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  2. Hey All, I wondered if I could get some advice. We live in Dubai and we would basically like to invest in a turn-key flip in the UK. When searching for information on mortgages etc all I see is BTL, so is it actually possible to do this from overseas? Thanks in advance Tiff
  3. Last week
  4. Definitely will do Sam. And likewise - let me know how you're getting on too. We're on track to complete in week or two (hopefully). At least my part is all done - paperwork all submitted etc etc. So fingers-crossed now!
  5. Thanks for this, I'd no idea which of the hundreds of providers to start with! I have a broker who has done my 4 BTL mortgages so will get him onto it on Tuesday, but he's not mentioned bridging to me before so I'm not sure if he has experience. Also I need to research actual deals and crunch the numbers so I need the companies to compare their offerings. Anything you think I should be wary of as a complete bridging newbie? Kirsti
  6. Hi Everyone, New to this forum. I accidentally got into BTL when my parents bought me a terraced house in Leicester to share with friends. Since then, I've bought 1 more property in West Yorkshire (near the family home). Sheffield flashed on my radar because my younger sister started working there and had a hard time finding a place to rent. Since then I've also found property hub and just started looking actively into buying a place here to rent out. Still in the early stages of research so very glad to have found this thread. Would be happy to take any pearls of wisdom from everyone on here and ofcourse share my own reasearch.
  7. Govt statistics say tenants stay on average just over 4 years & 90% of tenancies are ended by the tenant. Section 21 is usually served for a reason - late rent, ASB etc - because it is easier than a section 8. I don't think we should over react until we see what the whole picture is. Tenants are still going to need rent & the market needs LL. The bottom end of the market may struggle - so aim for good quality accommodation & do due diligence before taking on new tenants. I'm staying in!
  8. Only limited knowledge of Liverpool, but from what I've read and see travelling around, the cheaper terraces around the city centre are.areasmid avoid. Suspect they could lead to voids and tenant issues. City centre looks good or then a bit further out (Crosby, Mossley Hill, Aigburth etc). As for the off plan deal, I've never done one for the same reason I wouldn't do this - rent will be included in the purchase price and at the end of 3 years everyone will be trying to rent out at the same time; got to buy their furniture pack - er, no; £40k tied up with zero return (saving the developer 10-12% finance fees); protection if developer goes bump and doesn't finish it? I suspect for your budget you can get something already built that would rent easily for a similar figure and therefore be earning from day 1
  9. I purchase my insurance through Alan Boswell, good service and competitive prices/quotes. I got landlords insurance, which as Dino mentioned is just to cover me incase someone injured themselves while at the flat. It came with 10k contents cover.
  10. Have you considered the alternatives for your budget and location? I know it's slightly further out, but if you widen the postcode search there are well built freehold 2-3 bed terraces that are already built and ready for tenants so you're earning from month one rather than having your deposit locked away in escrow for over a year? Probably generates the same net yield and ROI, the guaranteed rent will probably already be factored into the PP and if all flats come online at the same time, you'll be competing with everyone else looking to rent them out. Food for thought...nom nom.
  11. Hi Kirsti I'm not a broker, so please have a chat with one. But I believe there are products out there that are Bridge to Let, like with Precise. It's essentially a bridging loan for the first refurb bit, then it switches to a standard BTL afterwards. https://www.precisemortgages.co.uk/Bridging/BridgeToLet
  12. It's hard to see what's going to happen longer term when the ban/restriction comes in, as suggestion is that Section 8 will need to be improved. If we end up in a situation where you couldn't remove a tenant if you wanted to sell, the properties would be unmortgageable, so the whole sector will collapse and millions will be homeless. I'mtherefore ignoring some of the things being mentioned in the press or by spokespeople for renters who seem to be labelling all landlords as scum - good luck finding a house if we were to all leave the sector! There seems to be some idea that we're stopping people buying houses, which certainly isn't the case outside the SE and probably isn't in it either. My last purchase was of a house which had been on the market for a number of months and came with a tenant who'd lived there for a few years and continues to live there - if they wanted to buy it, they had plenty of chance to but, for whatever reason, chose not to. They're great tenants, enjoying rent that's below the market value, but I know they'll stay fairly long term, so why upset them (other than I can, because I'm a landlord and we just kick people out for a laugh,). I think some of this is the increased professionalisation of the sector, to assist the big pension companies doing build to let. They won't want the sort of yields a private landlord will accept, so they need the cheap landlords out. If there remains no easy way to remove a tenant who just stops paying, and only a limited deposit, then the solution is rent guarantee insurance. Comes as an additional cost, but if everyone is doing it, then rents will creep up anyway. Problem is that tenants with poor credit records or other issues won't pass the checks for the insurance, so they're going to struggle to rent privately, but the government will sort that out with all the social housing it's building...
