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Everything posted by DerekT

  1. Cheers, Adam! That's helpful to know. Te0 - feel free to ignore what I posted above. As per Adam's post, you can crack on with the Ltd Co mortgage, and use the same conveyancer to make the process smoother and hopefully save you some £.
  2. If it's done in one stage Adam, then does the Ltd Co. need to have a deposit to purchase the property, or would the lender just deduct it from the equity released funds? For example, if the property is £100k, does the Ltd Co. have to have £25k in the company account to use as a deposit for the mortgage, or would the lender just hold on to the £25k and release the £75k to the Ltd Co?
  3. I found this old post from Lilla D (3rd post down) where the OP's girlfriend was in a similar position - i.e. has a HTB loan and was looking to invest in a BTL via a Ltd Co.
  4. Hi Te0 Before doing so, have you reviewed the tax implications of doing so? As it will be a sale to the Ltd Co., you may trigger some capital gains and therefore be liable for capital gains tax. Also, stamp duty will be applied when the Ltd Co. purchases it with the extra 3% surcharge. Regarding the solicitors, not quite sure I understand. Assuming you do the transfer to the Ltd. Co in two stages (transfer then mortgage), you can probably use your preferred solicitor for stage 1 (transfer). Then once that's done, stage 2 you'll approach a mortgage broker to arrange finance and
  5. Like the two Adams have suggested, the lodger option would probably be the route I'd take. With your budget of £200k, you can get some decent 2 bedders around London, depending on which area you prefer to live in. As you're currently single, it also makes life easier as you're the sole decision maker on who the lodger will be. The lodger provides up to £7,500 in tax-free income which will help build your next deposit, or help pay off the residential one which in turn helps build your savings/equity. It'll also help you learn about property (i.e. going through the purchase/conveyancing pro
  6. Thanks all for clarifying the RightMove ad and quick SOLD STC notice. All makes sense. It is impressive the different lens an agent can put on a property when advertising it. They could've mentioned that it had 'good ventilation' as there's ducting everywhere!
  7. Hi MillyMollyMandy678 Think it depends on a few things; Area - where's the property located, is it in a mining town that might have a mining shaft nearby or contains red ash? Construction - is it a standard build or is it pre-fab concrete, any flat roof? Use / Purpose - will you be refurbing it or is it a turn-key investment? If you're refurbing it, especially if going back to brick, then probably no use getting one as you'll identify more whilst refurbing than you will from a survey as the surveyor is unlike to lift up carpets or chip away plaster to see the brickwork
  8. Received a RightMove alert today for this interesting property as it's not too far from one I own. Think the previous tenants were horticulturalist judging by the photos. Question is - why would the vendor / agent list it if it was SOLD STC on the same day? Also, why would you include the internal photos (i.e. why not just take the usual external shot of the front, similar to auction properties)?
  9. I think you can only answer that one oumdaldn! It depends on what your goals are, who your target market is, your exit strategy, risk tolerance, how hands on and involved you want to be with the property, how far you're willing to travel, whether you want to use a local sourcer etc... You can perhaps spend a week or weekend in one of those locations (subject to lockdown conditions) so you get a feel for the place. Another option, you can punch in RightMove properties up to £200k (based on your £50k deposit) and then limit the range to however far you're willing to travel from your cu
  10. Hi sourav I use Alan Boswell for my landlord insurance needs, found them to be competitive and responsive, with good service. There are other insurance brokers out there, I think Rob D uses Discount Landlord Insurance.
  11. Some positive news for Crewe confirmed today - Crewe HS2 Royal Assent is ‘catalyst’ for levelling up
  12. Hi Jayw To add to the above, there's loads of free Excel courses, with a variety of levels, on Udemy - https://www.udemy.com/topic/excel/free/ Otherwise, there's always Google/YouTube if you have a specific problem or issue within Excel you're trying to resolve.
  13. Try the address, they may have mail forwarding on. You can try knocking on the neighbours' door if the property has any, or if it's been derelict for a while, it might be on the local council's empty homes radar.
  14. Hi lj_p Without knowing the layout of your home, is there a way to make the downstairs space larger? Open a wall up / French of bi-fold doors? If the feedback was the smaller downstairs space as opposed to an upstairs bathroom, maybe see if you can rectify that instead? Again, will depend on costs vs. benefits, but might be cheaper and quicker than relocating the bathroom upstairs.
