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  3. Yes it is. A second charge mortgage would be an option for you if HSBC declined & you were unhappy that your capital was stuck inside your home. In this case, you could try a second charge lender who may be willing to lend to you. Second charge lending usually means in the literal sense: you have a second mortgage on your (one) home.
  4. Yesterday
  5. Afternoon all, My name is Ben White and together with my brother James we have are looking to build a modest portfolio. Mostly as an alternative pension in the long term and gradually substitute the monthly salary in the shorter term. I began my interest at the age of 19 convincing my mother to join me in purchasing a little flat as an investment. We were lucky in that I got it at a good price however buying it around 2006 was not the best time. One way or another we hung onto this and is currently rented. I alongside my wife have refurbed our family home and are working on our second (this however I think will be last, its been messy). My brother an I are currently purchasing our first joint buy to let in Crewe. We had a look at Nottingham, Cardiff, Newport, and my local area around Portsmouth. As much as I am very familiar with the housing stock around my area its a lot more affordable around crewe. We are looking to pick up a few refurbs locally to increase our war chest and gradually build up the portfolio. I started as an estate agent, working in lettings and then sales for a sum of aprox 5years. This included a spell as a qualified energy assessor as the epc changes came out. For the past 11 years however I decided on a change of careers and currently work for british gas as a gas engineer. If there is anything I can help with please feel free to contact me.
  6. So myself and my brother found this property and had an offer accepted only to lose the deal as the seller wasn't willing to take the property off the market. This wasn't the end of the world as since then we found another property which works for our target strategy. http://www.rightmove.co.uk/s6p/75657091 This was the one we lost, I'd like an opinion of how it stacks up, I believe the rental around that particular area would be between 625-650pcm and a max re-value once refurbed to a good condition of between 155-165. Oh and feel free to look into this yourselves, we cant afford to go for both. We were looking at it for a buy refurb, refinance and let. Thanks for any advice
  7. Thanks, we had a little clarity from the lender, it's not as dramatic as the solicitor expressed. We have found a place near the nantwich road end of crewe, how about yourself?
  8. It will be much quicker if there is only one solicitor in the transaction and the only way to avoid this in the future is do not appoint a solicitor until the lender has been chosen and you know they are on panel. Some lenders operate an extensive panel which is in the thousands where others it's as low as two. This is a useful tool as it has a few lenders on and to their solicitors are, https://www.lenderexchange.co.uk/PanelManagement//PublicSearch/Search
  9. Your solicitor may be right as some lenders restrict repayment of the directors loan until the mortgage is repaid. You need to study the terms and conditions and take the appropriate legal advice. The directors loan is your deposit and a minority of lenders do not want your deposit withdrawn.
  10. Have a look at this website https://www.buildstore.co.uk/ as it should give you all the information that you need. A lot of brokers also use the broker version of this company. From what I have heard they are not the quickest but have access to more lenders in the self build market than anybody else
  11. Last week
  12. All Conrad's comments are, of course, extremely pertinent. But you have not answered my initial questions of exactly what type of mortgage you are applying for. Chance of success: Bridge to let: Very good. General bridge: Very good. Standard BTL: Not likely. Residential: No chance. Just my own gut feelings, based on no heat or hot water.
  13. I heard from a friend that it's now illegal to rent a room with a boiler in it. Does anybody know if this is true or not?
  14. I might have missed it, but the most significant issue with Labour's manifesto is that they will be taxing other income the same way as one's salary income. This means that the benefits of having a company structure largely falls away, since you will be double-taxed (corporation tax and income tax at the same level as if the company does not exist). Assuming one is in the 40% income bracket, it means that with a company structure, one would have to pay 66% in tax under Labour's policies.
  15. Hi, I can’t make the St Albans meet up tonight andWondered if anyone wanted my ticket for free, not sure if that’s allowed, but I’m sure someone will soon say so if that’s the case.
