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  1. Today
  2. Hi all I need some help to get out of this pickle please. I have placed an offer for my first property (residential) based on the agreement in principle that my mortgage broker provided me. Now that the offer has been accepted and conveyancing process has started, I was waiting for the mortgage valuation survey to go ahead but my mortgage broker has advised me that as I have a student loan the underwriter is saying that they cant lend me the amount that was on the AIP. Infact the amount they can lend me is almost 20k less, which is the money I had put aside for works I will need to do in
  3. Doubling every 15 years is a 4.7% increase every year. I've heard some lenders are OK with increases in line with RPI (as long as it isn't too high to begin with) but this is higher than that so I'm not sure how likely it is you will get a mortgage. It will also make it harder to sell in future unless you are able to agree a change to the ground rent in the future. As a result, even if you were able to get a mortgage it might not be a good idea to proceed given the risks and restricted exits. There are plenty of people who are unable to sell or remortgage their flats because of cladding i
  4. I don't think a single house can form a building line but if the new houses would make yours seem out of character then this is probably a legitimate point to raise with the planners. If there are any issues with overlooking or over shadowing due to them being offset from your house then these would definitely be legitimate objections the planning application.
  5. Not sure if this is for Instagram as well but if it is our handle is: ridex_properties Look us up and check out our refurb pics when you get chance....
  6. Put a letter through the door stating your interest.
  7. 113 years should be fine. Make sure you know all the costs buying at auction and please don't buy a property without reading the legal pack - especially if you're a newbie!
  8. My son is in a similar position - although not in London so the figures are lower. The problems I believe are: 1. When the ground rent is above £1000 in London £250 elsewhere it becomes an Assured Tenancy and if you fail to pay it the freeholder can reclaim the property - this means that lenders may not want to lend on it. 2. The ground rent as a % of the value of the property - lenders don't like above 0.1% Your conveyancer should have advice but you need to consider if it may be a problem when you come to sell. I believe an RPI link is quite common but a quick look at the
  9. Hi all, Had a question about affordability - personal loans, specifically. I wanted to know what kind of impact this has on mortgage-ability. For example, is it a problem if I have a personal loan whilst applying for a mortgage? What about if I have a personal loan and I’m applying for a mortgage within my limited company? Else, how about if I pay off all outstanding personal loans before applying for a mortgage? Is there any lasting impact on my credit score of having one? (All assuming that I’m repaying the personal loan as expected and there are no defaults or delinquencies) How a
  10. You just need to increase it by giving written confirmation of the new amount like you would anyone else. It's the DWP who pay UC not the Council. The tenant will need to report a change in circumstances on their journal/portal with the new amount and the date it is effective from. They can take a picture of the letter and upload it. Theyll pay in line with local housing allowance rates. They may ask you to verify the costs submitted and would likely to do so via email.
  11. I cant see why not, if theyre informing UC of the rent change that they agree to? try that number above and they should be able to give you a clearer answer
  12. Hi mate, Thank you very much for your response! I've recently acquired the property (last month) & the council pay me directly already, since the previous landlord had gone through the UC74 process, afaik. Assuming that the tenant informs Universal Credit of the increase in rent, what would happen then? Would Universal Credit cover the difference, assuming that the new rent is within their housing allowance? Cheers!
  13. Good afternoon I had a problem with the tenant not paying rent direct to landlord on universal credit. I called 0800 3285644 then option 2 for queries and option 2 again for all other services and they have sorted it all out. You need the tenants name, date of birth and address (which is your property) if you get a fair market valuation from an estate agent maybe? the tenant should inform universal credit of the change. Or you can wait till they are two months in arears and go through the UC74 process: https://www.gov.uk/government/publications/universal-credit-landlord-re
  14. Hi all, As above really. How do I do so? I own a property with a Universal Credit tenant (who pays no portion of the rent) and the council pays me the monthly rent directly. Whilst I'm not intending on increasing rent soon, I was wondering what the process is? The tenants don't understand English that well, so whilst I would send them an email indicating the rise, I would need to inform the council myself. Was wondering what I'd need to do and whether the council may have any questions, queries or indeed put up any barriers for me? Looking forward to the replies, Arjun
  15. Hey Dani, Sorry for not getting back to you for a while, we completed on our second property so things have been quite busy over the past few months! Usually we would just be living in London and we have an estate agent up in Liverpool who manages everything for us (definitely shop around if you're going to do this as their charges vary quite a bit), however, because of COVID and because we bought our second property empty and needed to do some final decoration/ adding furniture and because we don't need to be in the office at the moment we are living up here whilst we get it ready
  16. Yesterday
  17. Hi all Just wondered if could help, Im the only existing house in an area, and planning has gone in. My property (dwelling) is about 80-90 ft away from the road, that's how far set back, and all proposed properties are 10 ft away from road, so brought forward. Do the developers have to follow the existing building line as I have set a precedent of the building line, and would majorly make my property out of character.?
