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Everything posted by DerekT

  1. 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!
  2. 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.
  3. 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.
  4. 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!
  5. 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.
  6. 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.
  7. 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.
  8. 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.
  9. 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 the
  10. 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.
  11. 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 requ
  12. 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 i
  13. 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
  14. 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 se
  15. 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.
  16. 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.
  17. 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
  18. 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.
  19. 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.
  20. 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.
  21. 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.
  22. 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.
  23. 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.
  24. 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
  25. 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!
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