  13. Hi Sophie Have your tried Mandy of Veracity Financial planning. She supports all Nottingham investors and is used to dealing with both residential, buy to let and specialist mortgages? https://www.veracityfp.co.uk/buy-to-let/mandy-waby I can personally vouch for the power of her advice and the full end to end service. PM me if you want more info or support in this regard Jonathan
  14. Hi folks, I am buying a house at £39K which needs a complete refurb (up to £10K). Am thinking of getting a bridging loan then refinancing after 6 months (or earlier if any lenders would). The value will be around £60K once the refurb is done so a BTL mortgage is an option by then. I have 4 other BTLs all bought with a 75% BTL mortgage where I financed the refurbs and deposits myself, so this is the first time I'm doing it this way. Rob D's Complete Guide book taught me to look at other options for financing cash purchases, but I have no intel on good bridging finance options, can anyone tell me which companies would be a good starting place please? Any other tips or pointers much appreciated! Thanks all, Kirsti
  15. If we follow the changes made in Scotland, wanting to sell your property is likely to be one of the reasons you can use to get your property back. To my mind selling now before we even know what's going to happen is a bit short sighted. If you have good tenants I would keep them & enjoy the income - you will always be able to sell the property even if it is with its current occupiers.
  16. What’s everyone thoughts and plans with this future implementation of the politically motivated Section 21? I have always provided good property and service to my happy tenants but personally I am selling up- selling 1 shortly to be empty property, the tenant has decided not to renew (perfect timing), and undecided a second. The second property, the tenants have only just signed and renewed the contract for further 12 month. They are good long term tenants that love the property, and are very keen to remain long term- the question is do I carry on with them or cancel the contract ( not sure of the process most probably S21? as the new contract is just signed but doesn’t start until June??) if I allow them to stay and S21 ban is in force the tenants may never want to leave, refuse and the thought of having to take them court if I decide to sell next year would be ridiculous. Do I take control of my assets now or take the risk, I’m sure I am not only landlord in this position today- I need to think this one through and reassess but in short I want control of my hard earned money before this BTL business becomes even riskier and I lose control of my savings- tired and sick of this rubbish government strangling us landlords.
  17. Hey Mark. Thanks for the offer thats very kind, I have also done some basic postcode research myself and would love to have a look at yours as well to compare the data. Happy to share what I have as well if you like? Thanks. Sam
  18. HI Dominick. Thanks for your reply. Glad to hear you're still going ahead with your plan albeit a few set backs. I'm sure you will work through those with ease! I look forward to hearing about your progress and I will keep you updated on mine as well as it happens, it will be cool to discuss experiences! Thanks again Sam
  19. Hi folks, I am buying a house at £39K which needs a complete refurb (£10K). Am thinking of getting a bridging loan then refinancing after 6 months (value will be around £60K so a BTL mortgage is an option then). I have 4 other BTLs all bought with a 75% BTL mortgage where I financed the refurbs and deposits myself, so this is the first time I'm doing it this way. Rob D's Complete Guide book taught me to look at other options for financing cash purchases, but I have no intel on good bridging finance options, can anyone tell me which companies would be a good starting place please? Thanks all! Kirsti
  20. I too would be very interested in seeing this. So if anyone can forward it I would be extremely grateful. property@thebeadster.co.uk Thank you...
  21. Hi Mark - I can't offer advice with purchasing off-plan, I've never done it but do check with your broker about a mortgage for a 9th floor flat. Make sure you can get borrowing on a property that high before committing.
  22. @lilla d Thank you for the explanation, it is helpful!
  23. Whether you should buy your next property through a Limited Company is really dependent on your personal tax position and circumstances. It is worthwhile taking specialist tax advice on this issue and at Property Hub Tax we do offer a Consultation service which deals with just this and also looks at any other options there may be to reduce your tax liabilities. Here is a link to more detail on the service and how to make a booking. https://propertyhub.net/service/tax/
  24. Me too please georgedodson@hotmail.co.uk
  25. Hi Is there anyone else reading this post? We are residents of a private building in Kent which has a cladding issue. We are manning the Waking Watch ourselves with a help from an agency. One of the residents in our block has formed UK Cladding Action Group with other leaseholders in London, Leeds, Sheffield and Manchester. The government has so far refused to publish a list of affected private buildings citing arson fears so the campaign wants other leaseholders get in touch. On the 8th of May at 5.30 there will be a Cladding Forum on Leasehold and common hold reform in Westminster London - it’s organised by APPG and it’s by invitation. They hope for 1-2 representatives from each building. The Leaseholders nor the buildings will be mentioned in the press. Please make contact to join us in speaking to the government and to impress the urgency of our situation. Ewa M
  26. Repaying the amount your Investor loaned you initially is just a repayment of their loan - so no tax due on that part. However, if your Investor is going to get some interest or dividend as a 'return' on their investment this could potentially be taxable. The amount of Income Tax due on the 'return' element does depend on your Investor's particular tax position and what other sources of income they receive in the same tax year. If the 'return' is Interest - then a basic rate taxpayer has a Personal Savings Allowance of £1,000 to set against interest received in a tax year. So any interest below £1,000 should not be taxed. If the 'return' is instead Dividend - then each individual has a Dividend Allowance of £2,000 to set against dividends received in a tax year. So any dividends below £2,000 should not be taxed. If your Investor is just getting their money returned then no tax at all.
  27. From a tax perspective, where you are buying property from connected parties (parents, siblings, your children) HMRC override the price you paid with the actual Market Value of the property. This is more an issue for the family members selling to you though as their capital gain will be based on the Market Value of the property less the Probate Value of the property on the date of your grandmother's death. They could be out of pocket paying CGT on a gain based on the higher market value when they only received the lower amount from you.
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