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  2. Thanks Derek, I thought you had to have an EICR on every new tenancy so good to hear. Total annual costs are the total sum of; Rent * Management Fee * 12 Rent * Repairs kitty (5%) * 12 Service/Ground Rent Annual Costs Flat Running Costs The void period costs per week * amount of void weeks Its not inclusive of the mortgage, the mortgage cost is calculated like this: Amount to borrow + (Mortgage fees /2 based on two year fixed) * Mortgage rate / 12 Annual Profit calculated as sum: Annual income - Annual Mortgage Interest Costs - Total Ann
  3. Thanks Julia. We had the "as long as it doesn't cost money" in mind so its good to hear that from someone else.
  4. If it’s not too much trouble could I get this list? I’m just purchasing my first BTL under an SPV myself!
  5. Thanks for the reply. 1. I understand about operating as a business, but that’s why I choose to keep the rent slightly under market. It balances out to keeping the tenants longer which equates to less voids so I lose one way but gain in another. 2.the decision is to increase the portfolio now so the rewards are greater at a later date. 3. It’s one of those. The £1500-2000 I pay now brings me out of a fixed term which o would be in for another 18 months. If the market continues to climb I should offset what I’ve paid. Equally when I took out the mortgages 3-4 years ago
  6. I use NRLA referencing as well and they've been fine. Efficient and they do all the chasing of employers and previous landlords etc. Usually the delays are caused by the tenant's employers not responding, but you can keep track of progress online. So far out of the 6 or so times I've used them the tenants have been great. The main thing is going with your gut when meeting the potential tenants. They might tick all the right boxes on referencing, but might be a nightmare in person.
  7. If you purchased direct through developer, try contacting them to rectify. If not, contact your solicitor who did the conveyancing to see if they can add some weight to the cause. As it's a new build, hopefully the developer is with the NHBC, so you can contact them and raise a complaint with the builder and they'll reach out to them to rectify.
  8. Hi Elliot Not sure how the formulas are working behind the scenes, how's the total annual costs? Is the total annual cost inclusive of the mortgage? Also, you have the EICR as an annual cost at £142 which seems quite high. A certificate for private rentals generally lasts for 5 years unless you're undertaking modifications to the electrics in between tenancies, so you can probably divide that figure by 5.
  9. Hello I am about to get ahold of a small plot in South London which currently leased for storage (it's not a garage, just a makeshift shed), one option is to keep it on the lease, but I would really like to develop the plot as it is in a good location and has a lot of road frontage. The plot itself is only about 450 sq ft so my build options are limited, but I would like to see what I can squeeze into this small space - I am thinking either two studio flats or two one bedroom flats, but this would require me to build pretty close to the boundary on all sides. It is a purely reside
  10. Too many small number to look at however I would say that I never made any money in the first year after buying a property. This is a long term investment and your gains increase as rents go up each year and hopefully property prices go up too. It is hard to make much money from 1 property, but if it is the start of a long term plan, as long as it is not costing you money, you have made a good start. I also found that I made no money whilst building the portfolio - and often had to put more in - but 20 years on I am now doing very nicely. There other options - ie the Stockmarket (I m
  11. Too many figures to get my head round I'm afraid! But the following points jump out at me : 1. Put your rents up! Great to support long term tenants but you are a business not a charity! Little and often, don't fall too far behind the curve - that's my way. 2. Difficult to increase the money you are making when you are increasing your portfolio - so do you want to increase your portfolio or enjoy the rewards you currently make? 3. If remortgaging to buy another house involves penalties you are probably doing it at the wrong time. 4. Don't risk your own home - always ensure
  12. You figures look ok - although your monthly costs look a little high - not sure what they are based on - and you would probably need to spend some money up front after you purchase and before you let it out (even if its just a coat of paint or a new carpet). What I would say is that I never made any money in the first year after buying a property but then subsequently the rent goes up a bit each year & the mortgage (hopefully) doesn't so your gains increase. Although you can never predict void, 2 months per year is quite high, especially if you pick your tenant well. Proper
  13. Yesterday
  14. If you are buying more than one property in the same transaction or a linked transaction you can benefit from multiple dwellings relief for SDLT purposes. the total price of the transaction is divided by the number of properties. An average value is calculated by dividing this number by the number of properties. SDLT is then calculated based on the average price and multiplied by number of properties to calculate total SDLT liability. what you were told would assume SDLT was just calculated on the total value which, depending on what the value of the properties are, could result in y
  15. They may accept a list is agreed, but accepting a list as agreed is very different to agreeing remedy in a stipulated timescale (ideally with funds/retention held). Unfortunately, if there is no incentive, there is often no action.
