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  2. They can only say no. Shy bairns get nowt as they say. A few of my clients have successfully knocked £10k off. Vendors know one in the hand is worth two in the bush these days, they are motivated to get a deal done asap. It's a very difficult question to answer, between investment and residential security. I'd be wanting a good 30 minute chat with someone to understand it in detail to be comfortable giving advice. I'd recommend you make use of a broker and give a few a call. Find one who's been through the last credit crunch, they will at least know how everything is connected and what the worst case scenarios look like.
  3. Thank you both. I was just having a wobble! I’m new to all of this and, with circumstances in the economy having changed rapidly since I put the offer in, I started to rethink. My own residential mortgage is up for renewal next year and my partner has grand designs for spending a small fortune on redeveloping it too. With mortgage rates rising so fast, I’d considered whether or not to use the money to reduce my own mortgage. Stuart: you’re right - why fear Labour so much when the Tories have hardly been supportive 🙂 Having reflected, I’m still keen to proceed but I am wondering whether I should try to renegotiate the price? It seemed like a fair price at the time but with forecasts of a 5% drop next year it’s not seeming like such a good deal.
  4. Hi - I’d really appreciate some advice regarding a deal that’s coming to a conclusion soon. I had an offer accepted on the property back in June, when the market felt very very different. The process has been a long one! Since that time, sentiment seems to have changed significantly. Fortunately, I’ve secured a 2.78% 5 year fixed mortgage deal but I’m wondered whether I’m now paying too much and if I should try to get some money taken off the asking price? At the time, the price (£275k) seemed fair. There are nine properties that are identical, with the one of them being sold for £7k more 4 years ago. However that same house was put back on the market and couldn’t sell during the early stages of the pandemic and it’s now sold once more for £15k less than I’m paying. I feel in a bit of a dilemma having watched Rob Ds latest YouTube video with the Zoopla estimate that house prices will fall by 5% next year. The house is in a more expensive area which, from what Rob was saying, May get hit harder. I’d really appreciate any advice and, if you feel I should negotiate further, how to go about it. The vendors have been friendly and, with the use of an online estate agent, I’m having to contact them directly for everything. Many thanks Paul
  5. Last week
  6. I remain unconvinced and not on any social media platform - and very happy with my decision - leave it to the youngsters i say..
  7. I fixed something similar by putting quality thermal wallpaper on the walls and providing a dehumidifier. The wallpaper can be painted so not a huge job plus the property was warmer as a result as well as mound going away
  8. Hi CH_ many thanks for your reply. Yes I was dreading opening the email when I saw it this am, as its always a difficult one to deal with. I've also read numerous reports about so called damp specialist companies recommended loads of unnecessary work to install new DPC's that then don't remedy the issue. As like you say its a condensation problem. I've heard about the PIV's, in fact I called a company today called EnviroVent, which looks like a national outfit who supply and fit. So I'll see what they recommend when they call me back. I'll also check out the one you have recommended and see if the agents maintenance team are able to install it. I'm considering paying for a cleaning firm to go and clean the mold patches off the ceiling whilst we await the survey, as I don't like the thought of it being there, even though its probably caused by their use of the property. Many thanks.
  9. We have had a nightmare in the past with tenants reporting 'damp'. In our experience its almost always black mould caused by condensation. Cold walls and ceilings in solid walled terraced houses mean it's very common in our experience. The problem is convincing tenants, I've paid for builders to attend and surveys to be carried out by damp experts in the past but the tenants still cant/won't believe its caused by internal moisture from breathing, drying clothes, cooking, bathing etc. Tenants always seem to assume it's 'damp' from a leak and always the landlords fault! Can be very frustrating as you're helpless but the tenant hates you, its costing you a fortune to investigate it and the house decor is getting trashed all at the same time! Basically in houses like that you need to be very careful in controlling moisture by closing bathroom doors, kitchen doors etc, drying up condensation round windows etc but its very difficult especially if you cant afford to heat rooms (who can atm!). If the house is lived in during the day it's even worse, more breathing, more cooking, more kettle boiling etc. We took to buying dehumidifiers for tenants, we've now started to fit PIVs. The properties where we have done this, as far as I'm aware, haven't had a re-occurrence. They're approx £400 to buy and easy to fit by an electrician as they can be wired to the lighting circuit. We fit Nuaire ones, there are different types depending on whether the house has a loft, we've used both types. If there's no loft you will need a hole in an outside wall so a bit more expense otherwise they take fresh dry air from the loft. If you go on their website it explains the principals around PIV and how it works and also the different models. I've found their aftersales to be very good too for advice and also quickly replacing a unit that was DOA that we'd already had fitted. I think they cost approx 1p per day to run, could be more now but not really significant and you could agree to discount the rent to pay the extra if anyone objected. Seems to have been the silver bullet for us so far touch wood. I used to dread the calls coming in at this time every year, now we'll just arrange for a PIV to be fitted and that will hopefully do the trick. It's probably £600 or so all in but worth every penny IMO if it stops it and stops it for good. Good luck, hope you manage to get their issues sorted.
