Lee and Sarah, a couple in their late fifties, wanted to move to a bungalow that Sarah had fallen in love with. At the time they lived in a 3-bedroom family terrace in a sought-after area. There was no mortgage on the house.
Lee was still working as a long-distance lorry driver and Sarah, his wife of 30 years, had recently received an early-retirement payout. Their property had been valued at £110,000, but had not sold as quickly as they needed due to the slow market. They were afraid of missing out on the bungalow as they both very much wanted to retire there.
There was nothing to stop them getting a new mortgage on the bungalow, and they had a deposit already. They would have preferred to sell and buy the new home outright but, after taking qualified independent advice, they decided to secure the new bungalow with a mortgage.
All the elements of the management option were agreed for the house they were selling: the purchase price; length of time between exchange and completion; and a monthly amount payable directly to them. Contracts clearly outlining all this were exchanged through solicitors. The sellers were very pleased because: a fair price of £100,000 was reached; the house would be fully maintained and insured during the agreement period; and a monthly, guaranteed amount equal to the mortgage payment on the new bungalow would be paid.
They were very happy to delay completion until the market lifted, since the agreement provided a solution which allowed them to move on and to secure a property which they would almost certainly have lost out on otherwise.
We have a number of shared professional houses, mainly in South Manchester, offering a very good standard of accommodation. The houses have all been recently refurbished, with modern, well-equipped kitchens and bathrooms, contemporary furniture and decor with wooden floors, central heating and double glazing, tv, broadband internet, and everything you would expect in a modern, comfortable home.
We understand that the social aspect of such houses can be very important, especially if you are relocating to a new city or are maybe a visitor from overseas. To this end we provide comfortable and spacious, open-plan kitchen and communal areas, so that people can cook and socialise together, and really make the house their home.
All our professional houses are close to local amenities, such as supermarkets, shops, bars and restaurants, as well as having excellent public transport links to the city centre.
During the last couple of decades, people’s lifestyles have changed a lot. Nowadays people tend to settle down with partners and families much later. Pressures on employment, and the difficulty of raising a deposit and obtaining a mortgage for a property, also means that young people often find themselves renting on their own for a few years. Paying the rent and bills for a property on your own is a very expensive business, and this has led to many young professionals deciding to share a house with other, like-minded people for a period of time, before they move on or settle down.
We provide regular cleaning of communal areas and, where there is a garden, we will provide a gardener. We also pay for your gas, water, electricity, council tax and broadband internet. All of these things will be included in your rent, giving you a hassle-free tenancy with everything being included in a single monthly payment.