Jump to content

Eamon H

Established Member
  • Content Count

    78
  • Joined

  • Last visited

3 Followers

About Eamon H

  • Rank
    Established member

Profile Information

  • Location
    Array
  • Areas I invest in
    Array
  • About me
    Array
  • Property investment interests
    Array

Recent Profile Visitors

1,304 profile views
  1. Thanks for the feedback again. She finally got back to me today after 2 weeks no response, apparently only holiday. Still very strange. She lived in OZ for 6 years so was a custom to paying 6 months to a 12 months in advance, so i dont believe it was a massive warning sign (similar to dubai when i lived there). Hopefully all is good now but thanks again for the quick responses and options on what could be done @richard brown @dennis hughes @ben sewell
  2. Eamon H

    na

    na
  3. Anyone ever experienced this before? Current tenants leaving and handing over the keys to my new tenant in 5 days however my new tenant (who had paid 6 months in advance) has went AWOL and both her numbers dont work, whatsapp picture gone, non responsive to emails etc. What would you do if your tenant had paid for 6 months rent and didnt show up to actually live in it? Eamon
  4. Any Tax Savvy People? Would you be able to help or clear this up if you have time please. I am purchasing a property with my friend (we both live together) who is a first time buyer and i have purchased a BLT but don't own any residential property. We are buying in Glasgow and would love to avoid Stamp duty. We have a mortgage company who will lend 90% LTV and my friend will be named on the title and i will be the beneficiary. If i wasn't the beneficiary we wouldn't get the 180k amount need to purchase the property. Therefore setting the mortgage up this way we believe that Stamp Duty would be avoided as my friends first time buyer rights would be in place and me being the beneficiary i wouldn't active the 2nd property Stamp duty. Have any of you came across a situation like this before and any advise would be amazing. Eamon
  5. Any Tax Savvy People? Would you be able to help or clear this up if you have time please. I am purchasing a property with my friend (we both live together) who is a first time buyer and i have purchased a BLT but don't own any residential property. We are buying in Glasgow and would love to avoid Stamp duty. We have a mortgage company who will lend 90% LTV and my friend will be named on the title and i will be the beneficiary. If i wasn't the beneficiary we wouldn't get the 180k amount need to purchase the property. Therefore setting the mortgage up this way we believe that Stamp Duty would be avoided as my friends first time buyer rights would be in place and me being the beneficiary i wouldn't active the 2nd property Stamp duty. Have any of you came across a situation like this before and any advise would be amazing. Eamon
  6. @jamie stewart Great that you get into the work yourself. Hope all is going as planned this year. Property hub has now shut down but ill have a look at the BSD one. Looks promising. Will let you know in the future if im heading down that direction. Cheers
  7. No this is coming direct from my Bank who i currently have my BTL mortgage with.
  8. Hi John, Would the prices i've pointed out above be fairly standard or are they excessive? Paying in the region of 3.5k for a remortgage on a property seem a lot to me (especially the increased interest rate, do you believe this isn't the case? Additionally the bank will only let me re invest the money I've pulled out to purchase another property. I'm to get more clarification on this but this also does seem strange. (although this is where the tax benefits do come into play when remortgaging) Cheers
  9. Hi @jamie stewart Yeah i can see the appeal for commuter villages, especially price point. Do you do most of the work your self or so you sub-contract it out? Is your strategy also to pay off your properties with a repayment loan and not an interest only? Interested in Govan and thornwood. Slightly to the west/southwest of Glasgow as i see the best purchased price to rental ratio and believe these areas will be up and coming. Off plan has worked out for me with the property in Birmingham but my hand was pushed at the time as i wanted to invest but didn't have feet on the ground in the UK at the time. Due diligence with the developer is the only risk i seen but they has a great track record. Do you know of any master mind / Property meet ups in and around the glasgow area?
