Richard needed funds to purchase and refurbish his first buy-to-let property. He’d picked a traditional mid-terrace house just outside Birmingham.
Built in the early 1900s, the property featured a living room, dining room, and kitchen on the ground floor, with three bedrooms and a bathroom upstairs. At the rear, there was a two-storey outrigger with an attached outbuilding and potting shed, accessible via a shared alleyway.
The house was in basic but functional condition, with a relatively modern kitchen. However, it required a full clearance before completion.
Challenges
The property had recently gone through probate, meaning our solicitors needed to ensure all legal processes had been handled correctly. This was vital to avoid any delays or complications.
Key details
Type of Loan: 1st Charge
Valuation: £255,000
Gross Loan: £159,000
Loan-to-Value (LTV): 60%
Purpose: Buy-to-Let Purchase
Exit Strategy: Refinance with high street lender
Outcome
Thanks to careful coordination between our team, Richard’s solicitors, and the sellers, the purchase went ahead smoothly. Richard was able to finalise the buy-to-let investment and the property can now be cleared and refurbished. With a robust rental market in the area, the property is well-placed to generate steady income, which can be used to repay refinance in the future.
This case highlights the importance of thorough due diligence when dealing with probate purchases, ensuring clients can proceed with confidence.
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