National Association of Property Buyers (NAPB)
If you’ve decided that you want to sell your house fast, you’ll want to find a reputable cash house buyer. The problem is, that with so many of these companies around, it can be hard to know which one to choose.
Enter the National Association of Property Buyers (NAPB), which is helping to improve the standards in the industry, to provide sellers with peace of mind.
Before you sell your property to a quick house sale company, have a read of this article to understand exactly what the NAPB is, what their Code of Practice is, and how to find out which companies are members.
What is the NAPB?
Created by The Property Ombudsman (TPOS) and the larger property buying companies in the industry in 2013; the NAPB is essentially an association that cash house buyer companies can voluntarily join, to help build trust in the sector.
To become members of the NAPB, companies are required to register with The Property Ombudsman, to ensure that homeowners are treated fairly when trying to sell their properties, and to guarantee that all members follow the high standards that are outlined in the NAPB’s code of practice.
What is The Property Ombudsman?
Established in 1990, The Property Ombudsman has acted as a dispute resolution service for both homeowners and property agents; designed to be used as a last case scenario, where disputes can’t otherwise be settled.
TPO is a not-for-profit company, and is able to provide compensation of up to £25,000 for any loss, distress, and inconvenience caused by actions of an agent. However, as the Ombudsman isn’t a regulator, it’s unable to take regulatory or legal action against agents.
Members of the National Association of Property Buyers (NAPB) have been in strong support of the Property Ombudsman’s code for Property Buying Companies, as we believe it brings self-regulation and an additional dispute resolution process, which has resulted in a greater service to homeowners.
How to become a member of the NAPB?
To become one of the few select members of the National Association of Property Buyers, companies have to fill out an application form. Only companies that purchase homes directly from sellers, are members of the Property Ombudsman Scheme, and agree to abide by the Code of Practice will be considered.
In order to become a member like ourselves, companies must demonstrate they are professional, genuine, and highly regulated.
What is the Code of Practice?
Written by The Property Ombudsman, all NAPB members must adhere to the Code of Practice, to help build optimism and trust amongst homeowners who are looking to sell their properties quickly.
The Code of Practice is extremely in-depth, and is split into two sections:
- Best practice
- Legal obligations
It includes procedures that must be followed in accordance to a variety of events, such as where conflicts of interest may arise, when companies are looking to advertise for new business, and dealing with complaints in-house.
You can read the NAPB’s Code of Practice in full here.
Who are members of the NAPB?
To see if a company is a member of the NAPB, head to the members section on their website for the full list. Companies should also have the logo on their own website, but it’s always worth checking the official NAPB website for clarity.
In addition to being members of the NAPB ourselves, other property buyers including Vivo Property Buyers, We Buy Any Home, and Springbok Properties are all members too. Take a look at our house buyer reviews to see how we compare with other companies in the sector.
How the NAPB benefits homeowners
The National Association of Property Buyers (NAPB) is the only trade association in the “sell your house fast” sector; which is why homeowners should only consider
selling their properties through a member of the NAPB, or Royal Institution of Chartered Surveyors (RICS).
One of the biggest benefits for homeowners selling their property to an NAPB member, is the reassurance that the company will be adhering to a strict set of standards. Plus, as members of TPOS, the homeowner can make a complaint should they have any issues.
In 2013, the Office of Fair Trading (OFT) stated there was a real requirement for regulated property buyers. Whilst the sector was seen as innovative and dynamic, there were real concerns over the lack of regulation.
With the peace of mind provided by the NAPB, quick house sale completions have risen across the UK. In 2014 there was estimated to be approximately just over 9,500 completions but now, quick house sale completions are expected to be substantially in excess of 10,000+ completions.
In addition, by choosing a property buyer that is a member of the NAPB, you can rest assured you’ll have access to all the factual information that you need to consider before deciding to sell your home.
The future of the quick house sale industry
The UK property market has started to see that there are now alternatives to selling your home either via an estate agent, or at an auction. Homeowners are no longer prepared to wait for up to 12 months to sell their property, and have subsequently turned to house buying companies.
If you want to sell your property fast, whether it’s to avoid repossession, to pay off debts, sell an inherited property, or following a divorce, get in touch with us. As members of the NAPB and RICS, we are highly professional and well regulated, and could buy your property in as little as seven days.