Please find below the terms set out for any purchase carried out through Sowena Property Ltd.

Finder’s Fee: Our finder’s fee is payable on instruction and in full with no exceptions.

Client’s responsibilities

Sowena Property Ltd allow 14 days for the investor to complete their own due diligence on any deal they purchase from Sowena Property Ltd. This time periods commences from the date of signing this agreement. We highly recommend you instruct an independent viewing of the property and satisfy yourself that there is sufficient demand in the area for rental properties.

• It is the client’s responsibility to ensure they have the ability to obtain the finance to purchase the property.
• It is the client’s responsibility to ensure they are happy with the deal provided within the time given to request a refund.
• It is the client’s responsibility to provide all the requested documentation with 24 hours of reserving the deal and paying the fee.
• Documentation must be provided verified as true and factual by an approved professional.
• All fees must be paid by the investor purchasing the deal. No third-party payments are accepted. We will reject these if they occur.
• All fees must be paid with cleared funds upon reservation.
• The client agrees not to disclose any business dealings, property details, or conversations between themselves and Sowena Property Ltd. on any public forum including social media, internet or forums.
• The Client has agreed to conduct all business through Sowena Property Ltd. in relation to the disclosed properties. If the buyer makes any attempt to deal directly with the vendor or estate agents, they agree to compensate Sowena Property Ltd. to the sum of £2500 for their work in finding, researching and securing the said properties.
• The client acknowledges that the achievable rental income is an estimation only after taking advice from a letting agent and comparing to other properties in the area. The rental income is not a guaranteed income and should not be treated as such.

I THE CLIENT HAVE TAKEN INDEPENDENT MORTGAGE ADVISE AND UNDERSTAND THAT SHOULD I BE DECLINED A MORTGAGE FOR ANY REASON, SOWENA PROPERTY Ltd. WILL NOT REFUND THE FEE. SOWENA PROPERTY Ltd. WILL RETAIN THE FEE AND PROVIDE YOU A REPLACEMENT PROPERTY WHEN YOU ARE ELIGIBLE FOR A MORTGAGE. I CONFIRM I HAVE SPOKEN WITH A MORTGAGE BROKER AND AM CONFIDENT IN APPROVAL OF A MORTGAGE

Sowena Property Ltd. Responsibilities

• Sowena Property Ltd. or approved partner has viewed and carried out a full property inspection
• Sowena Property Ltd. or an approved partner has carried out sufficient due diligence on the property and area to satisfy themselves that the deal is a viable option.
• Sowena Property Ltd. will allow the investor a time period of 14 days to carry out their own due diligence on the property and area. We highly recommend you view the property in this time period. NO REFUND REQUESTS ACCEPTED AFTER 14 DAYS.
• Sowena Property Ltd. will upon request issue a refund of the finder’s fee less a booking fee of £250 within 28 days of original payment date. Refund requests must be made in writing within 14 days of signing this agreement. Refund procedures set out below.
• Sowena Property Ltd. will only refund to the account from which the payment was made. We will require proof of this payment and cannot issue any refunds until we have received this. No exceptions.
• Sowena Property Ltd. will keep and store all personal information and documentation securely and in keeping with our obligations under ICO data protection regulations.
• Sowena Property Ltd. will request various documentation from the investor as part of our client due diligence. This is a legal requirement to comply with Anti Money Laundering regulations.
• Sowena Property Ltd. reserve the rights to use a third party approved company to assist with carrying out client due diligence.
• Sowena Property Ltd. reserve the right to refuse to serve any investor they suspect to be acting in a fraudulent manner.
• Sowena Property Ltd. will provide the investor with full disclosure within 24 hours of the fee being paid
• Sowena Property Ltd. will at all times remain a compliant company and observe the rules and regulations set out by the regulatory bodies. A copy of all of our registrations are available on request by emailing info@sowenaproperty.co.uk
• Sowena Property Ltd. are not liable for the success of any property income.
• Sowena Property Ltd. do not guarantee any rental income or achievable rent as a guaranteed rent.
• Sowena Property Ltd. do not guarantee any tenants or income from tenants

Property details

Sowena Property Ltd. will provide you with the following property details once the full finder’s fee has been paid.

