sale price of comparable properties on the market will be taken into consideration to ensure that the asking price accurately reflects the current market conditions.

Yes. A valuation of the property provides us with an estimate of the market value of the property and gives an indication of the fairness of the seller’s asking price and a guide on the starting offer to present to the seller. It is also a basis for determining what level of stamp duty to pay to HMRC when purchased. The property needs to be formally valued as part of our obligations to our investors prior to requesting the purchase so that the performance of the property.

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The purchase funds for your Preferred Home come from our investors, who are individuals and institutions interested in medium to long-term investments like UK residential homes. Our investors are also interested in the social aspect of such investments as they help alleviate the home ownership crisis in the UK and enable aspiring home owners to get on the property ladder without waiting for a long time to save a deposit.

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To protect the tenant’s deposit as per governmental regulations on treatment of tenant deposits and to ensure that this amount is commingled with amounts from and due to investors.