  16. If you purchase as tenants in common and you're not fussed about anything other than who owns how much, you can actually simply put the % ownership directly on the TR1 form and your solicitor will not charge you anything. I've seen some solicitors charge quite a lot for a DoT where really they shouldn't if it's very simple. Very important point made by Holly above - do not forget to lodge your form 17! I think you will have 60 days from completion from memory.
  17. Tenant fees were banned a while ago. So the answer is no and it's illegal!
  18. Check what the LHA rate is in your area and use that as a guide. If she is on LHA she will be able to up her claim.
  19. The legislation proposes EPC C for new tenancies by 2025 & all tenancies by 2028. At present you are unlikely to get a C on anything other than something quite modern with cavity wall insulation and a gas boiler. Plenty of people think the Govt can't bring this in as too many houses won't meet the standard but is that a risk you are willing to take? Personally I would not buy anything that can't be got to a C easily until we know exactly what we are going to be asked to do. Together with the proposed phasing out of gas this is one holy mess! The EPC algorithm is due an
  20. OK, thanks for clarifying that, Stuart, and good to know there might be reasonable ex-pat mortgages available. But - just sounding out all the combinations here - what if the shareholders were ex-pat (or a combination of UK residents and ex-pat) whilst the director(s) were solely UK residents? Would that be an ex-pay mortgage situation or an Ltd company mortgage, do you think?
  21. Hi there @joemort Welcome to the Property Hub Forum! Congrats on your previous successful BTLs. With regards to the competitiveness of the market at the moment, we're definitely seeing lots of people comment on the same thing. But as you've said, this competition has resulted in people paying potentially far too much for a property - according to recent research more than half the people who've purchased a property in the last year think they've paid too much for it. Keeping an eye on properties going up for auction is a good shout. Are you tied to a particular area for this ne
  22. You'd need an ex pat mortgage. It's the directors that matter, they will be 100% liable for the mortgage. The company is just a tax wrapper. You should be able to find options though, I've done something recently with state Bank of India at reasonable rates.
  23. We're happy to have you on the forum @kats! There's loads to read on the forum, and we've got LOTS of free education courses on the Property Hub website as well. This course, 'Which Strategy is Right for You?', is a great place to get started; https://propertyhub.net/course/which-property-strategy-is-right-for-you/
  24. Welcome to the forum @Khris_North Always exciting to hear from someone who's taken their love of The Property Podcast to the next level I've seen your post in the Critique My Deal message board, and if you've got any other questions we're all ears! Mark
  25. Hi, I am thinking of structuring some BTL investments in a UK Ltd company in which one or more shareholder would be an ex-pat and one or more shareholder would be a UK resident. If this was the case and we wanted to apply for a mortgage then which should it be - an ex-part mortgage or a Ltd company mortgage? I am hoping it would be possible for a company like like this to apply for a Ltd company mortgage. Or would there be more advantages to an ex-pat mortgage anyway? I assuming that it is the status of the shareholders that would be germane to this, but also wondering if, i
  26. Yeah, but a new application once it's already been underwritten is a lot easier. They can transfer a lot of work over. You might pay fees again though. Depends on the lender though. Some have better processes than others.
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