Terms and Conditions
Terms and Conditions for Equity Portfolio Management. All clients are required to read our standard terms and conditions before you can successfully reserve any investment opportunities from EPM.
Standard Terms and Conditions of Business for Equity Portfolio Management located at Unit 6, Forbes Business Centre, Bury St Edmunds Suffolk, IP32 7AR.
You must read, agree and accept all of the terms and conditions expressly set out below to use and access our services. If you have any queries with regards to these terms and conditions then please contact us immediately. Any reservation made through EPM or the Homebuyer Specialist, you will be bound by these terms and conditions.
If you are not happy or disagree to any point within these terms & conditions you must detail your concern in writing prior to reserving any property with us. All reservations made your will be bound and accept to every point within our standard terms and conditions detailed below.
Terms and Conditions
1. I understand that as a free user of the website, I am under no obligation to purchase property through Equity Portfolio Management.
2. I give my authority for Equity Portfolio Management to make contact with me either by email, telephone or post alerting me to property opportunities, but if I choose to take no action upon these alerts, the remaining terms will apply.
3. I understand that, when reserving a property through Equity Portfolio Management, any reservation fee paid is non-refundable under any circumstances. Should Equity Portfolio Management collect the Reservation Fee from me on behalf of the Vendor, I understand that such fee will be duly passed to the Vendor on my behalf and therefore remain non-refundable. Reservation fees will be collected by Equity Portfolio Management and passed on to the developer, all reservation fees are non refundable.
3.1. I understand that reservation fees are typically £1,000 unless otherwise stated. Once a property is reserved the developer will allow the purchaser 28 days from reservation to exchange contracts, the developer is within their right to offer the reserved property to another purchaser if exchange of contracts or completion has not taken place within the contracted 28 day period. Once reservation fees have been paid to Equity Portfolio Management reservation fees are non refundable under any circumstances. Any disputes over reservation fee are between the purchaser and the Vendor/Developer; Equity Portfolio Management has no jurisdiction in this respect and accepts no liability.
4. I understand (unless otherwise stated) there will be an Arrangement Fee (2%) payable on each property purchased through Equity Portfolio Management. This fee will be clearly stated in the investment brochure and on the reservation form of which I will be required to complete sign and date should I wish to reserve a property. If the reservation forms are not signed within 48 hours from reservation, my desired plot will become available to the open market and all fees will be forfeited.
4.1. I understand arrangement fees must be paid and received by Equity Portfolio Management within 48 hours from reservation or invoice date. Reservation fees not received within 48 hours will be liable for a 5% surcharge deemed as a late payment; this charge will be subsequently added to your account and must be cleared prior to completion taking place.
4.2. I understand that the deal structure fee I am required to pay Equity Portfolio Management is non refundable under any circumstances, unless otherwise stated in writing (email is not accepted) and signed by the managing director Mr Ryan Otto with no exceptionsl.
4.3. I understand that the arrangement fee is subsequently used by Equity Portfolio Management upon reservation and not exchange of contracts or legal completion.
5. I understand that in the event I decide not to complete on the property I have reserved, all fees will be forfeited. In the event I am not offered a mortgage by a third party/independent mortgage broker I am aware that Equity Portfolio Management accepts no liability or responsibility. Equity Portfolio Management makes no warranties or representations as to the reliability of the services provided by Third Parties and assumes no responsibility or liability for their actions, omissions or errors.
6. I understand that the exchange of contracts should take place no later than 28 days from receipt of contract from my solicitors unless otherwise stated by the vendor. Failure to do so could result in the vendor withdrawing my plot and my reservation fee being lost, EPM accepts no liability or responsibility in this case if the plot is withdrawn by the developer.
7. I understand that on certain property opportunities I may be requested to use a solicitor appointed by Equity Portfolio Management for conveyance on certain properties. This is in the interests of efficiency and although I have the right to use my own solicitor, I agree to co-operate in this respect.
8. I understand that it is solely my own liability to arrange mortgage finance through a third party, however Equity Portfolio Management will recommend their finance partners, this is in the interests of efficiency and a wider range of mortgage products although I have the right to use my own mortgage broker, I agree to co-operate in this respect. I understand that Equity Portfolio Management offers no guarantee that I will be offered mortgage lending at any stage in the buying process, from offer to completion. Should I choose to exchange contracts with any vendor without having obtained a formal mortgage offer, I understand that I may be required to settle in cash on completion or forfeit any deposits paid. The obtaining of a mortgage is my own responsibility and EPM accept no liability or responsibility for 3rd parties.
