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DerekT

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  1. Like
    DerekT got a reaction from dino v in Recommendation for Mortgage broker and Solicitor in Crewe?   
    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!
  2. Like
    DerekT got a reaction from nicholas_b in Are Rob and Rob's prediction of a boom starting to come to fruition?   
    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! 
  3. Like
    DerekT got a reaction from afrokiss in Great Yarmouth Rental Market   
    Hi Anisa
    Home.co.uk shows the average and median rents, along with the time on market, so this might help? 
    https://www.home.co.uk/for_rent/great_yarmouth/current_rents?location=great_yarmouth
  4. Like
    DerekT got a reaction from Alvin in Property Extensions for Web Browsers   
    Hi Chris
    I use Patma and Advanced Property Insights. They seem to work quite well with Rightmove. 
  5. Like
    DerekT got a reaction from ljp99 in BRR figure run through   
    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. 
  6. Like
    DerekT got a reaction from onkar in Property Extensions for Web Browsers   
    Hi Chris
    I use Patma and Advanced Property Insights. They seem to work quite well with Rightmove. 
  7. Like
    DerekT reacted to Rob D in Chancellor Cuts: Stamp Duty 0% up to £500k   
    We've put together a quick Excel calculator for seeing how much you'll save, and an article here with some more of the details.
    A rare win for investors!
    We'll be talking about some of the likely effects of this on next Tuesday's Ask Rob & Rob podcast.
  8. Thanks
    DerekT got a reaction from DavidR in BTL Calculator Spreadsheet   
    Evening
    I have this one saved on Google Sheets that was based off of Rob's version, and then modified to include other details if it helps?
    Google Sheets - Property Calculator
  9. Like
    DerekT got a reaction from juan in Is Barking Riverside in London a good investment opportunity?   
    Hi HKD
    It'll be similar to the Royal Docks development where old industrial estates merge to provide a mass residential scheme. 
    Barking has been an 'up and coming' area for a while,  but if the development does go ahead it should provide more life and money into the area. It's probably a long way off before that happens so if you want to get in the area, might be better off looking for a solid, existing house or flat with share of freehold to invest in rather than a off plan/new build. 
  10. Like
    DerekT got a reaction from benjiw in BTL Calculator Spreadsheet   
    Evening
    I have this one saved on Google Sheets that was based off of Rob's version, and then modified to include other details if it helps?
    Google Sheets - Property Calculator
  11. Thanks
    DerekT got a reaction from juan in Where in London to invest?   
    Hi Tanya
     
    Welcome to the Hub.
     
    Being a Londoner, there's always news in the Evening Standard about property prices here. One day it says it's going up, next it's stagnant or falling, then the day after it's back up again. 
     
    However, depending on your budget, there's still plenty of areas for potential. As I've only lived east/south-east London, I'm slightly more biased towards the area. Given the number of developments and regeneration happening, there's still room for growth especially if you're looking to flip. Some initial thoughts based on the limited info include:
    Abbey Wood - end of the line for Crossrail branch. Plenty of terraces in need of modernising within short walk to the station.  Plumstead - next door to Abbey Wood on the Southeastern line, I lived here for a year while saving up for a deposit and it was a bit rough at the time, but had good transport links (buses to Woolwich/Abbey Wood for CrossRail/DLR, and mainline rail) Woolwich - huge regeneration has taken place in the area so prices have been factored in, but you still might be able to find a property to flip Charlton - disclaimer: my current residence - but plans to regenerate the riverside with a 'masterplan'. Ikea has purchased a site there and a new shopping estate with Mothercare/Primark/Next etc will be opening soon. Lots of tired looking properties in the side streets and not as pricey as the neighbouring suburbs in Greenwich. Custom House - Crossrail and close to Canning Town (Jubilee/DLR), however prices may have already been factored in. Still quite a few tired properties available though Forest Gate/Manor Park - close to Stratford on mainline, nice streets with some potential development opportunities. As with most London properties, it's always a bonus being close to a station. Good luck with the search!
     