  16. Hi Leon & Conrad thanks for taking the time to write, that's very useful to know. The build will be project managed by an experienced main contractor. I felt that if we were able to take out a residential mortgage on our unencumbered house to provide the cash for the build then I would avoid the costs/requirements/potential delays of taking out a development loan or self build mortgage. We intend to live in the house we build, am I right in thinking that I wouldn't be able to obtain a residential mortgage on that house until 6 months of occupation? cheers Sydney
  17. Agree with this ^^ Also, you need a broker that is prepared to speak to you when you need them, sometimes your deals need to happen quickly, and to handle these opportunities your broker needs to be able to respond to you in a timely manner. Location, offices, secretaries, funky websites, even cost and fees play second fiddle to speed and efficiency. Conrad
  18. Hi James, Re-read you lease. I'm assuming these areas have their own section on your lease plan already? The freeholder has ring fenced this area for future development? If so...that's fine....but the lease must also include a section about service charge expenditure and the freeholder obligations for maintenance and repair. If the lease states "maintenance only" you as leaseholders pay service charge for exactly that. For maintenance...not improvements. If the freeholder wishes to 'improve' or develop an area, not communal, as outlined in your lease and plan, then they can do, but they cannot force the leaseholders to pay for these improvements in service charge levels. It's hard to explain on the other end of the internet and without your lease in front of me. But your freeholder can develop, improve or even destroy areas of their freehold asset that is not subject to lease terms to leaseholders. Its their hallway, unless its communal under your lease and plan If your freeholder is presenting plans to alter the lease plan then that's different. Very different You need someone to look at the wording of your lease. Collectively with the other leaseholders to share the costs if you like. If the area is described as communal in the lease, and shown on the plan as communal, then that's what it is. Your freeholder cannot exclude a leaseholder from a communal section of your block. He/she could build a new communal staircase for instance, next to an existing, but this would be deemed an improvement and therefore you, as a leaseholder, cannot be charged for this, nor its future maintenance. You are free to use the new staircase etc, Hope this helps If you're confused...I'm happy to chat more Conrad
  19. Hi Cormac Sounds good, I would be happy to hear more about your experience and have the contact details on this person you are recommending. Thank you. Regards Bernhard
  20. I dont think there is any benefit for using a broker in the area your buying in. I guess there is the benefit of using a local broker to you, as you can drop in paperwork. Although - most of our clients are in the South East when we are Up North in Leeds. Email works as well. The best broker is the one that gets you the best mortgage for your needs and requirements, locality no longer plays a role.
  21. It's interesting but I have no idea. I would presume the Landlord could not proceed if leaseholder(s) objected to reduction in common space. I know Government Quango - The Leasehold Advisory Service gives leaseholders Free Telephone Advice which may be a place to start - https://clients.lease-advice.org/Appointment/Appointment?isFireSafety=False Though i'd start with the quetion is it detrimental or advantagous for you to allow this proceed. If its an improvement, why quibble...
  22. You want to talk to a mortgage adviser to find the best solution for you (one in my signature). Yes there are lots of mortgage lenders that lend to Ex-Pats for BTL Purposes. It's certainly more difficult and a few hoops to jump through with Lender(s) criteria. The fact that you already own property in the UK helps. If you want random lenders names? I know KRBS will do expats who have an active UK mortgage up to 75% LTV in London & SE.
  23. This week on The Property Podcast Rob & Rob are discussing the upcoming general election. They've reviewed the manifestos from each party and have pieced together why you may want to consider voting for each party, from an investors point of view. If you've not yet listened to it, you can do here or, you can find us on Spotify. But we're keen to know what your thoughts are on the manifestos? Have you changed your mind on who you're considering to vote for? Let us know in the comments below.
  24. This week on The Property Podcast Rob & Rob are discussing the upcoming general election. They've reviewed the manifestos from each party and have pieced together why you may want to consider voting for each party, from an investors point of view. If you've not yet listened to it, you can do here or, you can find us on Spotify. But we're keen to know what your thoughts are on the manifestos? Have you changed your mind on who you're considering to vote for? Let us know in the comments below.
  25. Hi again, As director of your limited company, you are in charge of it's finances. You decide who and what to pay first. Unless you sell... Then this ^^ happens You and your 'new' solicitor probably have crossed wires somewhere. Dont worry too much about it, let's hope your 'old' solicitor gets back on the case. Conrad
  26. Yeah so I have my own solicitor who was doing the purchase and then I found out they aren't on the mortgage company panel. Pain. And it's that solicitor that is saying that the mortgage must be paid back before any director loan. I've found out that my solicitor was on their panel. They are trying to find out what happened. Hopefully it will work itself out. Yes, I'm purchasing a BTL.
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