9. I understand that property values can decrease as well as increase. Equity Portfolio Management makes no express or implied income claims. I understand that rental income achieved may not always match that predicted, due to market conditions.
10. Under no circumstances should I contact a developer or its agent regarding developments I have been offered by Equity Portfolio Management. Equity Portfolio Management finder’s fee is 2% of the market value, however should I purchase a property, initially offered to me by Equity Portfolio Management, directly through the developer or its agent, I understand that I automatically become liable to pay Equity Portfolio Management an increased finder’s fee of 3%.
I understand, accept and agree with the following:
11.1. Neither Equity Portfolio Management, nor any of its partners, directors; employees or representatives will be liable for damages arising out of or in connection with the use of information provided on any document or marketing material.
11.2. The details contained in any online information provided are intended for guidance only. Any photographs, illustrations, specifications, plans and sizes, only give a general indication of the proposed development. The Vendor operates a policy of continuous development and features, specifications and elevation treatments may vary. The Vendor reserves the right to alter any part of the development. Particulars described in any online information should not be relied upon as accurately describing any specific matters. Tables, projections and profit forecasts are for illustrative purposes only.
11.3. Equity Portfolio Management services are not regulated, we encourage all investors to seek appropriate financial and tax advice from suitable regulated sources before you decide to reserve a property as EPM accept no responsibility or liability in the event you decide not to complete on the property all fees will be forfeited.
11.4. Equity Portfolio Management are not responsible for any errors or omissions, whether due to us or to our sources of information, nor are we liable, directly or indirectly, from any loss whatsoever that may arise from them. All purchase price values are correct at time of going to press but may be affected without notice from the Vendor.
11.5. Neither Equity Portfolio Management nor any of its partners, directors, employees or representatives will be liable for damages arising out of or in connection with the use of online information provided in any electronic or printed format.
Valuations
12. I understand Equity Portfolio Management will recommend independent mortgage brokers to source suitable mortgage products to finance your investment property. Once the broker has sourced a mortgage lender the broker must follow the lenders guidelines and procedures. The mortgage lender you choose will instruct an independent Royal Institution of Chartered Surveyors (RICS) Valuation to your property and conduct an independent valuation on behalf of the lender to deem the property to be fit and comply with the capital values you are purchasing the property for.
12.1. I understand that the mortgage lender will be concerned for their own interest as priority and lending feasibility, they insist the Valuer has at least 3 sold comparables to prove the property is worth the recommended purchase price, also the valuer is an independent specialist working for the bank, not Equity Portfolio Management or the brokers and be versed with similar properties to guide him/her to a realistic purchase price.
12.2. I understand if the property is not fit to reach the proposed valuation the property will be simply down valued to the true price in line with comparables at the surveyor’s discretion. By using an independent surveyor acting for the bank, eliminates the possibility of inflated valuations.
12.3. I understand that Equity Portfolio Management cannot be held responsible for valuations being returned lower than the expected purchase price. Equity Portfolio Management accepts no liability or responsibility for valuations or discounts from market value unless otherwise stated in writing and signed by the managing director Mr Ryan Otto with no exceptions. EPM conduct strict due diligence into every investment opportunity prior to EPM releasing the opportunity to our client base. Therefore we look for comparable evidence the investment opportunity is genuinely discounted and the discount is duly passed on to the client. Valuations are at the discretion of the independent valuer who conducts the survey on behalf of your lender. Therefore in certain market conditions valuations can be returned slightly lower that the market value. This is down to the valuer’s opinion however in some cases valuations can be returned slightly lower than expected. In the event valuations are returned lower than expected EPM will aim to re negotiate with the developer to honour the same discount from market value therefore you will ultimately save the balance. EPM cannot guarantee this for every case however if valuations are returned lower EPM can sometimes have the developer to honour the same discount. EPM cannot be held responsible in this case and accept no liability or responsibility, in the event the client does not decide to complete on the property, all fees paid to EPM will be forfeited.
12.4 I understand that in certain market conditions and economic instability valuer's can become very modest with valuations and reflect this in their report. In some very rare circumstances you may be required to inject additional monies into the property if the valuation returns short of the expected price. This will be at the discretion of the specific value’s opinion; therefore you can instruct an additional valuation to return the true value. If this is the case the second valuation can be instructed and fees will bared by yourself and Equity Portfolio Management accepts no liability or responsibility unless otherwise stated in writing and signed by the managing director Mr Ryan Otto with no exceptions. Equity Portfolio Management makes no warranties or representations as to the reliability of the services provided by Third Parties and assumes no responsibility or liability for their actions, omissions or errors.
12.5. I understand that Valuation reports and other information provided by the independent (RICS) surveying company are prepared in good faith and are solely for your guidance. They do not form any part of this agreement.
