Finder’s Fee: Our finder’s fee is payable on instruction and in full. No exceptions.

Client’s Responsibilities

Lotus Property Sourcing Ltd. allows 14 days for the investor to complete their own due diligence on any deal they purchase from Lotus Property Sourcing Ltd. This time period commences from the date of signing this agreement. We highly recommend you instruct an independent viewing of the property and satisfy yourself that there is sufficient demand in the area for rental properties.

• It is the client’s responsibility to ensure they have the ability to obtain the finance to purchase the property.
• It is the client’s responsibility to ensure they are happy with the deal provided within the time given to request a refund.
• It is the client’s responsibility to provide all the requested documentation within 24 hours of reserving the deal and paying the fee.
• Documentation must be provided and verified as true and factual by an approved professional.
• All fees must be paid by the investor purchasing the deal. No third-party payments are accepted. We will reject these if they occur.
• All fees must be paid with cleared funds upon reservation.
• The client agrees not to disclose any business dealings, property details, or conversations between themselves and Lotus Property Sourcing Ltd. on any public forum including social media, internet or forums.
• The client has agreed to conduct all business through Lotus Property Sourcing Ltd. in relation to the disclosed properties. If the buyer makes any attempt to deal directly with the vendor or estate agents, they agree to compensate Lotus Property Sourcing Ltd. to the sum of £2,500 for its work in finding, researching and securing the said properties.
• The client acknowledges that the achievable rental income is an estimation only after taking advice from a letting agent and comparing to other properties in the area. The rental income is not a guaranteed income and should not be treated as such.

Lotus Property Sourcing Ltd.’s Responsibilities

• Lotus Property Sourcing Ltd. or an approved partner has viewed and carried out a full property inspection.
• Lotus Property Sourcing Ltd. or an approved partner has carried out sufficient due diligence on the property and area to satisfy itself that the deal is a viable option.
• Lotus Property Sourcing Ltd. will allow the investor a time period of 14 days to carry out their own due diligence on the property and area. We highly recommend you view the property in this time period. NO REFUND REQUESTS ACCEPTED AFTER 14 DAYS.
• Lotus Property Sourcing Ltd. will upon request issue a refund of the finder’s fee less a booking fee of £250 within 28 days of the original payment date. Refund requests must be made in writing within 14 days of signing this agreement. Refund procedures are set out below.
• Lotus Property Sourcing Ltd. will only refund to the account from which the payment was made. We will require proof of this payment and cannot issue any refunds until we have received this. No exceptions.
• Lotus Property Sourcing Ltd. will keep and store all personal information and documentation securely and in keeping with its obligations under ICO data protection regulations.
• Lotus Property Sourcing Ltd. will request various documentation from the investor as part of its client due diligence process. This is a legal requirement to comply with anti-money laundering regulations.
• Lotus Property Sourcing Ltd. reserves the right to use a third party approved company to assist with carrying out client due diligence.
• Lotus Property Sourcing Ltd. reserves the right to refuse to serve any investor it suspects of acting in a fraudulent manner.
• Lotus Property Sourcing Ltd. will provide the investor with full disclosure within 24 hours of the fee being paid.
• Lotus Property Sourcing Ltd. will at all times remain a compliant company and observe the rules and regulations set out by the regulatory bodies. A copy of all of our registrations are available on our website www.lotuspropertysourcing.com ‘compliance’ tab or by emailing dean@lotuspropertysourcing.com
• Lotus Property Sourcing Ltd. is not liable for the success of any property income.
• Lotus Property Sourcing Ltd. does not guarantee any rental income or achievable rent as a guaranteed rent.
• Lotus Property Sourcing Ltd. does not guarantee any tenants or income from tenants.

Property Details

Lotus Property Sourcing Ltd. will provide you with the following property details once the full finder’s fee has been paid.

• Full postal address
• Online agents link if available
• Full details of selling agent
• Full details of any letting agents we have sourced
• Viewing inspection form
• Any additional pictures and video
• Any RICS surveyor report if available

Property Valuations

Lotus Property Sourcing Ltd. will always negotiate the best possible price when securing a deal. This will be approved and confirmed in writing. We highly recommend that you have a full property valuation and survey carried out.

Down Valuations – On occasions properties may get down valued at the point of survey. This happens for many reasons and cannot be prevented. If this occurs, please understand that this is generally a bricks and mortar valuation. If the property is an up-and-running HMO property, it is unlikely that the surveyor will allow additional margin for conversions, furniture and dressings.

Note – A down valuation is not a valid reason for a refund and the investor must satisfy themselves within the 14-day refund period that they are confident in the valuation and comfortable with their investment.  See note below in replacement policies.

On the rare occasion that a property is down-valued, we urge the investor to factor in the costs they would have to incur after completion in converting and furnishing the property. If the investor is unable to complete the purchase due to a down valuation, then Lotus Property Sourcing Ltd. will retain the fee and replace the property with a suitable one on a like-for-like basis. i.e. a four-bed HMO for another four-bed HMO.

We are unable to refund the finder’s fee if the investor opts to withdraw from a sale due to a down valuation. We will replace the deal with a like-for-like deal.

Conversions and Refurbishments

Lotus Property Sourcing Ltd. is not responsible for any costs incurred in converting or refurbishing the property. Lotus Property Sourcing Ltd. offers a full hands-off service should you require this which is facilitated by a third-party company. Any dealings you have with this company are entirely between you (the investor) and the third-party company. We are not responsible for any costs or charges incurred.

We will always give an estimate only for conversions and refurbishments. This is an estimation only and should not be taken as a guarantee that no other work will be required.

Replacement Properties

Lotus Property Sourcing Ltd. will offer a replacement property in the following circumstances:

• If a vendor withdraws from the sale at any time during the purchasing process if after 14 days. If before the 14 days we will offer you a refund of your full finder’s fee.
• A property is down-valued by more than 10 per cent of the agreed purchase price.
• If the vendor decides to withdraw due to issues arising from a property survey which deem the property uneconomical.
• If the property is deemed unmortgageable by the surveyor (we will need to see proof).
• If the investor is declined a loan, we will offer a replacement property when they can obtain funding.

If Lotus Property Sourcing Ltd. opts to provide a replacement property, it will do so within three months. We will offer you any of the properties we have that match your original purchase before we offer these to our other investors.

Refund Policy:

Our refund policy is as follows:

You have 14 days from signing this document to request a refund. You can do this by emailing dean@lotuspropertysourcing.com.

We will need your proof of payment and we will refund the source account within 28 days of the original payment date.

Any refund request after 14 days from the date of signing this agreement will not be accepted in any circumstance.

Lotus Property Sourcing Ltd. will not compensate or cover any costs incurred by the customer for legal fees incurred in any circumstance.