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British & Far East Traders & Partners

Deal Flow

British & Far East Traders 

Standard Operating Procedures (SOP)


Why is there a need for a Standard Operating Procedure?

Property / Real Estate transactions can be complicated & will have alot of legal repercussions. 

 

An SOP will guide both the dealer and the investor accordingly to have a smoother transaction. 

This also protects our partners from alot of time wasters 

who in the end are just shopping around and never committed to a deal.

 

We aim to manage your expectations accordingly, 

and because this is a business transaction, 

we aim to make things as professional as possible. 

This SOP is a working document,

 therefore we tweak it from time to time to smoothen our workflow. 

British & Far East Traders

Bringing The World's Investments Closer Home...

1. Presenting the Property

We release a Preview or Teaser Advertisement of a property

* full address will be excluded from the details 

* we ask you to sign a Non-Disclosure Agreement (NDA)

Presentation may include: 

- condition of the property

-achievable rent

-proof of true market value

-agreed purchase price

- other relevant information

* all properties will be on a first come first served basis

2. Investors Pre-Qualifying Questions

When we receive investor leads, please expect some questions: 

* What was it that you liked about this property

* Have you got a mortgage in principle?

* Have you got the funds in place to go?

* Is this your first property?

3. The Close

We will go over everything the investor knows and summarise the deal. 

We'll give you chance to ask any pressing questions. 

Please ask only genuine questions not trivial questions. 

* If you were to go ahead, how soon would you be able to pay the reservation fee?

* If we can verify everything we've said over an email, would you like to go ahead?

4. Terms & Conditions

We should never do business without a clear written agreement.

* We are delighted you would like to secure the property. 

Here is what happens now. 

We will send you over a contract with our terms and conditions. 

As soon as you've read these and are happy, sign them and send them back. 

We will then promptly invoice you our bank details for the finder's fee ( which varies per deal), 

and once this is paid the property will be reserved for you. 

We will then introduce you to the seller and management company, 

and your solicitor will take over from there. 

Is that all ok?

5. Invoice

When the investor returns the agreed terms and conditions, it is time to send the invoice. 

* The investor has not truly reserved until he pays the fee. 

6. Expectations

*We only sell deals that have been pre-qualified,

 deals that we would buy ourselves under the right circumstances. 

* We make sure investors understand our terms & conditions

* this workflow is a non-verbatim adaptation from Samuel Leeds, one of the UK's well-known property tycoons. 

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Anti-Money Laundering Compliance


Part of the Anti-Money laundering compliance we carry out is handled by a 

UK third party company who are experts in their field.


* Are they who they say they are:

- Proof of ID verified by an approved professional

- Proof of Address

- Proof of the source of funding


This is a legal requirement

if the client does not comply with this then we can't move forward with the transaction


https://www.legislation.gov.uk/ukpga/2018/13/contents


British & Far East Traders Introducing Broker

British & Far East Traders believe in working with quality businesses and trustworthy partners. 

We put a high premium on strong business relationships because we believe this is where the golden value is hidden. 

We don't want to operate as deal churning machines even if this means leaving money on the table.  


We want to be as compliant as possible but when its beyond our role to be compliant in a deal, we demand our partners to be so. 


Anti- Money laundering is a very high-profile topic in the UK and so we try our best to engage the services of a UK third party company to carry out client checks as an extra level of due diligence.


 Our partners are handling client monies and are legally required to have Anti-Money Laundering registrations in place. 

We don't handle client monies ourselves and its our partner developers, sourcers, or agencies who will be responsible for client deposits and payments. 


We operate on an introducing broker capacity and thus we choose 

our partners carefully because they will be the client-facing arm of the business and hopefully 

bring good cheer and fortune to the entire duration of the relationship. 


British & Far East Traders

Bringing The World's Investments Closer Home

British & Far East Traders Tenancy Deposit Protection Scheme

British & Far East Traders is a member of a UK Government approved Client Deposit Scheme. 

Membership no. m00313675


FAQs


Q. What is tenancy deposit protection?

Since the 6th April 2007 all agents who take a deposit from tenants on behalf of a landlord in England and Wales on an Assured Shorthold Tenancy (AST) agreement must comply with the tenancy deposit protection legislation.


The law was introduced to protect the tenants interests in their deposit and to ensure that they are able to retrieve this money, less any amount the landlord is entitled to deduct, at the end of the their tenancy.


Under the legislation, the deposit must be protected with a government approved tenancy deposit protection scheme and the Prescribed Information issued to the tenant within 30 calendar days of you receiving the deposit money.


Q. What are the different types of tenancy deposit protection schemes?

There are two types of Tenancy Deposit Scheme; Custodial and Insurance.


Insurance

The landlord/agent will hold the deposit monies for the duration of the tenancy and will pay a protection fee to the scheme.

Should a tenant raise a dispute with the scheme, the disputed deposit money must be lodged with the scheme.


Custodial

The landlord/agent will lodge the deposit monies with the scheme for the duration of the tenancy, where the tenant vacates the rental property, both parties must apply for the release of the deposit to the scheme.

Both the insurance and custodial schemes offer a free Alternative Dispute Resolution service if an agreement cannot be reached regarding the return of the deposit.


Q. Who is my|deposits?

In April 2007 the Government appointed mydeposits to operate an Insurance-based Tenancy Deposit Protection Scheme.

mydeposits is jointly owned by Hamilton Fraser Insurance (HFIS plc) and the National Landlords Association (NLA).


Q. How do my|deposits protect deposits?

mydeposits will help you comply with the law in three simple steps.

Protect each deposit you take from your tenant in your online member account within 30 days of receiving it.

Pass your tenant the Prescribed Information within the same 30 day deadline.

Once protected, we hold the deposit for the duration of the tenancy. The protection covers the full length of the Tenancy Agreement.

At the end of the tenancy both parties apply for the deposit release.


source: https://portal.mydeposits.co.uk/mydepositsstorefront/mydeposits/en/GBP/faqAndHelp