The dramatic falls in property prices since 2007 when they were at their peak, have left many homeowners in negative equity – in other words, owing more on their mortgage than their property is worth.
A homeowner purchased a new property back in 2006 for £132,000. Then in 2009 when the crash was at its highest the homeowner was made redundant, at the same time the homeowners Mother became unwell and required care. Due to the homeowners circumstances changing the homeowner needed to sell their home quickly. Things were getting on top of the homeowner and becoming very stressful.
The homeowner had negative equity, the value of their property was now below what the homeowner had purchased their property for.
The property needed some attention, the homeowner did not have the funds
The homeowner needed to move closer to her Mother to care for her.
The homeowner was struggling to meet their financial commitments
We were able to offer an instant solution to the homeowner. We agreed on a purchase price now and agreed that completion of sale would be delayed until the near future 5-7 years. This allowed for the market to recover.
In the meantime we agreed and paid a fee to the homeowner. We gave the property a light refurb. We took full control of the property including council tax and all maintenance.
We took all the financial worries away and the homeowner was able to move on and take care of her mother without any property worries.
If you would like any more information on the above or any other property problems you may be facing please Contact Urban Square Property on 0800 228 9292 or visit www.urbansquareproperty.co.uk