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DerekT

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Everything posted by DerekT

  1. Hi Colenago As long as the lettings agent is legit and decent, then you should be covered. However, the onus still falls back on the landlord in the event anything happens - e.g. the agent doesn't protect the tenant deposit, the liability is still on the landlord. But no, there's no official scheme you need to be a member of as a hands-off landlord.
  2. Hi Frank Great spreadsheet and research, looks great! If it helps, I can ping you a spreadsheet I created for someone else that was looking to invest in HMOs in certain Leeds postcodes. I don't personally invest there and it's a bit outdated (two years!), but you're more than welcome to look at the data included in it to build on your own one. It includes things like population size, employment/social class breakdown, housing stock, price/earnings ratio, current/recent sale prices, and room rates.
  3. Hi Kalok Your solicitor should be able to confirm what's required, but my understanding is some typed up minutes of a 'board meeting' would be sufficient. You can Google what needs to be in them, but the standard company name, address, date of meeting, and then confirmation that it accepts the terms of the mortgage offer dated XX April 2021 from XYZ Lender, signed and dated by the directors of your limited company.
  4. Hi James Great to hear your plans! You may initially find it difficult to engage a builder / PM without a property in place. Most builders (the good ones at least) are generally booked out for weeks these days, so might be hesitant to attend viewings with you to cost up projects. Unless you have an existing contact or recommendation, you could find a potential builder from places like MyBuilder, ask your local building merchants for recommendations, or walk around the area and see if you can see any working on existing homes. You can then ask or offer them a small payment for
  5. If you're looking to give the items away for free, or sell them at a very lost cost, then Gumtree works a treat. Nextdoor is also good for local collections. You'd be surprised what people are willing to pick up!
  6. Hi Seanmc23 One way to reduce your taxable income is to salary sacrifice more of your employment income into a pension. You could salary sacrifice the amount of rent you're expecting to receive so it keeps you under the higher tax bracket. This is assuming you're currently employed and don't need the extra income generated by the rent as the funds wouldn't be accessible until you retire. However it'll be invested in a tax-effective pension environment where you can invest in a ETF or something that provides potential for decent capital growth. I'm not a financial adviser. tax account
  7. Hi rid Assuming that's Stratford in London, then lofts tend be alright given the limited space and prices in London. One way to check is try to and find somewhere close by that has done the same, converting a loft, and see if you can find a value on it if its been sold recently. Might take a bit of digging around Rightmove sold prices, or if you know of any neighbours that have done so. Best way to get a builder is through recommendations, so again if you know of anyone that has done a loft recently and they're happy with it. Also, if you drive or walk around your neighbourhood, see
  8. As @EvolutionBloggerand @dino vhave mentioned, not giving up. If you come across a problem or setback in property, it's probably not the first time it's happened. So reaching out for help, whether it's a forum like this, a broker, accountant, builder etc, there's most likely an answer or solution for it. And always keep learning. Things change, especially over time (e.g. new taxes, building regs, council crackdowns etc.), so to be and stay successful, you need to be on top of things. You don't need to know everything, you just need to know who to call...
  9. In addition to the good advice above, Rob D has a handy page on his Geek site about finding sourcers. In short, you have to do your due dil on both things, the sourcer and the property. Sometimes it's more work than trying to find your own property!
  10. Hi jayw I have one available for free on my site where you can plug in figures to run some quick numbers. Hope it helps!
  11. Hi mac-higg Depending on your goals, financial and personal circumstances, risk tolerance, and whether you're already living in your own home or not, have you thought about buying a home to live in yourself, say a 3-bedder, then rent out the other two rooms to lodgers? Not sure if the £11k is enough for a deposit for a 3 bedder in your area. Benefits are: mortgage rates are generally lower compared to BTL mortgages, it's tax-effective, you can receive up to £7.5k per year tax-free in rent from the lodgers, you get some experience in finding, referencing and manag
  12. Hi Stephen I use insurance brokers, Alan Boswell for landlords insurance, and they have 'unoccupied property' insurance when you're refurbing and it's empty. There are other brokers available, but I've found AB helpful and affordable.
  13. Been fortunate enough to have good, working tenants. In the last 3 years or so, only had 1 change of tenants across the two properties. During Covid, one of them was in arrears for 2 months but the agent chased and discovered it was because they were stuck overseas. They then followed up and once the tenant returned to the UK caught up on the arrears. Maintenance wise, they kind of sort out jobs under £100 or so, and larger jobs they'll let me know to ask for the go ahead. Monthly statements come in and it's all pretty hands off, but they're contactable and responsive when needed.
  14. DerekT

