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  2. Welcome to the forum. I think people 'darn sarf' can think everything seems cheap in the North and the idea of these amazing yields and passive cash flows are often nightmares disguised as dreams. The idea of yields are that they reflect income but also risk. Certain types of properties can be sold as amazing deals but if they were that good then people with local knowledge would snap them up, especially considering the relationships they have locally. I'd also echo the point about the costs involved when you are so remote, you are relying on people you don't know, firstly to tell you truthfully what the problem is, what the true cost is, and then that they've done the work required to the standard required. Or you find an agent. Obviously most are reliable, but it's a bigger risk if you dont know any of them. Also the capital growth varies from street to street in a lot of instances, it's not just an area, it's literally street to street, this might be the same everywhere I can only speak for what I know. It isn't impossible but its incredibly time consuming property. Jesus, I just read that back, I sound a right gloom merchant.
  3. Hi Vix Just make sure you account for the effort involved if you invest far away from where you live. The long drives and time away may stack up on paper but the extra hassle and time spent on the motorway could start to grate after a while. There are plenty of people on here who seem to make it work though. Best of luck
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  5. Hi. To get started you could look to maximise the use of your wife's personal allowance with some simple tax planning and invest initially in your own names. You can always look at going down the limited company route after you have explored utilising the personal allowance and basic rate for the two of you. That would also enable you to see whether property investing is for you before committing to setting up a limited company whilst not having to pay very much or any tax initially. It is hard to give a definitive answer though without knowing the full details of your situation and what you are trying to achieve from property. There are advantages and disadvantages to investing in your own name and in a company.
  6. Indeed. If you can purchase outright from a company loan, you can then run this for a while to demonstrate the asset is capable of generating income as a holiday let and that you have the ability to manage it. After 12m lenders will then accept that you have experience in this type of property and this should open more doors. Adding an experienced partner could be an option to get a deal done now, but even with experience, at the moment all the deals are not particularly brilliant. The current future is unknown so lenders are being naturally cautious.
  7. Best to put the properties into limited companies at the outset. It would likely be expensive to transfer them later on into a company. You would have Capital Gains Tax and Stamp Duty liabilities
  8. Kirsty I think you are right that this might not be the right time. I'm looking at alternative sources of funding either taking a loan from a company I own and then mortgaging once up and running or acquiring somewhere that already has the income stream which I assume would make life easier. The alternative would be to add one of the parents who have plenty of experience but they're both retired so I'd rather not include them.
  9. Hi My wife and I are in the process of starting our portfolio with 2 BTL properties. I pay income tax at the basic rate and my has no income at the moment. Would it be better to own the properties in a limited company at this stage or keep them in our own names until we add more properties? Thanks WS
  10. Rebuild value should be on your survey but not necessarily on your Mortgage Valuation. However there are online calculators (RICs do one)- the rebuild cost has nothing to do with your purchase price so don't use that!
  11. How do you get comfortable to purchase a property under such conditions?
  12. Thank you Stuart Thank you Vineet
  13. Very nice spreadsheet - did you develop that yourself or can you provide any links to it please ? Thanks
  14. If you dont have the valuation, the rebuild cost is often on the last part of the mortgage offer too, as you are obligated to insure it for at least that much. To be honest though, most insurance policies come with such a high rebuild cost as default, its unlikely to be an issue. The most important thing is not to be underinsured, so if you have to guess, guess high.
  15. Saying you are a cash buyer can make little difference to a standard sale in a buoyant market. Purchasing a distressed property, which is likely to have issues at survey, or where a quick sale is required, or a chain has broken down, I put my offer in writing My offer is xxxxx cash on the following basis - immediate proof of cash available - experienced buyer of auction and asset management controlled properties. - no searches or surveys to be undertaken - immediate exchange / completion at seller's convenience - solicitors in place, xxxx of yyyy and co . such and such addresss tel 123456 - this offer remains valid until close of business on zzzzzz This often concentrates the mind and results in a sale.
