You are here: Home - News -

Bridgefast helps elderly sell property

by:
  • 29/01/2002
  • 0
Bridgefast Management has launched a property sale service targeting homeowners who need to sell the...

Bridgefast Management has launched a property sale service targeting homeowners who need to sell their home to raise funds for full-time nursing care.

Ivan Gould, chief executive of Bridgefast, said: ‘This is the first service of its kind and is designed to make the property sale easier. It enables the seller to make immediate financial provision for a care home as it advances funds in anticipation of the sale of the property.’

The advance is interest-free for the first 90 days and is issued 14 days from receipt of title deeds. In essence, Bridgefast is a one-stop shop for people going into care, offering all services under one roof. Clients are assigned a dedicated adviser as point of contact and the firm aims to sell the home within three months.

Commenting on the size of the growing market for care home funding, Gould said: ‘The Times reported that 70,000 people are forced to sell their homes each year to fund nursing care. There are two ways to do this ‘ you can either pay the £2,500-£3,000 a month or buy an immediate care annuity, which costs £50,000-£150,000.

‘So even taking the lower £50,000 estimate and multiplying that by the 70,000 potential clients this is a £3.5bn industry that we need to grow into.’

A variety of services are included in the deal, such as all legal services and a vacant property service, such as draining the water system, changing locks and vacant property inspection visits. There is also a payments service, to cover service charges and council tax.

The firm will also inventory high value/risk items, for example antique furniture, and arrange house clearance or auction. Each application requires an application fee of £395. Management fees are 2.5% of the eventual sale proceeds, the minimum fee being £2,250, including estate agents, valuation and legal fees.


Tags

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
Survey shows South East house prices suffering

Volatile conditions in the South East were the focus of The Royal Institution of Chartered Surveyors...

Close