Sell My Pad has been created by experienced property manager, Les Sheppard, to help people who can't afford to keep their existing home or need to sell it urgently for personal or domestic reasons such as negative equity, divorce, separation and many othe

PRESS DISPENSARY - Tuesday, Mar 09, 2010 - According to The Council of Mortgage Lenders (CML), 46,000 UK homes were repossessed in 2009 and 188,300 mortgages ended the year in arrears. For people whose personal circumstances mean they must sell their home quickly, the auction route can be dire, often leaving the vendor with a large gap between the equity raised and the debts they must pay. With this increasingly common downturn dilemma in mind, Sell My Pad (<a href="http://www.sellmypad.co.uk">http://www.sellmypad.co.uk</a> ), a Dorset-based service, is helping sellers to dispose of unwanted properties quickly, easily and for a fair price.

The brainchild of Les Sheppard, who has many years of property management under his belt, Sell My Pad exists to help people who cannot afford to keep their existing home or need to sell it urgently for a particular domestic reason: this could be divorce, separation, probate, job relocation, unemployment, mortgage arrears or any number of other issues, negative equity now being one of the most common.

Says Les: "In the current economic climate, many people are stuck making mortgage payments they can't afford on a house they can't sell. Some need a quick sale so they can move onwards while others are keen for debt relief or simply want friendly advice. I provide immediate peace of mind by offering fast answers for people with everyday property problems. Where necessary, I work directly with lenders to resolve funding and repayment issues."

The difference between Sell My Pad and an estate agent is that an agent will list a house and hope to achieve a sale within three to six months. Sell My Pad wants to buy client's houses, where they are offered for sale, and quickly. Les uses private funding to buy a number of houses each month and in every price range. Because he's a 'cash buyer' with no need for bank approvals, he can act fast. Les explains: "I can usually buy a client's house within nine days and I'm as serious about buying the house as they are about selling it."

The service offered by Sell My Pad is a welcome alternative to dodgy "sell and rent it back" schemes and the use of property auctions, which are currently flooded with repossessed properties that are driving the price downwards.

Les says of the 'credit crunch' scenario: "Customers ask daily if they have enough equity to sell their house. The reality is that people must add into the equation any money they borrowed, at any time, against the value of their home. When people took out these loans in more prosperous times, they were warned 'Your Home is At Risk If You Do Not Keep up Your Repayments'. That's well and good in a rising market but not so great when property values decrease - even to the point of negative equity.

"The bad news is that the lenders can repossess a home and then chase the borrower for the balance for up to 12 years. When lenders repossess a property, they usually sell it at auction which can be detrimental. A GBP 200,000 house could easily sell for GBP 140,000, leaving the borrower to foot the GBP 60,000 difference and any fees the bank charged for privilege of taking their home away."

Sell My Pad fills this 'gap' by allowing clients to sell their home for enough money to cover the cost of their mortgage and loans, at very least. It provides a friendly, no pressure approach that can be the ideal antidote to dealing with faceless yet threatening debt collection agencies.

"Unlike other cash property buyers, the way I work isn't just about the price of the house. The service is tailored to each individual seller's circumstances. After all, it only works if the seller is happy too," says Les.

Through another part of Sell My Pad's business, the properties are resold - using relatively new and sophisticated techniques - to home buyers who are currently unable to obtain mortgage finance. For example, the buyers may have too little deposit, historical credit issues or they haven't resided in the UK for long enough to obtain loans.

"The service offered by Sell My Pad has a clear 'people' benefit," says Les, " as it helps distressed home owners to move away from unwanted debt while also supporting homebuyers who can't climb on to the property ladder through traditional channels because of the credit crunch."

For those who are worried about the prospect of losing their property, the Sell My Pad website features a handy, 19-page Free Repossession Help Guide ( <a href="http://www.sellmypad.mydreampad.co.uk/free-repossession-help-guide/">http://www.sellmypad.mydreampad.co.uk/free-repossession-help-guide/</a> ).

Notes for editors

Sell My Pad is owned and managed by Les Sheppard who has been working in the property industry for many years, beginning with a 25 year career in finance and property management for Whitbread.

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