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kirsteenb

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About kirsteenb

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  1. Scotland already has high compliance levels regarding HMOs, so it's likely that England will follow. Worth looking into what we have to comply with North of the border. I had to install a sprinkler system. I do enjoy the HMO letting, but it's worth bearing in mind that often people don't stay too long (start earning more money, move in with gfs/bfs, move home to save for a deposit) so turnover, and therefore voids, can be higher than a normal let!
  2. Hi Everyone, Does anyone in the Glasgow area have any recommendations for FHL managers/cleaners? Thinking small, independent companies/individuals/teams that care and will engage promptly. Feel like I am losing a fair bit of control with current provider and with the level of saturation in the market and political uncertainty, I need a fresh approach! Feel free to message me with recommendations/thoughts. Kind regards Kirsteen
  3. Hi Everyone, Does anyone in the Glasgow area have any recommendations for FHL managers/cleaners? Thinking small, independent companies/individuals/teams that care and will engage promptly. Feel like I am losing a fair bit of control with current provider and with the level of saturation in the market and political uncertainty, I need a fresh approach! Feel free to message me with recommendations/thoughts. Kind regards Kirsteen
  4. Hi farmer andrew What I'm trying to say is that I think this is a misunderstanding with regard to terminology. I can't comment on the mortgage lender rationale at all, but from reading your OP, I can see that there may be some confusion regarding the use of the term share capital as share capital is not retained earnings.
  5. Hello! Is it possible there has been some confusion over Share Capital vs Capital built up in the business? Like Simon says above, the SHARE capital shouldn't matter, but whether you are using capital gained through organic growth or through an inter-company loan (e.g. lending from a contracting/consultancy business) may be taken into consideration. Not in any way an expert-but just wondered if that had been what your broker was referring to?
  6. Hi Alex, I see where you are coming from, but I would question if it is worth all the effort for those particular tenants in this case. I rent out rooms on an all inclusive basis and often get people saying that they aren't eligible to pay council tax (students mostly) and want a reduction in the cost. My response to that is that that is the price and that is what they will need to pay if they want to rent a room. Ultimately it would be me losing out if they get a reduction and the tenants do not need to know the breakdown of what you are charging them (and your associated mark up/profit!). :-)
  7. It is completely up to the tenants to pay the council tax. How they pay it is up to them. As a landlord, I would forward their names to the council and evidence that it is rented out (lease) and let the tenants and council deal with it. I really wouldn't involve yourself in this; as you say, it will take time and emotional energy to sort out!
  8. Hi Fiona, Tthe Edinburgh short lets/Airbnb market is really quite saturated now and flats are going for well over asking. I have good friends who own a beautiful, newly renovated flat in an excellent location (you can see the castle from their flat), it is fully managed and they are Superhosts on Airbnb...their property comes up on the 4th or 5th page when you search their STREET on Airbnb and their occupancy is not what you would expect. £70k is a limited budget for buying and kitting out a holiday rental, especially in Edinburgh-there is so much competition that you need to be on top of your game with furnishings and excellent facilities. Edinburgh City Council are a lot more dubious about the future of short term rentals, which is also something to watch out for. Sorry if that was a mega pessimistic post, feel free to message me as I have some experience with FHLs. I also hold a couple of properties in Aberdeen and agree that there are some bargains to be had (if the city recovers)! Kind regards Kirsteen
  9. Hi Hubbers, Has anyone dealt with Copofi yet? Any info on how they were to deal with or criteria would be most appreciated? Kind regards Kirsteen
  10. I can attest that @richard brown's method works! I bought a 3 bedroom flat in my mid twenties, rented out the rooms under the rent a room scheme and I am now searching for my fourth property. This was all done in the background of obtaining two further degrees, working full time and travelling a lot for work. Really looking forward to putting more focus on my property portfolio in the next few years, I feel like I learnt a lot from the whole process! Good luck!
  11. Also, if you buy through a company, then it won't be your residential home, as you would have to rent it from the company...the company owns the property, not you! I think incorporating would only be the way forward if you were doing multiple flips that were never your residence. Not professional advice, just my take on things! :-)
  12. I'm Scottish, therefore we don't have this added complexity of lease issues! It would just seem like a simple solution to the problem of a valid reference if the old lease is being removed from registry.
  13. Has your solicitor suggested appending the old lease to the new document and then submitting to the registry?
  14. Hi Lorenzo, Have you considered buying a two or three bedroom property, living in one room and renting out the other(s)? You would be able to put less of a deposit down on your own residential property, get yourself on the property ladder and benefit from £7,500 tax free allowance through the rent a room scheme. Worth considering your situation I would think. The mortgages available to you would then be much wider and you should have money left over to buy an investment property, especially with the income you are making from your lodgers. Just wanted to drop that in there in case you hadn't thought of this approach! K
  15. That's my understanding @james a however @haf1963's comment "You don't pay extra stamp duty if you have never owned a house in your own name before" made me wonder if there was doubt about that.
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