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Everything posted by DezzaT

  1. Hi Su Va Congrats on the purchase! Shame about the experience and service your received. I also remotely invest in Crewe (based in London), with a couple of standard 3 bed BTLs. I use Your Move AN to fully manage the properties. Reasonable and fair management fee, and help arrange any works needed on the property, including certificates (e.g. gas, EICR) without slapping on huge mark-ups. You can also arrange your own maintenance if you wish. They provide 6 monthly check-ins and updates, haven't had any concerns or issues with them since I started using their services around 5 years ago. Had long term tenants in both now, with no major void issues during the lockdown period. They're always friendly and willing to chat about the market in Crewe. * Note: no affiliation, just providing personal experience and review.
  2. It may be a little unconventional and odd, but try a random number rather than a rounded to the closest 5/10 thousand (if that makes sense). Has worked for me before. For example, rather than £805,000 (I'm assuming it's that much?), then perhaps try £804,700 or £805,225? The agent/vendor might believe that you're trying to push every last pound out that's available, so may be willing to consider it if they've not received any other offer.
  3. Think you've answered your own question by the end of the post, Matt! As Julia mentioned, if you're having difficulties with mould now with weekly cleans, imagine what it'll look like with a tenant living there who probably won't be diligent as you and girlfriend in managing it. If it's not going to be a performing asset, then there's no problems with getting rid of it to redeploy the funds to a better performing one. You'll just need to weigh up the costs and benefits of doing so. As it's been your principal residence, then there's no CGT.
  4. Hi tjlaws There's some discussion on the company available on the Property Tribes forum, including a response from its MD - https://www.propertytribes.com/topicsearch?keywords=solomon Do your due diligence on the company and any property you may be offered, and weigh up if it's worth it and whether it aligns to your overall objectives. Good luck!
  5. What type of information on HMOs are you looking to obtain? As Haf mentioned, local requirements will probably overwrite any learnings from books printed a few years ago. Best bet might be to visit the local council's website that you're interested in investing in and read up on the regs. (e.g. Google [local area] "HMO" or "Article 4"). You can also join local property meets and pick the brains of people that attend them, or check on Spareroom or visit a local HMO agent if any, to see what type of rooms are being offered and demand for them.
  6. Hi mhprog I've used @simon allen (along with a few other members on here as well) to arrange mortgages under the ltd co. to purchase properties. Efficient and very helpful service!
  7. Hi Abby Your friend can purchase more than 1 at the same time. In fact, if they buy it from the same vendor, they can benefit from a linked transaction and potentially minimise their stamp duty impact - HMRC link. Might be best for your friend to discuss options with a mortgage broker if they're looking to borrow funds to help with the purchase, and an accountant to ensure it's being purchased in the most tax-effective manner.
  8. HI Carlhague If you try their media resource page - https://www.nationwidehousepriceindex.co.uk/resources - there's a tab near the top for 'HPI Historic Data' that you can download as an Excel file.
  9. Depends on what you're looking to get out of investing in property. Limited info provided to say whether it makes sense or not. What's your personal/financial situation? Timeframe, goals, experience, contacts/network, other investments? You have a good starting position with the equity so that always helps!
  10. Hi Brian I might be missing something, but you say you rent the ground floor flat, so would this not be your landlord's problem? If I've misunderstood, then feel free to ignore me and follow the above.
  11. I use NRLA referencing as well and they've been fine. Efficient and they do all the chasing of employers and previous landlords etc. Usually the delays are caused by the tenant's employers not responding, but you can keep track of progress online. So far out of the 6 or so times I've used them the tenants have been great. The main thing is going with your gut when meeting the potential tenants. They might tick all the right boxes on referencing, but might be a nightmare in person.
  12. If you purchased direct through developer, try contacting them to rectify. If not, contact your solicitor who did the conveyancing to see if they can add some weight to the cause. As it's a new build, hopefully the developer is with the NHBC, so you can contact them and raise a complaint with the builder and they'll reach out to them to rectify.
  13. Hi Elliot Not sure how the formulas are working behind the scenes, how's the total annual costs? Is the total annual cost inclusive of the mortgage? Also, you have the EICR as an annual cost at £142 which seems quite high. A certificate for private rentals generally lasts for 5 years unless you're undertaking modifications to the electrics in between tenancies, so you can probably divide that figure by 5.
