Diamond has said it believes intermediaries are too quick to turn down clients for right to buy where the property is regarded as being of non-standard or defective construction.
Diamond deals with intermediaries and their clients to offer a complete service which effectively reinstates the property, so that it is no longer defective and is deemed suitable security for a mortgage.
A survey of the property is arranged once a client is introduced to Diamond and then a specialist building company will undertake work to bring it up to a standard where a PRC (Pre-cast Reinforced Concrete) Repair Certificate can be issued. The cost of the building work can then be added into a mortgage facility arranged by Diamond, which allows borrowing up to 85 per cent of the post works valuation.
Larry Grant, Diamond’s business development director, said: "With our service, an intermediary looking for new business now has another string to his bow. There are huge opportunities to help council tenants who are desperate to buy their homes, but are held back by the method of original construction. Diamond offers a full introducer service. We can deal with the client on behalf of the intermediary, leaving him free to handle his core mortgage business customers. The result is a happy client, who is now the owner occupier of a property with a considerably higher market value than before, and an intermediary who has been able to help and derive a further valuable income stream.”
