With the value of property soaring in recent years and the cost of living reaching crippling rates, the topic of equity release has found its way back into the mainstream press.
The premise is tantalising – gain access to a large sum of money to help with everyday living costs and future plans. More traditional equity release schemes usually depend on two inhibiting factors: the owner staying in their property and typically being over the age of 55. This excludes many people, including those who need to move home but can’t wait until completion to benefit from their equity.
That’s why Open Property Group has developed a form of equity release designed especially for property sellers who need quick, upfront access to cash. We serve a huge gap in the market in two ways:
- Offering a cash advance worth up to 10% of the purchase price, transferred to the seller before completion
- A cash sale with completion in as little as seven days, when the rest of the equity, minus your secured charges, is repaid
Make your equity work for you
Our cash upfront offer is applicable to property owners who have sufficient equity once all secured charges have been paid. In our case, a secured charge is typically the outstanding mortgage balance(s).
To ensure there is sufficient equity in the property to validate our cash advance, sellers will need to provide us with a redemption statement in advance of exchange. Obtained from your lender, this statement proves how much is left to pay on the mortgage, including interest and associated fees.
To ensure you receive your cash advance as quickly as possible, we will either fast track exchange to make the sale legally binding, or we will lodge a restriction on your property’s title. The latter ensures any proceeds from the sale are used to pay off the outstanding mortgage debt first and that the vendor fulfils their obligation to sell to Open Property Group.
No interest to pay
Unlike lifestyle mortgage equity release schemes, secured loans or bridging loans – where the homeowner will usually owe more than they borrowed thanks to high rates of interest - Open Property Group doesn’t charge any interest on our cash advance.
We simply advance a portion of the sales price, paid as an upfront sum. It’s not a loan that needs repaying and our cash advances are immediate, made possible thanks to our secure financial reserves.
- Cash advance before completion
Receive up to 10% of the property’s purchase price early, with the cash hitting your bank account before completion.
- Exchange in days or weeks, not months
Open Property Group specialises in speed. We can fast track exchange, reaching this milestone in a matter of days instead of months.
- Set your completion date
Our equity release and cash offer scheme is based on flexibility, with sellers setting a completion date that suits their own circumstances. Complete in as little as seven working days or ask for a delayed completion to suit your personal schedule.
- Sell a buy-to-let
Our equity release scheme can be applied to qualifying buy-to-let properties as well as homes where the owner lives.
If you need to access some of your property’s equity as soon as possible and can’t wait for a sale to compete, talk to Open Property Group today.
Watch the video below which explains more about selling your property fast or click here to continue reading this article