  16. When you bought the property, you will have had a valuation done. That valuation will state what the rebuild cost is
  17. Hi Vix, happy that you are here! I set up my business, alongside a job and a family. This is actually very common - most people don't have the money or the knowledge to set up a business in their 20's. When I visit a location, I'll wake up at 5am and then stay overnight in a hotel. A good hotel in most English towns will cost £60. I quite enjoy a 3 hour drive, with a mug of tea and listening to podcasts on my phone! I'll normally find a property within 5 visits to a specific location - although in Leeds, I bought a property on my 1st visit! Sometimes I bring my family along - we can extend the break and go somewhere nice. As you're working, you could take the Friday off as a holiday, and then visit on Friday and Saturday. I understand that you want to save your holidays, but some small sacrifices will be needed! To be honest, it's not that difficult - but you do need to be motivated! If you're interested in my story, you can read about it here: https://evolutionblogger.com/about-me.
  18. In my experience, it makes a marginal difference. If there are 2 similar offers, then the cash buyer normally wins out. I haven't seen many cases where the cash buyer can secure a massive discount. In theory, the cash buyer can offer speed and certainty. However, if the seller needs speed, then they can go to an auction house to sell their property. Once the gavel goes down, then the property is sold Many people are 'fake cash buyers.' They show a large bank account statement, but they intend to use a mortgage
  19. Openrent charge £50 for free listings in Rightmove and Zoopla. So it's not out of the question
  20. Thanks both - very useful. Let me get the required answers to these questions and I can revert. Much appreciated.
  21. Hi I am planning to buy a house on HTB in London and trying to understand how exactly the mortgages work. Basically, my mortgage advisor is giving me a proposition where the fixed rate for first 2 years is 2.13% for the first 2 years and 3.5% after that, so I will be paying £1.62 for every £1. However he insists that this wont be the actual figures as after 2 years, I can remortgage and again the fixed rate for next 2 years will actually be lot lower than the variable 3.5%. Is that true and always possible? Are there any risks or catches? I am a bit concerned as the difference between the total payable amount back for 25/31 years is approx 50k, which clearly is a huge amount to take a risk. Any pointers will be of huge help. Thanks in advance!
  22. Hi Everyone, I am new here but very keen to get going on my property investment journey, I have been spending all my spare time researching & learning, and I am amazed at the amount of information that is on this site alone :-), such a valuable resource. I am looking forward to learning more from you all and to sharing my trials and tribulations! I am considering all areas of the UK at the moment, but if anyone knows of a great place more locally to Hertfordshire to invest please do share with me ;-).
  23. Hi all, I'm a landlord, and my property became empty today. The electricity meter is PAYG (key-operated) and it is broken in the sense that the display is completely blank. The meter says "Property of S+S" - I assume Scottish and Southern. The electricity supplier is www.orbitenergy.co.uk. I would like the meter replaced. Simple right? Nope.....it's proving a nightmare. I contact Orbit via their online chat and spend an hour explaining the situation and they send me around the houses (no pun intended) basically saying I need to email them a "End of tenancy agreement document" before they'll even talk to me. I explain I have not heard of such a thing and I have the AST, but this won't help them as it was an agreement till Aug 2021 and the tenant has left early. Nope, no luck. Before I gave up, the online 'agent' just cut my chat and logged me out. I rang Scottish and Southern Energy and their automated message basically says "Only ring us if you cannot pay, or there is an emergency. Otherwise fill in the online form." I did that and get an email saying they'll contact me in 5 business days. Marvellous. Does anyone know what I can do in this situation? Can I simply ignore Orbit and move supplier to someone else - I have never had an account with Orbit, and it is the leaving tenant who has an account. Therefore, I should not be liable for any outstanding payments to Orbit right? And I'm a little unclear as to how the Key payment system works - surely, once the amount on the key runs out, then that should be it, or are there still maintenance charges that accumulate even if no electricity is used in the house? Cheers
  24. Pre-letting expenditure would be treated as if it had occurred on the first day you started letting the property and so deducted from that that years rent or if the profit was not sufficient then could be carried forward to offset against future profits as soon as they became available.
  25. Hi there Ryan Thanks so much for introducing yourself and welcome to the forum You're definitely in the right place if you want to make more valued connections to help you on the next step of your property investment journey! Is there a specific area in the UK that you're interested in at the moment? Thanks Mark
  26. Hi Matt Great to have you on the forum - I'm sure you'll get to know lots of people who can help you out with your questions! In the meantime, we've got some location-specific boards on the forum, including one for the North East; https://propertyhub.net/forum/forum/55-north-east/ Just thought you might be interested in having a read through the topics posted there, you might find some other people asking similar questions or find people who can answer your questions Thanks Mark
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