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Sourcing terms

Our fee and terms for investors who use our sourcing service.

The short version

  • Our sourcing fee is £4,000, fixed. You pay it only when you agree to buy a property we have introduced to you. We hold it until the purchase completes, as set out in your written agreement.
  • If the purchase does not complete and the fault is not yours, we may return the fee to you (see clauses 7 to 10). You have 14 days to cancel and ask for a full refund (clause 7).
  • You sign a non-disclosure agreement (NDA) before we share a deal, its return and all the costs involved.
  • Before we share full deal details we will verify your identity, as anti-money laundering rules require.
  • You appoint your own solicitor and, if you need one, a mortgage broker. We liaise with them.
  • Nothing we send you is financial advice. AyNik Properties Limited is not authorised by the Financial Conduct Authority.
  • Auction purchases are binding when the hammer falls, and completion deadlines are strict.

Full terms

These terms are between you ("the Buyer") and AyNik Properties Limited ("we", "us"), 47 Magnolia Drive, Blakelaw, Newcastle upon Tyne, NE5 3QF, Company No. 16534484. They are governed by the law of England and Wales. You must be 18 or over and able to enter a contract.

Buying a property we source

  1. You agree to communicate promptly and openly with us so the purchase runs smoothly.
  2. You are responsible for having the funds for the purchase price and all costs, including deposit, legal fees, stamp duty and finance costs.
  3. You provide proof of funds within 72 hours of paying the sourcing fee: a recent UK bank statement or a mortgage Agreement in Principle.
  4. You appoint your own solicitor and advisers, and give us their contact details so we can liaise with them.
  5. Private treaty or negotiated sales: you aim to exchange within 56 days and complete within 63 days of paying the sourcing fee, unless we agree otherwise in writing.
  6. Auction lots: the contract is binding when the hammer falls. Unconditional lots must complete within 28 days and conditional lots within 56 days of the auction. You must have finance, legal representation and funds in place before you bid. If you fail to complete, you may lose your deposit and the sourcing fee.
  7. When you agree to buy a property we have introduced, you pay the sourcing fee. We hold it until the purchase completes, as set out in your written agreement, and it is then released to us. You have 14 days from the date you pay to cancel and ask for a full refund. You may waive the cooling-off period in writing so that we can instruct the sale straight away. For auction lots, once a bid is accepted the contract is binding and the cooling-off period does not apply.
  8. If you withdraw after the cooling-off period, or the purchase fails because of you, the fee is not refunded. We keep it on file and credit it against a future property we source for you, with no extra sourcing fee.
  9. If the seller withdraws before exchange, or the title has onerous restrictions or covenants, we will try to offer a suitable replacement property within 56 days at no extra sourcing fee. If you prefer, or none is found, we may return the fee.
  10. If the purchase does not complete for a reason that is not your fault, we may return the sourcing fee to you. If it does not complete because of you, you bear your own costs and the fee is not refunded.
  11. A deal we send you is for you personally. You may not pass it to anyone else without our written consent.
  12. Once we have told you about a property, you agree not to approach the seller or make an offer except through us for 12 months.

Refurbishment management

  1. Refurbishment costs are paid in four stages of 25%: when works start, at the end of week one, at the end of week two, and when completed works are signed off against the schedule of works. Each payment is released only after we have inspected and approved that stage. You pay the contractor directly for each approved stage.
  2. We project manage the works from start to sign-off, manage delays, and send you regular updates with photos or videos.
  3. Works are carried out by contractors, who enter a separate contract with you. We give you a copy of the contractor's public liability insurance before work starts. We are not responsible for the contractor's workmanship; any guarantee on the work is the contractor's.
  4. Cost estimates are based on our experience and current prices and may change. We recommend a contingency of 10 to 15%.
  5. At completion we hand over all certificates, guarantees and keys to you or your managing agent.
  6. The schedule of works sets out the contractor's guarantee on the work: at least 6 months, and 20 years for specialist works such as damp treatment, timber treatment or wall tie replacement. Manufacturers' warranties for electrical items and boilers are passed to you at completion.
  7. For a buy, refurbish and refinance strategy, we attend the refinance surveyor's inspection and provide a full pack on the completed works. Any revaluation figure we give is our estimate only; the surveyor decides the value.

Information and advice

  1. We work hard to keep information accurate and up to date, but you must carry out your own due diligence.
  2. Forecasts, yields and valuations are given in good faith but are estimates only, not promises.
  3. We are not authorised by the Financial Conduct Authority. Nothing we send is financial advice.
  4. We may recommend solicitors, brokers or letting agents we believe are competent, but we are not responsible for their services.
  5. We handle your personal data under UK GDPR, as set out in our privacy notice.

Complaints

See our complaints procedure. Our serviced accommodation management terms are separate: see management terms.