  10. Hi All, Its been a while since I last posted on here. Everything has been running smoothly with the properties minus a few routine maintenance jobs. Until now anyway... I have 2 properties, both suffering from signs of damp. Property A - Early 1900's northern terrace - random small wet patches appearing on the walls upstairs and downstairs, both internal and external walls. But in both cases they are solid walls. Had a roof survey and had a few slates replaced, but otherwise no issues with the roof or gutters. Agent has been to speak to tenant and they are apparently not putting the heating on due to the cost of energy. Apparently they turn it on if they are in and it gets below 15 degrees. Property B - Late 1800's northern terrace - black mold now appearing in the corners of the bedrooms on the ceiling and top of the walls, also downstairs damp patches appearing high up on external walls. I have only just been informed of it and they have let it get pretty bad before reporting it, which is a bit frustrating. I am now awaiting the results of a roof and general building survey the agent is organizing. I don't know what the situation is with the heating in this one, but they have been known to dry large amounts of washing on the rads as they have young kids. In both cases, hearing of mold in the properties causes me some distress and I want to get it sorted. But if the tenant in property A wont put the heating on, what can I do to help the situation? In the case of property B, I have been told about something called a PIV which improves air flow around the property. But not sure what else to consider, until I get the results of the survey. With the spotlight well and truly on the energy price hikes and general cost of living and of course the recent coverage in the press about damp issues in rental properties, I'm keen to get this sorted. But at the same time I cant force the tenants to put the heating on and ventilate properties. Any advice on the above please. Is anyone else having similar issues? Many thanks in advance.
  11. It would depend on the ownership of the property. If the mortgage is owned in your personal name, the mortgage would likely have to be repaid before your children can take ownership of the property - they could then take their own mortgage to repay the mortgage you have on the property - but they would have meet whatever criteria is requested at the time. If you own the property via a limited company, the transition should be easier as the way I understand it is you can make your children directors of the Ltd Co and then maintain whatever mortgage is on the property at the time - you'll need to double check this with an accountant, but it will work something like this.
  12. Its a fundamental part of the product im afraid. You get that 5 years at 2.14%, they also want that 5 years worth of interest from you. So the ERC can be seen as their guarantee on that. The only time lenders might do this is if you are taking a new deal with them or porting/miss-selling as Aston says. Otherwise you have to see it as a cost of doing business, and factor it into your calculations im afraid.
  13. you're going to struggle to find a mortgage for an amount that small (not enough profit for the lender), it may be looking at borrowing more to open up more mortgage lenders (say £40-£50k) on a product which allows unlimited overpayments, and then once the mortgage completes over pay the amount you have left.
  14. Lenders are extremely rigid with things like this unfortunately, I've never seen somebody get out of an ERC unless they were porting the mortgage or miss-selling can be evidence (also very difficult)
  15. This is a very good question, and I wish I had the answer you want. I will suggest to you visit a real estate agent to get the full information about your questions. One of my friends was also in confusion before investing in property and he contacted UMEGA, one of the best Edinburgh estate agent to get advice and full information about the property. These guys are quite good and have a good grasp of the property market. I hope this will help you.
  16. You are allowed to but wouldn’t really be an SPV any more which could cause issues with lenders. more tax beneficial to invest in stocks and shares in personal name via ISA wrapper. Prehaps draw down some of directors loan to fund this.