  18. Hi all Just wondered if could help, Im the only existing house in an area, and planning has gone in. My property is about 80-90 ft away from the road, that's how far set back, and all proposed properties are 10 ft away from road, so brought forward. Do the developers have to follow the existing building line as I have set a precedent of the building line, and would majorly make my property out of character.? Also what happens if planning maps have been manipulated and not accurate?
  19. Students are what I can 'naive renters' - they don't really understand they are signing a legal contract & don't really expect to abide by it! Many are living away from home for the first time and they may have very little common sense when it comes to looking after a house, paying bills etc. They can also be very hard wearing - I had a group of boys who only seemed able to go upstairs by putting their hands on the walls on both sides! They can leave little problems until they are big problems; fail to clean; cause condensation issues etc. On the other hand it is good rent. My a
  20. Hi everyone! Does anyone on here have experience of renting houses in Liverpool to students? I've been looking at student areas due to the higher yields generated by student lets but it would be my first step into the student market. I've been reading about the HMO Licencing conditions in Liverpool and it seems that a property doesn't require any specialist HMO licence unless it is occupied by at least five people? Just wondering whether anyone has any advice in this area and any pitfalls to avoid/issues to be aware of? Thanks, James.
  21. Is a ground rent increasing by RPI every 15 years also likely to be a problem? (just gone up from £220 - £325)
  22. Last week
  23. If you buy the title deeds from land registry eservices (for £3) then that normally gives you the original length of the lease and when it started, so you can work out the remaining lease length. It won't give you any details of the lease beyond this but it's a good starting point.
  24. I’m eagerly awaiting the “how to remove T-REX from rental property” thread. Enjoy!
  25. There are pledges to ban ground rents altogether: https://www.which.co.uk/news/2021/01/leasehold-scandal-government-pledges-to-make-it-cheaper-to-extend-leases-and-cut-ground-rents/ The reason its a problem for lenders is that once a ground rent passes a certain threshold (£250 in the UK, £1000 in Greater London) its considered part of the AST rules. That means that if you dont to pay the ground rent for 2 consecutive periods the freeholder can evict you like a tenant. That means the lender loses their security. Whilst its very unlikley someone would lose a home over a £500 bill, lenders
  26. April 5th saw the The Royal Institute of Chartered Surveyors (RICS) implement new cladding guidance on which properties will need extra inspection in order to be deemed safe from a potential fire. "It is currently estimated that there are two million mortgage prisoners in the UK as a result of the cladding crisis, in addition to 600,000 people currently living in high-rise buildings with dangerous cladding." Mortgage Advisor has spoken with the individual lenders, and compiled the responses in this article; https://www.mortgageintroducer.com/live-lenders-reveal-standpoint-cladding-gu
  27. Welcome to the forum @christopher streeter! I know we get quite a few messages from expats, as well as people who are considering moving back to the UK! One question we've seen a lot that I'm personally interested in is what ways expats can make the mortgage process easier when they move, as they obviously don't have the same documents and forms that are needed in order to be approved for one. Do you know much about this, where they should be looking and how they can move through the process? Thanks Mark
  28. Hi I have recently had an offer accepted on a ground floor flat. On review of the lease I noticed that there is a ground rent escalation clause, with the ground rent (set at £250) doubling every 15 years. The building was built in 2015 which is when the lease started. The term of the lease is 125 years. The issue is that I was hoping to buy this on a buy to let mortgage with a 25% deposit. However I understand that lenders are not keen on lending on ground rent escalation properties. Has anyone had to deal with this and what is your experience with the lender? Which lender did yo
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