12.6. I understand that I must satisfy myself as to the correctness and accuracy of any details provided by us and the valuation conducted by an independent (RICS) surveyor is/was accurate at the time of reservation.
12.7. I understand that property prices can fall as well as rise. Therefore I accept that Equity Portfolio Management cannot be held responsible or accept liability if post completion the value of the property purchased returns a negative valuation. Market conditions, supply vs. demand, demographic factors and economic stability is the determine factor which all contribute to the valuation of a specific property at that time.
Mortgage rates & products
13. I understand that Equity Portfolio Management are not licensed mortgage brokers. They will recommend an independent broker to obtain a mortgage on my behalf. Equity Portfolio Management work closely with the brokers and at the time of their brochures going to press they will have a recommended mortgage product to suit the investment opportunity from the brokers direct.
13.1. I understand that mortgage products will be referenced and recommended in the investment brochure. I am aware that on the first Thursday of every month interest rates can rise as well as fall. Also mortgage products and rates are subject to availability, acceptance and change at any time.
13.2. I understand and accept that at the point of reservation I may be offered a specific product with a favourable interest rate. Mortgage products and rates can only be fully secured when my mortgage application is fully submitted to the lender. I accept that from the point of reservation to when I have successfully returned all requested documentation to the broker including my original passport/driving licence both parts, 2 X proof or residency (utility bill, credit card statement, council tax bill, landline phone bill (NOT MOBILE) dated no later than 3 months old the rate I have applied for will not be secured until the above information is returned to the broker and the case fully submitted.
13.3. I understand and accept Equity Portfolio Management has no jurisdiction with regards to mortgage rates and products, which are set by the lenders.
13.4. I understand and accept that in the event I have not returned the above documentation within 48 hours from reservation, this may result in the product being withdrawn and a higher mortgage rate offered. I understand this will only result due to my own actions. If I then decide not to proceed with the purchase as the rate originally quoted has increased or is no longer available all fees paid will be forfeited in the event I decide not to complete on the property.
13.5. I understand and accept that Valuations can sometimes be free, limited to certain products, again if I have not returned the required documentation to secure the product the original free valuation may be withdrawn and a valuation fee may apply. I accept this is not the liability or responsibility of Equity Portfolio Management. Free Valuations are set by the lenders and limited to certain products and limited availability.
13.6. I understand that for mortgage purposes the information I put down on the mortgage enquiry form will form the basis of which the independent mortgage broker will apply for a mortgage on my behalf. If I provide false information and I am accepted at the decision in principle stage then I will be required to produce the documented evidence at any stage to support my application of which can be requested at any time between acceptance to completion at any time at the lenders discretion. In the event I cannot provide the information I initially stated I have and I do not get offered a mortgage, all fees paid to EPM will be forfeited and EPM accepts no liability or responsibility, all fees paid will be forfeited.
13.7. I understand that obtaining higher loan to value mortgages does carry higher risk especially with new build property purchases. Lenders are within their right to reject applications above 90% at any time due to the risks involved. Lenders may initially accept you on a 90%-95% loan to value at the decision in principle stage then may require further information. In the event I cannot provide the information requested at any time I may only get offered an 85% loan to value. (85% loan to value is typical for new build purchases.)
13.8. I understand that for residential property purchases standard practice is I can only have 1 residential property. Under certain circumstances I can apply for a second home, or a let to buy home which will enable me to purchase a second residential property if my income can support both properties by a means test. A let to buy will enable me to rent out my existing home and purchase a second residential property with a residential mortgage which is acceptable and legal. Your existing lender may require you to switch your existing property (residential mortgage) to a buy to let, this is at their discretion. The brokers EPM work with are happy to obtain a maximum of two residential mortgages if they fit the lenders criteria however it is against the law to have more than 2 residential mortgages. In the event I don’t disclose this information to EPM or the independent mortgage broker on the mortgage enquiry form and I am accepted on the merits of what information I provided. In some cases the residential mortgages my not show up at the initial decision in principle stage. Therefore if at any stage after I have reserved a property with EPM on a residential basis, then all fees paid to EPM and the 3rd parties will be forfeited. EPM accepts no liability or responsibility for the information I have provided on the mortgage enquiry forms which is submitted to the lender. I understand and accept that if I provide false information to aid in achieving a residential mortgage for my gain by deception by fraudulently applying / not disclosing crucial information to the mortgage broker, then I accept and understand that all fees paid to EPM and 3rd parties will be forfeited.