  10. Hi All, So i asked my bank for the cost i would incur for re-mortgaging my property. To give some context, i purchased the property 3 years ago off plan and got the keys on September 14th. Purchase Price £120k vs Current Market Value £170k. I probably wont re-mortgage within the 1 year prior of owning the property however i do plan to re-mortgage at some point. Is it a no brainier to go for option 2 as option 1 seem extortionate, especially the cost over the long term for the revised mortgage rate of 4.14%. Thanks "1. Remortgage: noted you are looking to remortgage to raise capital. Please be noted that you have to be the legal owner for more than 6 months before we could consider this and also the capital raise has to be for another purchase of property. You advised that the market value of the property should be around £170,000. You are currently on tracker rate product with rate of 3.54% (2.79% +base rate (currently 0.75%)), loan started from 14 Sept 2018, Interest Only repayment for loan amount £81,897. So for remortgage to raise capital, it would be like a fresh application. So the valuation fee based on market value of £170K would be £240, there is also arrangement fee of £1,895 + funds transfer fee of £35. There is also discharge fee of £95 since you have to redeem the current one and then release the new loan. Please be reminded that there will be Early Repayment Charge of 1% of your original loan amount if you remortgage complete before 14 Sept 2019 since it is still within the 12 months tie in period. There would also be broker fee if you would like the promotion rate with broker (as our direct rate would be 4.14% (3.39% + base rate)), also the conveyancing fee with your solicitor to deal with the case. 2. Redemption: If you would like to fully redeem your mortgage, then there will be £95 discharge fee from our side. Also there would be Early Repayment Charge of 1% of your original loan amount if you redeem within 1 year tie in period. "
  11. Hi Jamie, Sounds like you are doing great. I've just moved to Glasgow after working in Dubai for 4 year and fully intend to get out of the construction industry too within the next 3/4 years (QS for a major contractor at the minute). Im 25, I bought my first property at 22, off plan in Birmingham which completed just 6 months ago. Looking to get into the Glasgow market now and plan to invest within the next 3 months (residential). and another by COB 2019. Do you see you ever see yourself moving into the Glasgow market? Also interested to know if you use Scotlis to find land owners/title deeds etc as this is something i believe is a great way to find off market deals. (just a bit pricey)
  12. So I have received a non-metered charge for my property I am renting out to a good tenant. The cost is a recurring £13.15/month. I am just wondering if my tenants should be the one to pay or should I as the Landlord? Note: I have never mentioned to the tenant before about this charge and only i found out myself Any advise would be great Eamon
  13. Hi All, My tenant has messaged me this morning as one of the neighbouring flats continue to smoke week and stink out the hallway which has gotten progressively worse and now its entering adjacent flats. My tenant has tried to deal with it by putting up signs but to no avail. Also my tenant is wary of speaking directly to the smoker as he doesnt want to cause a massive problem as they are taking drugs. Does anyone have advice on how to rectify this? Can the building service management step in if i contact them? Thanks Eamon
  14. 1 month before the development is due for completion, I have just recieved this message from my solicitor. Has anyone any experience in this and should I accept or reject this 10 year rent review provision? “Good Afternoon, We have received notification from the sellers solicitor that their client is proposing a change to the format of the Lease for the XxxX Development. The Seller has proposed that the Rent Review provisions be changed to allow for a rent review on each tenth anniversary of the Lease and any such increase would then be in line with RPI. In addition to this, the Landlord is proposing to reduce the Ground Rent from £300 to £275 per year. The contract does not allow the seller to make changes to the Lease without your prior consent (although such consent cannot be unreasonably withheld) and so we would be much obliged if you could confirm whether you are happy with the above proposal? Kind Regards Solictor”
  15. Hi, I am coming close to completion on an 1 bed off plan property ive purchased in Birmingham City Center. I have a slight dilemma whereby the Property management/estate agent who also happened to be selling furniture packs for a lot of the units is advising i purchase the furniture pack. See below for Details: "City Pack" = £1,995 + VAT "Style Pack" = £2,150 + VAT "Urban Pack" = £2,250 +VAT He mentions that apartments in the city center usually go for 150-200gbp more per month after being furnished. This would essentially mean after 1 year it would pay its self off. Now i don't buy into this and would like to know if anyone has information to back this statement up, or as i suspect hes just trying to hard sell and realistically you might get 20-30/month more after bring furnished? (On a side note i think furnishing apartments isnt really worth the hassle as constant phone calls for broken goods etc and when the tenants move in with their own furniture/white goods they tend to stay longer and respect the property a lot more) Thanks again Hubbers Eamon
×