Introducing Hometrack

What is a Hometrack valuation?

Hometrack's Automated Valuation Model (AVM) is used by 18 out of the top 25 lenders in the UK as an integral part of their process.

Once you have provided the details for your property, the AVM will find nearby properties with similar characteristics.

Then, it uses powerful algorithms and local market evidence to estimate the value of your property, in today's market.

Finally, the AVM applies proprietary analytics to give you a valuation estimate and confidence level for your property.

Estimated capital value

This is the most probable sale price of the property in average condition, when sold on the open market. This is based on the information you provided, plus available market information on sales and mortgage valuations for similar properties in the local area, on the date of the valuation.

Capital value range

This is the range of values within which your property is likely to fall. It takes into account additional factors such as aspect and plot size. There is a 68% probability that the value of your property will fall within this range.

Confidence level

Hometrack's AVM provides an indication for the accuracy of each valuation, banded into high, medium and low. A high confidence level indicates that the valuation is likely to be more accurate.

Estimated rental value and gross yield

This is the most probable rental value per month when let on the open market. This is based on the information you provided, plus available market information on rental levels. Gross yield is the rent expressed on an annual basis, as a percentage of the estimated capital value.

Why can I have only one AVM report?

Hometrack charges £19.95 per for each AVM report purchased via their website.

Reades provides these free of charge, but since it still costs us to buy them from Hometrack, we limited the use of this service to one valuation per person.

If you require more than one valuation, you are welcome to contact us.

Is the Hometrack AVM accurate?

The Hometrack AVM offers an indication of the value of your property, based on the limited information you have supplied. It assumes that your property has a reasonable specification and is presented in good condition.

The AVM is not a substitute for a professional valuation and properties will only be entered to the market following a visit by one of our highly experienced and qualified valuers.

The Hometrack AVM cannot be relied upon as a valuation for mortgage, probate or marital purposes.

Our terms & conditions in brief

Option 1 - Hybrid Agency

There is no tie-in period with this service - you can choose to remove your property from sale at any time.

With the Option 1 - Hybrid Agency service, Reades will provide 18 months service from the first day of marketing, or until your property sells, whichever is sooner.

When receiving enquiries from prospective buyers, Reades will obtain their contact details, verbally confirm their buying position and forward this information to you via email. You will then be responsible for contacting prospective buyers, arranging and conducting your own viewings, negotiating your own sale and progressing it to completion.

A fee of £895 is payable for Option 1 and is non-refundable in the event you choose to remove your property from sale, or in the unlikely event your property remains unsold after 18 months. After the initial 18-month term, you can choose to continue marketing on six-monthly contracts for a charge of £295 per six months.

Reades reserves the right to remove your property from sale in the unlikely event it remains unsold after the initial 18-month term and to disallow further marketing extensions.

If you choose to remove your property from sale, you can do so at any point with no notice period.

What you see is what you pay, our fees include the VAT.

Option 2 - Full Agency (split the cost)

There is no tie-in period with this service - you can choose to remove your property from sale at any time.

Reades will provide the service until your property sells, or you decide to remove it from sale, whichever is sooner. If you choose to remove your property from sale, you can do so by giving 14 days' notice in writing.

Reades reserves the right to remove your property from sale in the unlikely event it remains unsold after 18 months.

An up-front fee of £895 is payable for Option 2 and is non-refundable in the event you remove your property from sale, or Reades exercises its right to remove your property from sale after 18 months. An additional sale fee equivalent to 0.5% of the sale price is payable upon completion of your sale.

What you see is what you pay, our fees include the VAT.

Option 3 - Full Agency (no sale, no fee)

The tie-in period for this service is 12 weeks.

Reades will provide the service until your property sells, or you decide to take your property off the market, whichever is sooner.

A fee equivalent to 1% of the final sale price is payable upon completion of your sale.

If you choose to remove your property from sale, you can do so by giving 21 days' notice in writing. If you choose to remove your property from the market during the tie-in period, our fee will be payable in full. In the unlikely event your property remains unsold at the end of the tie-in period, you can choose to remove your property from the market with no charge and the same notice period applies.

What you see is what you pay, our fees include the VAT.

For full details of our Terms and Conditions, please refer to your Agency Agreement (supplied prior to instruction).