13.9. I/We confirm (a) receipt of the above document and (b) that the details I have provided to the mortgage broker are correct to the best of my/our knowledge. I/we understand that giving false mortgage information may jeopardize my/our application and could result in me/us losing my/our fees paid to Equity Portfolio Management and may result in legal proceedings being taken by providing false mortgage information to third party mortgage brokers which is an offence I understand I may be prosecuted if I have purposely provided false information to achieve a residential mortgage.
14. I understand that there is an underling system known as the hunter system of which more and more lenders are using today to cross check mortgage applications throughout the UK. This system will cross check all mortgage application I have recently made and in the event the information I have provided is significantly different without justification then I will be declined the mortgage. In the event this information is not found at the initial decision in principle stage and I have provided false information then I understand that due to my own actions all fees paid to EPM will be forfeited due to my own omissions. In the event my mortgage application is audited by the lender and I do not get offered a mortgage, I understand that all fees paid to EPM will be forfeited. EPM accepts no liability or responsibility for 3rd party mortgage issues.
Equity Portfolio Management, their representatives & any joint agents give notice that:
Whilst Equity Portfolio Management does its utmost to verify the contents of any printed or electronic formatted document, they have no authority to make or give any representations or warranties in relation to any property. Any particulars provided do not form part of any offer or contract and must not be relied upon as statements or representations of fact. Any areas, measurements or distances are approximate. Any text, photographs and plans are for guidance only and are not necessarily comprehensive.
It should not be assumed that the property has all necessary planning; building regulation or other consents and Equity Portfolio Management have not tested any services, equipment or facilities.
Purchasers must satisfy themselves by inspection or otherwise. Any particulars or plans provided were prepared from preliminary plans and specifications before completion of the properties and are intended only as a guide. They may have been changed during construction or finishes could vary. Prospective purchasers should not rely on this information but get their solicitor to check the plans and specification attached to their contract.
It is encouraged that due diligence be exercised by each individual purchaser. Equity Portfolio Management is not providing financial advice under the regulations of the Financial Services Authority. We recommend that before making any decisions based on the information provided, that you should consult with any specialist advisors introduced to you by Equity Portfolio Management or take independent legal and financial advice.
Your home is a risk if you do not keep up repayments on a mortgage or other loan secured on it. Mortgages are subject to status. Mortgage offers are also dependent on your financial circumstances at the time of application.
Notice of Confidentiality
Your email address and password combination is unique to you. You must not reveal your password to any other person.
You must not print, reproduce, transmit or reveal the contents of the member’s area in any form or by any means to any other party, without the prior written consent of an authorised representative of Equity Portfolio Management.
Before becoming a free user of Equity Portfolio Management, and before reserving any property through Equity Portfolio Management, I confirm that I have read, agree and accept the above Terms and Conditions of Business. Any property reservations I may make in the future will be subject to these terms and conditions of business, and any others, which may apply from time to time.
Cancellation or Suspension of Service
Equity Portfolio Management reserves the right to cancel your access to our Services at any such time. We may suspend, restrict, reduce or cancel your access immediately if you breach or appear likely to breach any of these terms.
You may cancel your registration at any time by writing to us at Unit 6, Forbes Business Centre, Bury St Edmunds Suffolk, IP32 7AR, or emailing us at invest@equitypm.co.uk . Upon cancellation you will become liable to pay any outstanding fees, monies or costs owed to us immediately. Failure to do so may result in court action, incurring additional fees, interest and possibly a CCJ registered against your name.
Amendments to these Terms
I understand and accept that Equity Portfolio Management reserve the right to change these Terms at any time. We will give you 7 days notice by posting notice on the website and sending you either postal notification or an email. If you do not want to accept any new terms you must inform us immediately of your intention in writing or emailing within 5 days of us posting the new terms and conditions and receipt of our intentions to your designated home address and email address provided by yourself upon reservation, Otherwise you will be deemed to have accepted such new terms. Please ensure that you visit the Terms and Conditions on our site regularly and refresh your browser to ensure your information is up to date.
Terms & Conditions last updated July 2007
Property Misdescriptions Act 1991
In accordance with the Property Misdescriptions Act 1991, Equity Portfolio Management has prepared these sales particulars for general guidance purposes only. They do not form or constitute any part of an offer or contract. Equity Portfolio Management has not carried out a structural survey of the property and any services, appliances or specific fittings mentioned in these details have not been tested. All photographs, measurements, floor plans and distances referred to are given as a guide only and must not be relied upon when purchasing carpets and other fixtures and fitting. Lease details, service charges and ground rent (where applicable) are given as a guide only and should be checked and confirmed by a licensed conveyancer prior to exchange of contracts.
