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  3. Theres a lot of talk at the moment about rate rises, which seem fairly inevitable in the longer term. Many of my clients are wondering when the right time to push the button on refinancing would be, if 2 year deals are unwise at the moment, and generally want to understand whats happening in the market. I thought it might be a good time to actually start tracking these on a consistent basis, and giving people the opportunity to follow this information themselves. Feel free to follow this post for weekly updates. It seems like a relatively straightforward thing to do, but there are so many
  4. Hello and thank you! I'm based in London but really an online forum is just as good to chat and share experiences and knowledge on those who have property in Portugal. Hope to find someone here that fits that can point me in the right direction
  5. If the increase is only 0.08% then that would be within most lenders policy and so shouldnt be a problem in and of itself. However, if that increase allows the ground rent to exceed £250 within the tem of the mortgage then that would result in a decline with many lenders.
  6. Thanks for the reply. My typo - the rent should be 0.08% (not 0.8%) of the value. Is that most lenders would not accept rent review based on a % of market value? Since there are 900+ years remaining for the lease terms, it is not worth to extend the lease at the moment in order to reduce the ground rent to a peppercorn? My solicitor advised me to check with the mortgage specialists. any suggestions on how I could approach the mortgage specialists? I am from overseas so am new to the UK property market.
  7. Hi @adamtr Welcome to the forum, and congratulations on the recent birth of your daughter! Your situation is a common one, but one way you've got a leg-up on other potential investors is that you're clear on your own capabilities and how much you'll be willing to do to get started in property. Have you done any research into the kind of strategy that would work best for you? We've got a free course on it which can help you find out the best route for you to go down; https://propertyhub.net/course/which-property-strategy-is-right-for-you/
  8. Welcome to the forum @sues I think meet-ups have maybe taken a bit of a hit since COVID, which is understandable. Which area in the UK are you planning on investing? We've got investors from all over the country on this forum, so you should be able to find some fellow investors on here!
  9. Great, thanks citytrader06, look forward to speaking with you soon. Many thanks
  10. Lenders frequntly prohibit property clubs or any finders fees. They also prohibit guaranteed rental arangements. Its counter inuitive, but it distorts the true rental figures and so presents a larger risk to them than your safe income. It all depends on how the finders fee is paid and when, and there are firms who say they can get around it and brokers willing to negotiate that, but i wouldnt accept any business sourced through such a company.
  11. Many lenders are going to have an issue with this. Anything over 0.1% of the value for ground rent is often reason for a decline and considered "Onerous". RPI linked increases, assuming the ground rent isnt already over 0.1%, are more widely acceptable. I defer to your lawyer on the second point, no idea about that really, but i would also assume most lenders woulnd accept indemnity. In terms of ground rent exceeding £250, it means that it falls under the AST laws, which mean if you miss concurent ground rent payments the property can be taken back by the freeholder. Obviously this i
  12. I have had similar situation. I have chosen the variant which costs 2400. I understand that it is better to spend this money now and be sure that I won't have problems in the future. I used a special service which replaces doors.
  13. Yesterday
  14. Your best bet would be to go to some good Mortgage Broker Cardiff.
  15. We've been denied a mortgage several times. We had just moved to Cambridge at the time.
  16. Any one know when the minimums investment in Portfolio is likely to drop? Got my invite today but £10k really is more than I wanted to invest.
  17. Hi, we are in the process of buying a leasehold flat with cash. The solicitors highlighted some issues which may cause issues for mortgage application or may deter potential future buyers. It would be great if we could get some advice. 🙏🙏 the lease review is based on a % of the market value (around 0.8%). The solicitor said the standard lease review should be based on the Retail Price Index instead so he is not sure if lenders would have issues with the review mechanism. there're missing pages in the lease copy provided by the seller. The solicitor said he is trying to get a
  18. Hi All, I am a new investor in Portugal (but based in the UK) and I would love to meet and speak with other investors who have experience in this market! I would appreciate any advise on how I can build up a network, I'm not having much luck finding meetups or groups on facebook at the moment so any tips would be most welcome. Thank you!
