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About DerekT

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  1. Would be good to meet up in April outside the Prop Hub one (depending on work / family). Anywhere in particular? Shoreditch/Spitafields area as it's close to Whitechapel (and selfishly my office), and if you're hungry you can grab a curry from Brick Lane. Or you can meet at the same place as the Hubs one and just peer in and eavesdrop from afar.
  2. This article and calculator from Mortgages for Business are quite helpful in laying the foundations. BTL calculator - allows you to plug in figures and compare personal vs. ltd co tax situation Article
  3. Hi Mitchbase There's an existing thread here from a while ago. Basically, it will be considered as personal funds from the remortgage, then a director's loan to the Ltd Co. No tax is payable unless you start charging interest on it.
  4. Hi Ruth Don't think you have any real obligations to do anything more than what you have already done. As annoying as it is, you can just keep popping the mail back in the post box as return to the sender. Then it's up to the debt collectors to find out where the previous owner lives. If the previous owner provided another address on the contract for sale docs, then you may decide to contact the debt agencies to let them know of a possible alternate address if you're bothered. There's a thread here on the Property Tribes forum that has discussions about it
  5. Is it possible to inspect the property for yourself and see what the damage (if any) there is? What's the demand like in your area? Would it be easy to rent out again? It might be easier just to let the tenant leave, complete any works that are required, then re-market it empty. Just thinking that if there's demand in your area, it's probably better to re-market it over Spring/Summer than December when it's Christmas and cold. Also, if the tenant continues to complain and feels locked in, they may cause even more damage to your property. You'll have to weigh up the costs/benefits of having a void, or a disgruntled tenant. They'll most likely have to provide you with a month's notice to leave, so that might give you sufficient time to sort things out.
  6. Best way to invest £100k in property - attending 20,000 Property Hub meet ups. And if I had another £100k, I'd pump it into a couple of deposits for 3 bed freehold, standard BTL homes up north, and set some funds aside as a cash buffer. Keep working as I enjoy what I do, build up the savings, and repeat in a couple of years.
  7. Supposedly the 'blip' stage where it stagnates or dips a little before the larger increase in value. Based on original estimates, the next proper 'crash' is due sometime in 2024/2025.
  8. Property Tracker works for me - just shows price movements though. https://chrome.google.com/webstore/detail/property-tracker/abgkpdjomdmemeefdefalbeogkmlmand
  9. Metro allows you to, but I don't use Xero so can't provide first hand feedback. https://www.metrobankonline.co.uk/help-and-support/xero-questions/how-do-i-connect-my-account-to-xero-accounting-software/
  10. Got excited then saw it's still in the city! Not really sure Farringdon is London East, especially based on its postcode.
  11. This Which? article might help - about half way down. https://www.which.co.uk/money/tax/capital-gains-tax/capital-gains-tax-on-property-avuq96u1500f Was the property your Dad's principle home, or an investment property that you rented? Tax position may change depending on property type.
  12. There's an article / podcast here that provides some insight. As the service accommodation isn't considered their main / only residence, then HMO regs and licenses don't apply. However, you may need planning permission to use it as a short-term let. There's always the caveat to 'check with your council' as they'll be the ones who'll be enforcing any licenses.
  13. Not yet, but very close to. Just doing the due dil and monitoring the area / tracking listings on Rightmove to see what the delta is between asking and purchase prices. I can't really comment on Liverpool vs Nottingham as I'm not familiar with Notts. I'm sure other members on here can assist. I'm based in London as well (reside in South East, work in the City), so happy to meet up and chat more.
  14. Hi Paul My impression was that because the debt is taken out and is static from the day you take it out, its value will be eaten away slowly by inflation. The only thing is if you decide to continually remortgage and increase the borrowing by taking out equity as the property value goes up, then it kind of resets the clock. Regarding costs, I'm guessing that as those are applied at the time it's invoiced (e.g. letting fees, maintenance costs), these will just rise along with inflation, but hopefully this will be offset by increases in rent as well (as long as wage growth occurs to allow for the increase in rents).
  15. Hi Pedr Based on what you've said, I'm guessing your property is based in London or the SE? I tried to extract some equity from a London flat last year but unfortunately the stress tests ruled it out. It's generally because the rent coverage isn't sufficient to meet the stress tests for lenders. They will test it based on interest at 5.5%, and depending if you're a low or high tax rate payer, at 125% or 145% respectively. So for example, if your rent was £1,000 pcm, that equates to £12,000 per year. Divide that by 5.5%, and divide that again by 125% (assuming lower tax rate - if not, change it to 145%) and you end up with about c.£174,500 available to borrow. So if you have a 75% LTV, that means the property price is c.£232,000. I think I've done that right, if not, I'm sure a broker will happily correct me! Not sure how to get around it though. Perhaps if you have friends, family or network/JV partners with funds to invest, you can borrow it off them and either use your home or use the new investment property as collateral by adding the investor as a charge or drawing up a separate loan agreement.