PPR is now able to actively work with both advisers and estate agents in order to save ‘broken-chains’ by completing the property purchases in a quick timescale, sometimes less than 48 hours. PPR is currently receiving record numbers of enquiries from mortgage/financial advisers and, in particular, estate agents attempting to find a solution in order to stop sales chains collapsing.
Property chains break down for a variety of reasons including the withdrawal or reduction of the mortgage offer, down valuation of the property, or often ‘cold feet’ on the part of the prospective buyer – a problem that is increasing given the ongoing uncertain economic climate.
Government figures suggest that one in three chains fall apart leaving all those affected waiting for the broken link to be fixed in order to proceed. Often this leaves sellers stranded at the eleventh hour with the likelihood of another five months-plus wait for a new chain to be created and no guarantee that the next chain won’t break again.
PPR believes many sellers are selling either their residential or commercial properties in order to manage down their debt levels; it is in this situation where a buyer pulling out of the purchase can have a devastating effect on the sellers cash-flow and finances.
Nick Hopkinson, Director of Property Portfolio Rescue, said:
“At any given time around two-thirds of UK property transactions are part of a selling chain so if one party falters or withdraws either through choice or changed financial circumstances this can have a devastating effect on everyone else in that broken chain.
"Re-building broken property chains typically takes months and causes major financial and emotional distress. Increasingly PPR is being contacted by both mortgage advisers and estate agents in order to save property sales which, in today’s environment, are often taking place in order to reduce the seller’s debts.
"If a buyer has pulled out, this type of seller does not have the luxury of being able to hang on perhaps waiting months for another buyer. It is in this situation where PPR’s chain-saving service may be a life-line; we can step in and buy the property thus keeping the chain alive and ensuring the seller has the money quickly.
“We already work with a number of advisers and agents however we are now pushing this service out to the entire market. PPR will commit both time and resource, looking at each deal individually, to ensure we can help as many chains survive as possible.
"We can guarantee a quick and discrete purchase and we would urge any advisers or agents who have clients in such a position to contact us immediately to see if we can deliver the right outcome for all concerned.”
PPR already own over 200 properties and manage over £40 million worth of property assets as landlords.