  17. I moved letting agent for a HMO I run last year. The new tenancy started in August. At this time, I had the issue where the new agent was not happy with the electrical certificate I had submitted. After a bit of persuading they accepted it. However, the agent is now being 'audited' and is now not happy with my electrical certificate. The electrical certificate submitted was from 2019 and it covered the works where I had the consumer unit replaced ( on going maintenance ) as well as various other tasks ( Heats / Smokes ect ). It was a Electrical Certificate Installation/Modification. They have requested an EICR. In 2019 I had the consumer unit replaced, heat / smoke alarms added, emergency lighting ect. As part of these works and electrical certificate was issued covering these works ( described as 'Whole' of house ) including replacing the consumer unit. All the circuits were tested and passed. However, the agent is saying this is not acceptable and they want a new EICR. My previous agent was always happy with the 2019 certificate, even though they needed persuading. I don't really want to go to the expense of a new EICR ( even though it lasts a few years ) as all the circuits were tested in 2019 and passed. I would appreciate some comments.
  18. Hi everyone…. I too am currently looking at an investment with Solomon investment partners… everything seems to stack up nicely but would be great to hear from someone who has been through this already ….. can anyone out there help?
  19. Thanks Lilla Yep, doesn't should like a great situation but cant be alone! Just wondering what to do, appreciate the thoughts! regards
  20. Hi Jon, Based on the rest of your message, the above sentence doesn't quite sound right. Did you mean that you applied for or received a mortgage offer for a 5yr fix from a new lender 2 weeks ago? Either way, if the application stipulated that you didn't want to start the new rate until the current one ended in Mar23, then you are not locked into this new 5yr deal. Even if you receive a mortgage offer, you are not obliged to take the mortgage deal. If you change your mind, you will just have to inform the solicitor acting for this remortgage, that you didn't wish to proceed. This would be prudent to do as soon as possible, but latest 2 weeks before completion is due, so the solicitor doesn't do the necessary preparations for completion only to be told that they wasted their time. You could apply for a new deal from your current lender (Natwest) or from another lender. You will just have to make sure that if you made a number of applications, the ones you don't want are aware of it, so they can close the case and don't attempt to complete the remortgage. Just to say, even if it sounds tempting to make a number of applications, once you make the 3rd one and any afterwards, you'll become suspicious as to why you make so many applications, so be mindful of this aspect.
  21. Hi Gordon, You're right: - expat mortgage rates are not the best - a lot of expat mortgages require min £100k mortgage amount - SVR is probably cheaper than a new deal, especially for a sub-£100k mortgage amount - some lenders won't accept Norway as your country of residence ...and there are a whole host of other considerations before a suitable lender can be identified...(e.g. your personal income situation, the property itself, your BTL portfolio etc etc etc) Ultimately, your options will have to be checked at the time when your fixed rates come to an end, as the mortgage market will likely change by then...
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  23. Wednesday 7th December - 12.30pm For most investors, understanding where the market is headed is essential to their strategy, and the question “is now the right time to buy” is always looming over their head. With so much going on with inflation, the base rate and so much more, it’s hard to keep up with what’s actually happening and what this means for investors. So, Rob & Rob will be revealing LIVE in this FREE webinar exactly what the state of the market is right now. They’ll tell you exactly how it is, back it up with the numbers, explain how you can interpret them yourself and let you know what you should be doing. Remember this session will be delivered LIVE by Rob & Rob, and there’ll be a handy Q&A where you’ll get a chance to have your burning questions answered. But the value doesn’t stop there. Right after the session we’ll send a tonne of free resources straight to your inbox for you to get stuck into. Book your space here.
  24. Hi guys, I'm trying to source a commercial mortgage for a cheaper property. I have just under 50k saved which I'm looking to invest. I have found a property for 70k so need a small mortgage to cover the excess for 5 years but am struggling to find anyone to do it! Is there anyone would recommend? It's for a commercial property, not residential Cheers
  25. Myself and my sister purchased a run down property for £60000 cash. We have spent £40000 on total renovations. The property is now valued at £200,000. I want to buy my sister out for £100000 part cash and BTL mortgage. From the solicitors point of view it's just taking my sister off the deeds. My question what is my tax position, I am a lower rate payer. I plan to rent the property out Many thanks
  26. Hi, I am looking to aquire my first BTL in Glasgow, anyone could give some advice on how to source property there? Thanks Veronica
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