Frequently asked questions
Your Property Club's Director of Portfolios, Simon Shankland answers your frequently asked questions about off plan and new build property, buy to let mortgages, property investment clubs, and the UK property market.
Who is YourPropertyClub.com Ltd?
YourPropertyClub.com Ltd (Registered Company Number 5312201) is registered in the United Kingdom. Your Property Club is an educational and property consultancy that specialises in new and second hand property throughout the UK and Internationally in Spain, New Zealand and Australia.
What does Your Property Club do?
We are firstly an educational company focussed purely on creating wealth through property (We have over 300 free articles, a book, various booklets and guides). We offer a full service consultancy, sourcing property with good solid fundamentals, managing the entire process (mortgages, Solicitors, carpets, flooring, curtains and furniture) through to completion and getting its first tenant. We also offer a letting service on and ongoing basis and regular portfolio reviews and support.
What areas do we target?
The biggest assumption we make as investors is that property will double every 7-10 years, all property that is. So it doesn't matter that much where you buy as long as you ensure the property has good solid fundamentals.
Good solid fundamentals means close to transport links, shops, schools, amenities, and the area has large employers to fuel demand for your property. Each development we offer will have a detailed due diligence document outlining these fundamentals.
How does Your Property Club earn its fees?
We do not charge membership fees, joining fees or require you to invest large amounts of capital upfront before you get a property. You remain in control of your capital.
We earn our fees each time you buy a property from us. Generally they are 2.5% + VAT of the valuation of the property. These fees are payable within 7 days of reservation. In some cases such as built complete property you may be able to pay these upon completion.
What types of properties do Your Property Club source?
Our prime focus is on new and second hand property in the UK. This should always be the foundation of a good portfolio (building in your local market before going overseas). We also source properties around the world in proven markets; at this stage these include Australia, New Zealand, and Spain. For the International markets we will only invest in markets we have a personal knowledge of, including having invested there ourselves.
Why should I use Your Property Club rather than going direct to estate agents?
An estate agent works on behalf of the vendor not you; their job is to get the highest price. They cannot offer as many effective structures to purchase the property with gifted deposits like a specialised consultancy like ourselves.
Why in some cases do I not have to pay a deposit?
In some cases you can use what's called a "gifted deposit". This is where the builder effectively pays part or all of the deposit for you. That amount of gift allowed will depend on the individual lender criteria, normally they will allow 5% although gifts of up to 15% are possible.
What happens to fees/deposits if I pay them and decide not to go ahead?
Reservation fees are always non refundable as these are paid to the developer and they are unlikely to refund these. They are normally between £500 and £2000.
As a rule, Finders Fees are non-refundable once paid. These are payable within 7 days of reservation but in some cases such as built complete properties we may extend to the exchange/completion date.
Deposits and other costs for the property you are buying are always paid directly to the solicitor.
How will I be notified of opportunities?
You'll receive a mobile text message (SMS) notification to your mobile phone, and also an email. Our due diligence booklet has details of the development and is always available through our website. Working with your Property Consultant will mean they can call you directly when properties that match your criteria are available.
What's next?
Get even more of your questions answered at our educational blog! or register as a client now!