INVESTING WITH US
What does MRI provide?
When you purchase an investment property from MRI we will provide you with the following:- An independent valuation of the property when vacant.
- A 6 month rental guarantee
- Lease and tenancy details
- Management of the property
What does MRI charge?
We charge our clients 3% of the cost of the property as a fee. You pay your legal fees, we pay ours and most of our properties are stamp duty exempt. We charge a management fee through our associated company Hot Property Solutions Ltd (HPS) of 10% of the rent monthly. We charge a letting fee through HPS of the first months rent for new lettings. This is not charged when you first purchase the property with a tenant in situ.What are the risk factors?
What if there is a drop in residential values?If you are looking for short term returns, then MRI may not be for you. However, the average annual rate of property growth has been 11.3% since 1968. In that same period there were only 3 years where growth was negative and in each of those, prices recovered to their former levels within a couple of years.
What if I have a problem tenant?
Our properties are let on assured shorthold tenancies (“AST’s”). These give security to both landlord and tenant. In the event of non-payment of rent by the tenant, in most cases possession of the property can be gained within two months. Also a minimum of one months rent is normally taken from the tenant as a deposit.
What happens if the tenant vacates the properties?
MRI properties are good quality, which makes them easier to let when a tenant vacates. In the long term, the number of dwellings in the private rented sector is expected to increase by 39% by 2014, an increase of a million homes. Also, in many cases a change of tenant can present an opportunity to increase the rent.
How is my property maintained?
Our management company HPS will telephone you if any maintenance work is ever required (tenants do not have your details so you will never be called in the middle of the night to “fix a leaking tap”). HPS will then get competitive quotes for you and manage the work on your behalf. HPS will also ensure that all relevant safety certificates are maintained for your property. Nevertheless should you wish to get your own quotes and organize any of your maintenance yourself you are free to do so.
What happens if I want another company to manage my property?
No problem, you can change the management of your property any time you want to.
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