• Full postal Address
• Online agents link if available
• Full details of selling agent
• Full details of any letting agents we have sourced
• Viewing inspection form
• Any additional pictures and video
• Any RICS surveyor report if available

Property Valuations

Sowena Property Ltd. will always negotiate the best possible price when securing a deal. This will be approved and confirmed in writing. We highly recommend that you have a full property valuation and survey carried out.

Down Valuations – On occasions properties may get down valued at point of survey. This happens for many reasons and cannot be prevented. If this occurs please understand that this is generally a bricks and mortar valuation. If the property is an up and running HMO property it is unlikely that the surveyor will allow additional margin for conversions, furniture and dressings.

Note – A down valuation is not a valid reason for a refund and the investor must satisfy themselves within the 14-day refund period that they are confident in the valuation and comfortable with their investment.  See note below in replacement policies.

On the rare occasion that a property is down valued we urge the investor to factor in the costs they would have to incur after completion in converting and furnishing the property. If the investor is unable to complete the purchase due to a down valuation then Sowena Property Ltd. will retain the fee and replace the property with a suitable replacement on a like for like basis. i.e.; 4 bed HMO for another 4 bed HMO.

We are unable to refund the finders fee if the investor opts to withdraw from a sale due to a down valuation. We will replace the deal with a like for like deal.

Conversions and Refurbishments

Sowena Property Ltd. are not responsible for any costs incurred in converting or refurbing the property. Sowena Property Ltd. offer a full hand’s off service should you require this which is facilitated by a third-party company. Any dealings you have with this company are entirely between you (the investor) and the third-party company. We are not responsible for any costs or charges incurred.

We will always give an estimate only for conversion and refurbishments. This is an estimation only and should not be taken as a guarantee that no other work will be required.

Replacement Properties

Sowena Property Ltd. will offer a replacement property in the following circumstances;

• If a vendor withdraws from the sale at any time during the purchasing process if after 14 days. If before the 14 days we will offer you a refund of your full finder’s fee.
• A property is down valued more than 10% of the agreed purchase price.
• If the vendor decided to withdraw due to issues which arise from a property survey which deem the property uneconomical.
• If the property is deemed un mortgageable by the surveyor (we will need to see proof)
• If the investor gets declined lending, we will offer a replacement property when they can obtain funding.

If Sowena Property Ltd. opt to provide a replacement property we will do so within 3 months, we will offer you any of the properties we have that match your original purchase before we offer these to our other investors.

 

Refund Policy:

Our refund policy is as follows:

You have 14 days from signing this document to request a refund. You can do this by emailing info@sowenaproperty.co.uk

We will need your proof of payment and we will refund the source account within 28 days of the original payment date.

Any refund request after 14 days from date of signing this agreement will not be accepted in any circumstance.

Sowena Property Ltd. will not compensate or cover any costs incurred by the customer for legal fees that are incurred in any circumstance.

A £250 booking fee is non-refundable in any circumstance and this will be deducted from any refund agreed.

I  THE CLIENT AGREE TO THE REFUND POLICY AND FULLY ACKNOWLEDGE THAT I MUST REQUEST A REFUND IN WRITING WITHIN 14 DAYS OF THE DATE ON THIS AGREEMENT. I ACCEPT THAT A £250 BOOKING FEE APPLIES AND IS NOT REFUNDABLE IN ANY CIRCUMSTANCE.

I THE CLIENT HAVE READ AND UNDERSTOOD THE ABOVE TERMS AND ACKNOWLEDGE THAT I HAVE 14 DAYS FROM THE DATE OF THIS AGREEMENT TO CARRY OUT MY OWN DUE DILIGENCE ON THE PROPERTY.

I FURTHER ACKNOWLEDGE THAT ANY REQUEST FOR A REFUND WILL NOT BE ACCEPTED AFTER 14 DAYS OF SIGNING THIS AGREEMENT IN ANY CIRCUMSTANCE AND ACKNOWLEDGE THAT SHOULD A PROPERTY FALL THROUGH AFTER THE 14 DAYS, I WILL BE PROVIDED WITH A REPLACEMENT PROPERTY WITHIN 3 MONTHS.

I FURTHER ACKNOWLEDGE THAT A £250 BOOKING FEE WILL BE DEDUCTED FROM ANY REFUND THAT IS AGREED WITHIN THE 14 DAY PERIOD.

Company number: 11688328

Anti-Money Laundering Register: XD006967097206

Data Protection License: ZA483730

Insurance Policy Number: HIBI1955249XB

Property Redress Scheme: PRS014313