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About DerekT

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  1. Hi Amariino Difficult tenants might be one of the reasons why it's going to auction! But in any case, sometimes the legal pack will include the tenancy information or agreement. If you have a solicitor to review the auction pack, you can ask them to check. Usually if it's non-auction, you can ask for the vendor's rental statements to see if rental payments are being made. Might be a bit trickier if it's auction though. Here are some other forums where it's been discussed what to look out for: https://www.propertytribes.com/looking-to-buy-at-auction-tenant-in-situ-t-127642720.html https://forums.landlordzone.co.uk/forum/residential-letting-questions/62263-buying-auction-property-with-tenants-in-situ
  2. With amariino on Rightmove Sold Prices and Nethouseprices. There's also Mouseprice. These are all free resources. Then there's the paid stuff like Property Data, which contains sold prices along with a lot more info.
  3. I've seen a few of properties that I monitor on a tracker that had been sat on the market since Q3/Q4 2019, but are now being re-listed at higher prices. One example is a house that was sold STC earlier this year after being on the market for 4 months, then became available again in the middle of lockdown. It's since re-listed for £20k more than the original listing price back in Q3 2019, most likely trying to catch out unwary buyers during the mini-boom. Similar to Haf, I'm building up some cash and looking to Q4 2020. Lots of government funding at the moment propping things up, including the furlough scheme which is due to end soon. But if you can find something of value now, then go for it!
  4. Hi Anna, I've used @simon allen from Searchlight Finance to help with BTLs up in Crewe. He's based in Knutsford and posts regularly here as well, very helpful and I believe the fees are payable on completion rather than application. Also, for solicitors, best to use one that's on the lender's panel to avoid doubling up on legal fees. However, if you need one in Crewe, I've used Poole Alcock before and they were responsive and efficient. Reasonable priced as well (compared to London prices). Good luck!
  5. I haven't found any specific property documentaries on Netflix yet. But the wife and I have been watching Selling Sunset on Netflix. She watches it for the drama between the agents, and I watch it for the property p*rn as some of the houses in LA are quality! Very different to the UK though...
  6. Hi G I've been using Rita 4 Rent for both my limited company and property SPV accounts for the last 3 years. Never met the actual accountant in person, only over phone or email, but they're speedy to respond and knowledgeable in both property and non-property areas. If you're okay at tracking your own invoices and expenses on something like Excel, then you send them that each quarter when VAT is due, or annually when company accounts are due, and they do the rest. As they have sight of both businesses, then they focus on maximising your tax-efficiency.
  7. Hi Heather, I haven't done it myself, but seen quite a few that have. You need to find out who the owner of the empty property is and approach them. There's a few methods to do so; Ask the neighbours - they may know who used to live there or owns it Request a copy of the titles from Land Registry (small fee of £3 I think) then write to the person listed on the deeds (assuming they haven't moved as well) If it's been empty for a while, then it might possible be on the local council's empty property list, so might be worth checking with the housing dept. Once you know who owns it, the purchase process is the same as a normal one. Good luck!
  8. Hi Chris I use Patma and Advanced Property Insights. They seem to work quite well with Rightmove.
  9. Pretty much any purchase above £125k will now benefit from a saving in SDLT, but as it's a percentage, the higher the purchase price, the higher the saving. For example, assuming it's a second property or via a company, at a purchase price of £125k, you don't benefit from any savings and will still pay £3,750. If you spent £300k on a property, you'd save yourself £5k.
  10. I have updated my Property Tracker Spreadsheet to up the threshold for 2nd homes to £500k. For example, on a purchase of £150,000 - prior to today, you'd fork out £5,000 on SDLT. Now and until next March, it'll be £4,500. Every little bit helps, but unless your purchase is above £125k, then it doesn't make any difference!
  11. Hi Lorenzo, I'm no architect, but they look Victorian to me (as looks similar to my current residence!). Here's some extra info (with handy pictures) from Foxtons about the main differences in period properties. You might be able to put 1900 as the year built, but can always call up the insurers or broker if unsure.
  12. Hi Nicola, Not sure if it's what you're after, but I have this checklist saved on Google Sheets here. Contains a schedule of works with some areas to consider.
  13. £0 deposit options started popping up last year. The Property Tribes forum has quite a few threads about the pros/cons of it, including this one which has a video of it. Hopefully it provides a bit more info for you.
  14. Hi Lynn Some alternative options (depending on your credit rating and risk tolerance); Family and friends - are you able to ask for a short-term loan? Perhaps offer them 'mates rates' of 3-5% which is far more than they'll get in a bank account; Credit card - can you pay for the extras on a credit card and then transfer the balance to a 18-24month interest free card and repay it before the end of the interest free period? With bridging and mortgages, I think there may be minimum lending amounts, so not sure if you're able to borrow just to cover the difference. A broker on here will be able to confirm.
  15. Some lenders offer free valuations, some charge a few hundred. For Ltd Co., there's usually additional legal costs involved, including personal guarantees. So they tend to ask for separate legal advice for the company, and then for yourself. Depending on the solicitor, they may be comfortable having a different solicitor within the firm to provide this advice and sign it off. Others may ask that you arrange separate legal advice from a different firm. This can be a few hundred pounds as well, some charge a lot higher. Another 'depending', your lender may not require this but a lot do tend to request the extra guarantee.