    Hello

    Looks like you have a great property there foster! Lots of options and depends on what your plans and goals are. I'm not familiar with the area, so cannot provide any specific insight, but if you want a bit of both based on the considerations you've listed above, could you perhaps live in one building, and rent out the other as a service accommodation/short term let? You can then get the good life whilst generating an income from it.
  15. Hi Lukel I've been using Your Move AN for a few years now. They're quick to respond to any issues, don't cost too much and have found decent tenants with minimal void periods. They also have an online portal to keep track of your portfolio.
  16. Hi Jameston Are you looking to use it to list a house, or to provide it to architects/planners to refurb/develop the property? I've played around with Floorplanner before, it's free but takes a few goes before you get used to it. You can even style and convert the 2D layout into a 3D one.
  17. Hi Richard I'm not a broker, so please check with one, but I believe that if your Nan is still living there when you decide to mortgage it, then you'll be severely restricted in terms of possible lenders as she's considered a relative and is usually excluded as being a tenant in the T&Cs. If you don't charge market rent, then that brings up even more issues of sale and rent back which is a FCA regulated event now. Best to speak to a good broker to weigh up the options.
  18. Hi Chrispg Is there a floorplan for the property? Can't picture the living/dining/kitchen being a single room yet still split by a door frame. The main hurdle would be, depending on what's in the lease, the landlord will usually have to get consent from the freeholder as it might be deemed a layout change by adding another bedroom. So whether or not they'll be bothered is one thing. If they are and do get consent to change it to a 2-bedder, then what's to say the landlord/agent doesn't bump the rent up to what a 2-bedder would be? Other things to consider: Does the 'lou
  19. +1 to Chris' strategy. Difficult to top the tax benefits and potential returns of a SIPP and ISA. There's plenty of decent ETFs and funds generating 10+% year on year in a tax-efficient environment. You compare this against the taxes placed on landlords and the additional work involved. However, it does depend on your personal circumstances and financial needs. If you decide to invest the entire balance into property, then £60k per annum is achievable based on your initial sum, but you'll most likely need a few HMOs to boost the income to get to that level as single BTLs won't give you t
  20. Depends if you're going to be reaching out for private financing, direct to vendor mailouts, or Instagram followers. If you're just looking to invest your own funds in the property business, the name doesn't really matter. Banks and agents aren't that fussed. If you're looking to build that brand for the purposes of attracting investors, or interested in creating a following on IG, then perhaps a memorable name is desired to build that relationship and stand out. For mine, it's just [Family name] Investments Limited, which outlines who owns it and what it does. I think a compa
  21. Starling was a breeze to set up (one day turnaround) and the app is easy to use. I also have a Metro business bank account which is alright if you have one near you and need branch access. No fees if balance is > £5k, decent app and security, and wasn't too much of a hassle to set up (took about a week).
  22. I'm signed up for it and use it sporadically but found entering all the details a bit clunky. There's a lot of clicking around, selecting the right option and data entry. Preference is still spreadsheet with a tab for each property with a main summary tab for consolidated view. Although I'm sure it's a great business and viable product, my other concern is what happens if they decided to shut up shop or ran into financial troubles? All your info's stuck on their system and you'll have to unwind everything.
  23. Hi Paul When you say you tried the LR website, did you purchase the title deeds for £3? It should show the ownership there. If not, try contacting the local council to see if they're aware of it on their empty properties register as they might be sending their council tax bills somewhere.
  24. Hi Leoa Congrats on wanting to get started at your age! I'm guessing you're saying you can't invest in property yet due to lack of income and deposit? If so, in addition to educating yourself as Mark's suggested, is there anything else you can do during down time from university? Some examples might be: Work experience at a local real estate agent - e.g. helping to do viewings on weekends; Work experience at a local hardware store on weekends - e.g. B&Q, Howdens, Selco - get to know local builders and what they're working on; Networking events / seminars - som
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