  19. Last week
  20. If you are confident in the wiring in the building, you may well install underfloor heating. However, if the building hasn't been wired for a long time and there are frequent electrical failures, I wouldn't rush into electrically heated floors if I were you.
  21. Hi @leon_c The first thing that you need to do is check your commercial tenant agreement. I don't deal with planning law, but I would be very surprised if you could just consume floor space without any need to get the consent of the tenant. My understanding is that planning permission is a separate matter. Your key query would be whether there is any contractual or statutory protection for the commercial tenant in this regard - I would be surprised if there isn't any. Hope these help. For the avoidance of doubt, the above (a) does not constitute legal advice (and no lawyer-cl
  22. Hi @langie This is a requirement in some leasehold tenancies. You should first check whether this is explicitly set out in your long lease. If so, I am afraid you would have to comply with that. Otherwise, you could clarify with the management agent the basis on which they are asking / charging you this. Hope these help. For the avoidance of doubt, the above (a) does not constitute legal advice (and no lawyer-client relationship is formed in any way) and (b) is set out for your reference only. You should seek formal legal advice for your matter. Kerry
  23. Hi @racebennon You should ask your solicitors to re-confirm the full address (on the basis of the discrepancy). You should use the address on the title documents basically. I doubt the lender would withdraw its offer on that basis. In any case, your solicitors presumably are acting for the lender as well? In that case, they would be able to smooth this out for you. No need to worry at this stage I would say. Hope these help. For the avoidance of doubt, the above (a) does not constitute legal advice (and no lawyer-client relationship is formed in any way) and (b) is set
  24. Hi @sassy This depends on whether they own the property as a joint tenants or tenants-in-common. If it is the former, they cannot leave it to anyone else. If it is the latter, each of them could leave one's own share of the property to whoever one wants. A joint tenancy could be turned into a tenancy-in-common by executing the relevant trust deed. Hope these help. For the avoidance of doubt, the above (a) does not constitute legal advice (and no lawyer-client relationship is formed in any way) and (b) is set out for your reference only. You should seek formal legal advic
  25. Did anyone see the Panorama programme about mining of cobalt in Congo (cobalt is essential for the electric car batteries). Maiming and killing the miners, killing the countryside and water supply, causing birth defects. This is the link to the Tweet, but you should look up the programme (broadcast abt a month ago) to see more detail. Tweet See new Tweets Conversation
  26. Hi All Newbie here. Just wanted to introduce myself and say hi. I am 47 and father of now 2 children (4 Yr old boy and 2 week old baby girl) and we live in Hampshire near Southampton and Eastleigh. My 2 week paternity leave got me thinking about the future and what pension am I likely to have? The upshot is I need to improve it massively. I have always been interested in property. I have enjoyed light renos in the past when I was younger (and fitter!) where I bought and sold 3 times over and upscaled. That was 20 odd years ago when houses were alot cheaper in that
  27. I spoke to Aspire Property Group in Yorkshire couple of weeks ago, to discuss expanding my portfolio up north. Reviews on trust pilot are good but fees seemed quite high. £7k+ is this right? Anyone had experience of working with them? They guarantee 8%+ on their investments. Are property sourcing companies worth it and does anyone have any experience of working with one? I'm not looking for new builds, off plan etx. Just cheap terraced, semi detached houses around the £100k mark.
  28. Hi Newbie, I'd be happy to have a conversation about options as well if you have not sorted yet. Short answer is that it will depend on the size of the project. There are many lenders still doing development lending, but it depends on your experience, and also the loan amount required. To get best pricing, you typically need to have loans over £1M, and have similar experience before. If a smaller loan, it tends to be some of the bridge lenders, which cost a bit more. More than happy to have a chat. Kind regards, Kevin www.garnetfinance.co.uk
  29. Hi, I own a flat in a managed building and development. The management agent have said I require consent before letting the unit and its 108 GBP per tenancy and 45 GBP per year they renew. They have also requested a copy of the tenancy agreement. Am I obliged to share a copy of the tenancy agreement and/or would this breach any data protection /GDPR policies? I suspect they really want to see a copy of the TA so that they can send me a letter each year demanding either another 45 of 108 GBP.
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