Following the recent announcement by the Prime Minister, we have taken the decision to close our doors to the public for the foreseeable future.

All is not lost, however. Reades will remain open throughout and although it is unlikely to be business as usual, our skeleton team of home-workers will handle all telephone and email enquiries and registering any interest, in readiness for business hopefully resuming in a few weeks' time.

Our team will be subject to additional and unusual pressures over the coming weeks and will do their best to support our customers using systems with which they are not yet fully familiar. You can help them by making best use of your online account during this time and only calling or emailing if you feel it is absolutely necessary. you can access your online account here:

www.reades.uk/login

If you are experiencing problems logging in, please let us know as soon as possible by emailing negotiation@reades.uk.

During the lock-down, we will prioritise the updating of online accounts and the sending of updates via email, as and when they become available. If no update is showing on your account, or if you have not received an update via email, there is likely no update to give at this time.

We appreciate your patience and understanding during this difficult period. You are a valued customer and can rest assured that our team will work tirelessly over the coming weeks to minimise any inconvenience to you, as far as is possible.

Stay safe and we look forward to seeing you soon.

Jonathan Reade - Managing Director

1. Introduction and General Terms

We are committed to protecting the personal information you provide when signing up to and using Our Valuation Tool. This Data Protection Policy relates to Our use of any personal information We collect from you via the Valtool.

This Data Protection Policy explains the following:

1. what information We may collect about you;
2. how We will use information We collect about you;
3. when We may use your details to contact you;
4. your choices regarding the personal information you provide to Us.

We are committed to safeguarding your personal information and complying with Our legal obligations to hold and use your information in-line with all applicable laws.

2. Who are Reades?

Reades Ltd (company number 0458814) is a property sales and letting agency. References to "We/Us/Our/Reades" throughout this document are to Reades Ltd. Our Valuation Tool is a tool which We have devised to enable you to obtain a guideline valuation of your property free of charge.

3. What information will Reades collect about me?

When you sign up to the Valuation Tool to receive your free property valuation, you will be providing certain personal information to Us. This includes your name, postal address, email address and phone number.

4. How will Reades use the information it collects about me?

We will use the personal information collected when you sign up to or use the Valuation Tool for the following purposes:

1. to provide you with your bespoke property Valuation Report (which you can request to be sent via email using the link under the valuation); and
2. to contact you to offer our products and services in connection with the Valuation Report, such as helping you to interpret its contents, or to provide you with information about Our sales and lettings products and services and how We can help you sell or let your property.

We will not share the personal information which we collect via the Valuation Tool with any third parties other than where We are required to do so by law. The only information which We will share is the address details of the property on which you wish to obtain a valuation. This information is shared with our appointed third party property valuation agency, so that they can provide a valuation of the property and for no other purpose.

5. When will Reades contact me?

We will contact you:

1. to provide you with your bespoke Valuation Report (which you can request to be sent via email using the link under the valuation); and
2. to offer our products and services in connection with the Valuation Report, such as helping you to interpret its contents, or to provide you with information about Our sales and lettings products and services and how We can help you sell or let your property.

6. Will I be contacted for marketing purposes?

By signing up to receive a free Valuation Report, you agree to receive Reades marketing communications as discussed in paragraphs 4 and 5.

If you wish to withdraw your consent to receiving these marketing communications at any point you can do so by notifying us using the contact information set out below.

7. How long will Reades keep my information?

We will hold your personal information on our systems for as long as reasonably necessary in order to provide you with the relevant services, or until you inform us that you want Us to delete your personal information (whichever occurs first).

8. Can I delete my information?

You can request that We delete your personal information by contacting us in writing using the contact information set out below.

Deleting your data may mean that We will no longer be able to provide you with Our services.

9. Can I find out what personal information Reades holds about me?

You have the right to:

1. request a copy of the personal information We hold about you;
2. to have any inaccuracies corrected;
3. to request that we modify or update information held about you, or;
4. to have the information deleted in full.

Please address requests and questions about this or any other question about this Data Protection Policy to:

The Data Controller
Reades - Hawarden (Head Office)
Reades House
3-5 The Highway
Hawarden
Flintshire
CH5 3DG

You can also send any enquiries electronically to data@reades.uk.