  15. Hi Craggy1sland I have no personal experience or investment in this development or agent, but there's a few threads over on the Property Tribes forum where other investors have also raised their concerns. I think there's a private group you can join to discuss the issues. Related threads are here: https://www.propertytribes.com/rw-invest-liverpoolmanchester-reviews-t-127636511.html https://www.propertytribes.com/one-baltic-square-liverpool-investor-group-t-127650252.html
  16. Agree the auction market is quite hot at the moment. Few theories for the high hammer prices might be; People trying to beat the stamp duty holiday Lockdown causing pent up demand and reduced supply Perhaps the winning bids came from builders, thereby able to bid higher if they're doing their own refurb Maybe the bids came from owner-occupiers, so not too interested in making a profit
  17. Hi Max Most likely the assured rent and no expenses have been factored into the purchase price, or they're being used as sweeteners to try and shift the properties. Some things to consider besides the headline figures: As they're student accommodations, you're limited in terms of exit - i.e. selling to another investor. What's the end goal/exit plan? What's the local market / competition like? i.e. for the same level of rent and purchase price, what else is available? Are there other purpose built student accommodation available / being built causing over-supply?
  18. Hi Jayvicks Try Landlord Action. You may have seen Paul on Ch5's Nightmare Tenants TV show, seems to get the job done. Not sure why you gave them an ultimatum to leave, particularly during a lockdown after they've lost their job? 50% of rent is better than 0%. Usually you would provide notice in line with the AST (minimum 2 months) and then they might leave on more amicable terms. Unfortunately you'll have to go through the official process to evict them. Seems like the tenant knows what they're doing and stretching out their stay for as long as possible. Best not to switch off
  19. Hi Mark / James, Few Qs from me please if I may? Do investor packs help the CS's job in terms of valuing the property? e.g. showing before/after photos, compiling local comparations. Valuations seem to be more on the 'cautious' side these days, which makes sense given the current pandemic and economic outlook. Is there any particular insight James can provide, or offer his opinion of the current property market and what to expect over the next year or so? Does the quality of fittings/appliances impact the value? e.g. do you value the same property differently if it had
  20. Hi Ollie I'm sure the brokers on here will tell you with more authority than me, but if you're buying with a standard BTL mortgage with the aim to refurb and re-mortgage in a short space of time like 3 months, then you're using the wrong mortgage product. Standard BTLs are usually for long-term (e.g. 10, 20, 25 and even 30 years now) with the lender factoring in their profit over this period. If you then suddenly refinance it after 3 months, you might get away with it the first time but if you consistently do it, they'll add you to the naughty blacklist and remove all borrowing options f
  21. If you have some time on your hands, trawl through Rightmove based on your postcode area +1/4 and then 1/2 mile and include those that have been marked as 'Under Offer / Sold STC'. Check those that have been sold, how long it took to sell and what condition they were in. If those that are sold with a higher price have been modernised to a certain specification, then take note of the floorplans, photos, description etc. After a few, you can build up a picture of what's selling in your area and for what prices. Also note if there's a particular agent that's selling most of them and give th
  22. Hi AJWT I used Viewber in Aug 2019 for a property that I ended up purchasing. Utilised the Silver option (£54 at the time), which had a report and photos. There wasn't a lot of commentary for items that didn't apply, but a few lines where the viewer called certain things out. I added extra questions/checks at the end of the report for the viewer to ask which he responded to which was good. I went to visit the property after purchase to collect the keys and it was aligned to the report. Obviously if you're there in person you can be more detailed in what to look for. But as David ment
  23. Hi Mark I've done this for a 2 bed (with en-suite) flat in London where the room rates are high enough to cover outgoings and provide sufficient profit. The only time it's been vacant was between March to July this year when one of the tenants went back to Germany due to the lockdown, but other than that both rooms have been rented out. Both rooms have always been let out to females in full-time employment, one gets the en-suite and the other gets the main bathroom so pretty much they both have their own bathroom. As Dino mentions, check with the freeholder, mortgage and insurers if
  24. As EvolutionBlogger has stated, lenders don't really like mixing the businesses in the event your training company runs into trouble, they don't want any links to it. Best to set up 2 separate companies with the relevant SIC codes to give you access to more lenders. Will mean extra accounting costs however.
  25. Hi James As you've noted yourself, it's a case of supply and demand. Most likely due to Covid lockdowns, demand for apartment living has reduced which increases the supply. Add on the number of new builds available in Liverpool, creating further supply that can no longer be met at previous prices. What is the competition / other available properties like? Put yourself in a tenant's position - if you were searching for a place, what would make you choose your property over the next one on Rightmove? Can you offer other options like reduced first month's rent, or perhaps utilise
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