Case Studies

Quick sale helps to settle mother’s estate

Christine Binns wanted to secure a quick and trouble-free sale when she had the distressing task of disposing of her mother’s flat in Lowestoft following her death last year.

But the quick sale Mrs Binns hoped for failed to materialise until she contacted UK Property Bank.

Mrs Binns initially briefed an estate agent to market the flat, an attractive two-bedroom apartment on the 11th floor of a largely council-owned block, with magnificent sea views.

The asking price of £85,000 attracted some interest and viewings but no firm offers. The flat was subsequently reduced to £75,000 but, again, this failed to produce a sale.

It was only when Mrs Binns saw an advertisement for UK Property Bank in a national newspaper that the wheels began to turn more purposefully.

She said: “My husband Geoffrey and I live in Northamptonshire and I couldn’t continue to divide my time between home and Lowestoft. I contacted UK Property Bank and spoke to Jim Akin, who at once seemed a responsible and approachable person.”

UK Property Bank offered Mrs Binns £58,400 for a quick no-hassle purchase of the flat, which was roughly 80 per cent of an independent RICS valuation the company commissioned. The valuation fee of £275 was refunded to Mrs Binns on completion.

“My sister Virginia and I felt that we had been made a very fair offer and were pleased to accept it,” said Mrs Binns. “The completion of the sale was very quick thereafter – we saved on estate agent’s fees and our solicitor encountered no difficulties in dealing with UK Property Bank.”

Mr and Mrs Binns now wish to retire to Yorkshire, where they have lived previously, and have put their home in Rushden, Northamptonshire, on the market. But they are considering using UK Property Bank again to speed their relocation.

Mrs Binns said: “There are a number of houses like ours on the market and they seem to be sticking. We have seen houses we like in the York area but the secret to success is to be able to move quickly. UK Property Bank would allow us to become cash purchasers and we are seriously considering placing our business with them again. They are very good people to deal with.”

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