Q: What is a 121 day Option Plan?
A: It is a guaranteed secure sale of your property at an agreed price after 121 days, but you have the option to sell your property on the open market within the 121 day period, allowing you to achieve the best price.
Q: How Does It Work?
A: You will need to agree a repayment plan for the next four months with your lender. We will then sign a 121 day option plan on your property at an agreed price and make these monthly repayments on your behalf. If you find;
a) a buyer, you pay us the amount paid on your behalf to the lender, option fee costs (see our repayment schedule) and administration charges and have the maximum rewards or
b) we will buy your property at the agreed price on the expiry of the 121 days.
Q: How do I qualify?
A: In order to qualify for the 121 day option plan you must have;
a) a minimum of 25% or more equity in your property subject to the value of your property after costs
b) property must be free from any structural/subsidence problems
c) subject to valuation
d) subject to your lender agreeing for you to make monthly repayments to clear your arrears
Q: Can I choose to opt out with the 121 day option plan?
A: Yes, but you will need to reimburse our costs incurred on your behalf
Q: If I take the 121 day option plan what will it cost me?
A: It will cost you the monthly repayments made on your behalf to the lender, option fee costs and our administrations charges which will be dependent on the number of loans and other charges on your property.
Q: If I am not successful in the sale of my property on the open market and you purchase my house, can I stay as a tenant?
A: Yes, we can arrange for a tenancy agreement to be put in place which will reflect market rent.
Q: If I have a buyer and it goes over the 121 day limit, will I be able to continue with the sale of my property?
A: Yes, as long as the buyer has a non refundable deposit with your solicitors which covers your opt out costs and your solicitor can forward payment within five working days from the day of the expiry of the 121 day option plan.
Q: Are they any upfront charges?
A: No.
Q: Are they any other costs?
A: No
Q: How long will it take for me to find out if I qualify for the 121 day option plan?
A: This will depend on how quickly you can determine your arrears and future repayment plan with your lender in writing- average timescale 7-14 days.
Q: Can I buy the property back if I sell to you?
A: You will need to make an offer in writing and we will consider it at the time of application.
Q: How long will I be able to rent the property?
A: You can rent the property for a minimum of six months which will be reviewed according to the performance of the terms and conditions of your tenancy.
Q: If I don’t meet your criteria for a quick sale, can you still assist me in selling my house?
A: Yes, we have an on line auction facility through which you can market your property to achieve the best price.
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