NHB UK Terms & Conditions

National House Buyers (“NHB”) is a company registered in England and Wales. Our registered office address is 27 old Gloucester Street, London WC1N 3AX. Our Terms of Business are outlined below and what you can expect from us:

Speed and Efficiency:

• Typical Completion Timescale: We aim to complete standard property purchases within 3-4 weeks, subject to the successful completion of necessary surveys.
• Accelerated Completions: In certain cases, we have achieved remarkably fast completions in as little as 7 days. This demonstrates our commitment to efficiency and meeting client deadlines.

Comprehensive Due Diligence:

• Independent Valuations: Prior to finalising any purchase, we may instruct an independent RICS surveyor to conduct a thorough valuation of the property. This ensures an accurate assessment of its market value.
• Market Appraisals: To provide further insights, we frequently engage with reputable high street estate agents to obtain independent market appraisals of the property.
• In-depth Property Assessments: Where deemed necessary, we commission detailed builder’s reports to identify any potential structural or maintenance issues.
• Thorough Property Searches: We conduct comprehensive searches against the property to uncover any potential legal or encumbrance issues that may affect the transaction.

Competitive Pricing and Transparent Transactions:

• Trade Buyer Approach: As a specialised property buyer, we are able to offer competitive prices for properties.
• Factors Influencing Price: Our offer is carefully determined based on a comprehensive assessment of various factors, including property type, location, current condition, age, and construction type.
• Final Valuation and Payment: The final purchase price is subject to the outcome of the independent valuation. Typically, we pay between 75% to 85% of the property’s final valuation.
• Conditional Offer: Our initial offer is made subject to the successful completion of all necessary surveys, searches, and due diligence investigations.

Legal and Compliance:

• Money Laundering Regulations: We strictly adhere to all relevant Money Laundering Regulations to ensure compliance with legal requirements.
• Client Confidentiality: We maintain the utmost confidentiality regarding all client information received during the property sale process.
• Record Keeping: We maintain detailed records of all transactions for a period of 6 years in accordance with legal and regulatory requirements.

Legal Representation and Client Choice:

• Freedom of Choice: You have the complete freedom to choose your own legal representation.
• Recommended Solicitor: We recommend using our preferred solicitor for a streamlined and efficient transaction and also to reduce the client’s cost.
• Legal Fee Coverage: If you choose to utilise our recommended solicitor, we will cover your legal fees associated with the sale of the property.
• Independent Representation: Our recommended solicitors are independent legal professionals who adhere to all Law Society guidelines and act solely in the best interests of the client.

Agreement Terms and Conditions:

• Agreement Validity: The Agreement between the buyer and seller remains valid for a period of 4 months from the date of signing.
• Protection of Interest: If the Agreement is terminated prematurely within the 4-month period, we reserve the right to register a Unilateral Notice against the property at HM Land Registry. This legal notice restricts the sale of the property to protect our interests.
• Cancellation Period: You have a 14-day cooling-off period from the date the Agreement is signed to cancel the transaction without penalty.

Pre-Agreement Verification:

• Thorough Verification: Before entering into a formal Agreement, we will diligently verify all property information provided by the seller.
• Seller Authority: We will specifically confirm that the seller has the legal authority to sell the property without the consent of any other party.

Seller’s Responsibilities:

1. Providing a full title guarantee for the property.
2. Ensuring the property is vacant when the sale is finalised.
3. Maintaining responsibility for the property (including insurance) until legal ownership is transferred to NHB.

Anti-Money Laundering

To comply with the Money Laundering Regulations Act 2017 and the Proceeds of Crime Act, we have robust internal Anti-Money Laundering Policies and procedures. Our staff are fully trained to implement these policies effectively.

Anti-Money Laundering Checks:

We are required to conduct thorough checks to verify your identity and confirm your right to sell the property either by way of ownership or legal authority to sell on behalf of a third party, estate beneficiary or trust. This may include checks on the origin of the property. If you choose to use a solicitor outside of our recommended panel, we will also conduct due diligence on their firm.

In the event of any suspected illegal or improper activity, we are obligated to report it to the police and the National Crime Agency by submitting a Suspicious Activity Report (SAR).

Importance of These Checks:

These checks are essential for maintaining a secure and ethical property market. By cooperating with our checks, you are helping to prevent money laundering and combat organised crime.