  14. Was that the lender's valuation or one that you commissioned yourself? If it's the lender's, then they might be particularly cautious, or perhaps there's little for the valuer to work with in terms of finding comparables so opted for the lower end. It's currently a hot market and homebuyers have pent up demand and savings to spend, hopefully before the end of the SDLT holiday. It may well be that the second purchase will fall through as well when they get their valuation done, so keep an eye on it and see if it comes back on the market. If it does, then get back in touch to let them know that your offer is there, assuming you're still happy to offer at the lower amount at that time.
  15. Ah, thanks Nick, you didn't have to. That's very generous of you. Hope the all the refurb goes well, be sure to post progress updates and photos! Good luck.
  16. As David has mentioned, you can use services like Viewber to request someone to view on your behalf. They're independent to the purchase so tend not to have any vested interest in the property besides providing you with a report. Costs are fairly reasonable and you get photos/videos and a general report. You can then use these to request quotes from builders if it needs work/refurbing. Obviously it's not as good as if you went in person, but sometimes if they're doing this day in, day out, they might spot things you might not if you're only doing sporadic viewings. You can also request them to ask certain questions or inspect certain bits of the property. They also arrange a suitable time with the agent to view the property, then send the report shortly after. I used them once as I think the cost for the report was £60 or something, and a return train ticket for me to go up to view would've been £80. Based on his report, I ended up purchasing the home and then went to view it after the offer was accepted.
  17. If you're using the likes of Rightmove, you can search for 'keywords'. There's an option above the first search result to "+ Add keyword", so you can search for phrases like 'need modernisation', 'refurb' etc. You can then save the search criteria and set up alerts for when a new property is listed. If you're using Zoopla, you can also search for keywords by clicking on the 'Filters' option after a search, then adding the same keywords. It's a bit hit and miss as it will depend on how good the descriptions are. Rightmove won't filter out those that don't have the keywords in it and will show you whether or not it contains those words. Zoopla will filter out those that don't match the keywords. Other ways might be contacting the local agents in the area you're looking for and registering your details with them, specifying that you're looking for refurb properties.
  18. You'll need to check the early redemption charges if redeeming before the 5 year fixed period. It will say what this is in the mortgage offer document and tends to be a percentage of the loan amount based on how many years you have left in the fixed term period - e.g. 5% if redeemed in year one; 4% in year two; 3% in year three; 2% in year four, and 1% in year five. There may be other fees associated too, so you'll need to weigh up the costs vs. the benefits of remortgaging, along with the benefits/risks of purchasing another property in a fairly hot market vs. the opportunity cost of not remortgaging/another purchase.
  19. Hi Nick Given the amount involved, probably best to have one in place. They're commonly referred to as JCTs. As you're on terms with the builder, maybe ask if they have one that they use already and then check the T&Cs carefully. If you're using an architect, then they probably have one available as well. Otherwise, you can opt to go alone and use this template - https://www.jctltd.co.uk/product/building-contract-for-a-home-owner-occupier which you will have to purchase for £29 +VAT, which seems reasonable for a contract (Note: I have no affiliation and have not used the services of JCT but have seen it recommended by others)
  20. Speaking from personal experience, you can transfer the funds from your trading company's bank account to the new BTL company's bank account as an intercompany loan. Works easiest if you have the same directors/shareholders in each company. You create a simple terms sheet in Word doc to say Trading Company is lending £X amount to BTL company at nil interest for an undetermined or 30 year period, then create some board meeting minutes to ratify the agreement.
  21. The rental amount can affect the mortgage based on the stress testing - e.g. either 125% or 145% of the rent at 5.5% interest. But given it's only £50 pcm different to the current market rate, can't see it impacting the ability to borrow too much. If in doubt, check with your broker but as others have said, wouldn't be too concerned about the valuation if the lender is still willing to lend.
  22. Bumping this post as started watching 'Money, Explained' on Netflix released in April '21. Has some great episodes about 20 mins each on; Get Rich Quick Credit Cards Student Loans Gambling Retirement
  23. Not usually the norm due to some potential issues with HMRC and if mortgaged, with the lender. There's another thread here that discusses it.
  24. Hi Diane Not quite sure I follow - who's the seller and who's the landlord? Are they not the same person/entity? As part of the legal pack, was there a contract between the current vendor and the managing agent? If so, there should be a termination clause in it to say how to cancel / exit the contract. You can always follow that process one you purchase it and takeover the property, and find yourself a new agent.
  25. Hi wbully It was part of the podcast episode 228. There's a link in the show notes, but for me, it asks to request access, so not 100% sure if it's still available.
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