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  3. Sounds a bit complicated! Surely better to get an AST paying market rent and then sell when they vacate? Otherwise you will effectively have a void in one property. Doubt lenders would be keen on this type of arrangement.
  4. Thanks David. Good advice as always. I'm a higher rate tax payer and my JV is a basic rate tax payer (he has a few in his name and one in a limited company). By sitter I mean taking one of our existing tenants and allow them to move in to this proposed property for the same rent, so they get a bigger and better house but for the same value. Obviously we would do the AST and make them aware it is for a specific purpose and we would move them back to another one after that period. I'm not familiar with ATED? The value of the property would be under 500k both purchase and fu
  5. HELP guys, I’m after some advice please, I’m currently a landlord on a house ( no issues at all) but I’m now on the cusp of buying a beautiful flat when I received most of the legal pack from my solicitor. After reading it the seller (+5 others tenants) took the Managing Agent for the landlord to FTT and won in 2016 plus and issue with them in 2018 but it’s not clear what that was about. Basically they were hiring there own company contractors to do minor jobs and charging a fortune! It says there has been a big improvement since but tbh I’m very wary this company will try it on again with MY
  6. Access to tenanted properties is a real challenge at the moment because of COVID, at least if it is on the open market you have more time to try and get hold of relevant compliance documents and might be able to view the property. At auction ensure you are compensated for any risks you take in the price you are prepared to pay. Ideally you would want to see AST, deposit certificate, EPC (available online if you have the address), EICR, GSR. Try and find out length of tenancy and history of payments. I would be surprised if much of the above was available with an auctioned prope
  7. Sorry I'm a bit late to the party here, but I don't think Chrispbacon is double counting fees. I'm not trying to be controversial, but this is exactly how I've always compared mortgages, so if it is wrong, I really want to understand why. As he says, in the top section of the spreadsheet the fee is added in solely to generate the correct monthly interest cost, to include the compounding of the fee. As it's interest only, at the end of the 5 years his outstanding debt will still be the amount forwarded plus the fees, so he's added the fees to the total interest he's paid over the 5 years
  8. An SPV doesn't necessarily have to a limited company, it could for example be an LLP. An SPV is an entity established with a specific purpose, for example to buy and hold property, or in the world of developing it might be to develop a specific project, separated in its own company to help manage risk. In the world of property investment, SPV seems to be used to refer to a limited company to buy and hold property but this is just one potential purpose and structure for an SPV. In your particular case the most suitable structure would depend on the personal tax positions of each of the inv
  9. Yesterday
  10. Good evening Currently I am preparing a sole residential mortgage application with a mortgage broker I am first time buyer and would like some guidance regarding the following:- -What terms & conditions should I be wary of? -what is a good interest rate range for residential mortgages on a fixed term? _where can I find information on a Mortgage broker's full term & conditions? -What are(if any) tricks, pitfalls etc that ftb may face or not notice ? Any other tips or advice are welcomed. Thanks!!
  11. Have an end goal and work backwards. Understand where you want to be at the point of finishing your journey and understand what property types, yields, structure etc you require and start doing your research. Make the most of free online resources available. Make sure you have a clear strategy to ensure you are focussing on what moves you one step closer to your goal
  12. Hi all, I see the term SPV used a lot, I've done a quick online search to understand it (broad strokes) and I wonder if anyone could me identify if it is suitable for this idea... I'm just completing on a property to move in to and I've decided to sell my old resi. Rather than just keep in line with previous investment types I am contemplating doing something different, with the equity released. My friend (who is also an investor) and I are considering a JV 50 50 on a high end property with the specific purpose of holding (get a sitter) and then sell in 5 years. We think we can
  13. Hi Kalok Many thanks for your response. I had to ask the estate agent to amend it, as the Landlord was 'my name'. It's a new build, first time tenancy, so I got them to update the DPS details too.
  14. Hi Mark sorry for the late response I am referring to both, what insurance will I need for my Ltd and then what type will I need for the properties I am buying
  15. Hi, I used a service called ILA Connect. The cheapest I found. Relatively quick turnaround (10 days with snail mail).
  16. Last week
  17. Check with your own solicitor and lender that they can't do it - we had one where they were able to, although they had to check with the lender and were a bit nervous about doing it For one where we did need independent advice, we did it through ila-connect. They're just a broker, who put us in touch with a solicitor who did it via video call. Send all the documents across, call took about 2 minutes. Ticks the box the lenders want, just a pity you can't do it once rather than every time
  18. Hi guys I am wondering whether you could find a lender. I am currently interested in buying a one bedroom flat that is in a building that doesn't EWS1 form. It's a 4 storey building with no cladding (none that I can see at least). And I was wondering whether I would find a mortgage lender without the EWS1. What happened with your flats guys since Nov/Dec?
  19. Hi, I am in the same dilemma, there is a Flat in a 4 storey building (which has no cladding) that I am interested in. There is no EWS1 form (but also no cladding on the building). So I am wondering whether the mortgage lenders would need the form? Did you go through with your purchase or walked away?
  20. With just a few minutes search, I found https://www.ila-connect.co.uk/director-or-personal-guarantee/ mentioned a few times in the forum. I've booked some time with a solicitor for next week, so I'll update here for anyone who else who's going through the same.
  21. @mrmore, did you manage to find a reasonably priced solicitor? I'm in the same position, so recommendations would be welcome!
  22. Hi @matty c, it will need to be under the legal entity owned by the property. If you're taking over an existing tenancy, you will also need to update deposit protection scheme details too.
  23. Hi Hubbers, Can anyone recommend a reasonably priced conveyancer and how much this would typically cost? Thanks in advance! Apologies if this question has already been posted previously. Couldn't find anything previously on the forum.
  24. Thanks Johnny, really useful. I do believe they (mortgage and lenders) frown upon using personal loans for deposits, I could be wrong. Your post was exactly what I was looking for so that's great! Thank you
  25. Hi guys, I’m thinking about trying to flip a flat in London but struggling to estimate how much the works might cost. Assuming mostly cosmetic changes (ripping out the carpet and putting a new flooring, repainting, etc), perhaps taking a wall down to open the kitchen onto the living room and installing a new kitchen, in a 80m2 flat, how much would you say I should factor (looking for a ball park of course, nothing to specific)? With STDL coming back, it takes a lot of the profit out, but on the other hand, the cheaper the property the more costly the works will be compared to
  26. Seems the simplest and cleanest method is to just take a loan from them which amortizes over time. Offer them the lowest rate and work from there. If they want a higher rate and it works for you then increase it. You could use the templates on this site to generate a loan agreement with your investors. https://www.lawdepot.co.uk/contracts/loan-agreement/ Alternatively, if we use your £24k loan example, why not just take a cheap personal loan from a bank? Tesco and Nationwide offer low rates. Probably others too.
  27. Hi, had a search but can't find anything on this topic. Here in West Yorks over dwellings and under dwellings are very common and the potential rental yeilds are pretty good. However due to their construction of being stacked one on top of the other, and effectively having 100% flying freehold,I've been told that it's almost impossible to get a mortgage on them. Just checking if that's the case as there are that many round here I can't believe they were all bought outright. TGhanks in advance.
  28. Tricky one as BTL works best when leveraged (the higher the better from yield perspective) so if you are low leveraged then the yield is likely below 5% and if you are paying 40% tax then it starts to look poor versus something like the stock market with pension/isa. Obviously that excludes long term capital growth so depends on your time frame as well. I went LTD for similar reasons and that is working out much better than if I hadn't. You also mention doing development and that def has good returns if you know what you are doing but dire if you don't (as evidenced in Rob&Rob recent podca
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