  12. Like
    DerekT got a reaction from ljp99 in BRR figure run through   
    In addition to Haf's points, there may be valuation fees involved and if it's via a limited company, then extra set of legal costs.
    You might have included it already in the costs, but there's also utilities and insurance. Depending on your local council, you may get a period free of council tax, so could save some funds there. 
    Can't see the cost of the mortgage repayments for the initial borrowing and the refinancing? Or are you only looking at upfront costs?
  13. Like
    DerekT got a reaction from nick b 94 in Has everybody experienced the "Certificate of Confirmation of Advice" with a Ltd Co?   
    Hi Nick
    The first time I purchased through a Ltd Co I had to do one with Precise mortgages, cost about £300 and another (commercial) solicitor from the same firm ran through the advice. It was literally 10 minutes explaining what the Ltd Co was getting into with the mortgage as everything needs to be arms-length for your Ltd Co. You sign a few bits and all done. Easy work for the solicitor! 
    Second time with Lend Invest and they didn't require one. 
    Good luck with the purchase!
  14. Haha
    DerekT got a reaction from richard brown in Funny Sales video from Australia   
    Don't forget this cracker of an advert of a property in Padstow, NSW! Not sure if I was viewing a house for sale or 50 shades...
    Edit: For those playing at home, it eventually sold for A$1.72m after only being on the market for a month, so advert must've helped! Nice uplift in value. Gotta love Sydney house prices.

  15. Haha
    DerekT got a reaction from winnie in Funny Sales video from Australia   
    Don't forget this cracker of an advert of a property in Padstow, NSW! Not sure if I was viewing a house for sale or 50 shades...
    Edit: For those playing at home, it eventually sold for A$1.72m after only being on the market for a month, so advert must've helped! Nice uplift in value. Gotta love Sydney house prices.

  16. Like
    DerekT got a reaction from nick b 94 in Setting up a company with a family member   
    Hi Nick
    Just like with any joint venture, you still need to do your due diligence with family members. As Adam mentioned, do you have the same goals? What skills do you each bring to the company? What happens if there's a disagreement? With a non-family JV, you might be less emotionally tied which in turn might make decision making easier, but when it comes to family and money, this might be more difficult. 
    So be sure to sit down with the family and document your plans, including any potential exit plans. 
  17. Like
    DerekT got a reaction from niall-g in Best business bank account for a new start up.   
    +1 for Starling. Easy to set up and no fees (unless you're using the Post Office counter service, otherwise ATMs and online all fee free). 
    Also use Metro Bank which has been decent. It does charge a £5 monthly fee if your balance is less than £5k. Otherwise, their app and overall service are fine, especially if you have a branch located nearby. 
  18. Like
    DerekT reacted to cmaherdoyle in My BTL calculator   
    I have been working on an excel version for a little while, but by no means an expert in excel. I tend to prefer excel because I can so easily make changes to the inputs and see immediate real-time results, but I think this online option is great.
    I have attached an image of what I am using - not sure about the quality/resolution, and it isn't for a specific property.
    I prefer too much information rather than not enough - my goal is to get as much information available as possible on one spreadsheet (present financials, projections, location indicators, stress testing etc.) Feel free to point out anything I may be doing wrong if you can actually read the damn thing!

  19. Like
    DerekT reacted to simon allen in Bridging or Mortgage for Refurb-Refinance   
    Bridging or cash. If you do it through BTL you will be on the lender's naughty step, get banned from using that lender and ultimately blacklisted for mortgage fraud. Harsh but true. 
  20. Like
    DerekT got a reaction from taxantics in Best business bank account for a new start up.   
    +1 for Starling. Easy to set up and no fees (unless you're using the Post Office counter service, otherwise ATMs and online all fee free). 
    Also use Metro Bank which has been decent. It does charge a £5 monthly fee if your balance is less than £5k. Otherwise, their app and overall service are fine, especially if you have a branch located nearby. 
  21. Thanks
    DerekT got a reaction from CamillaJ in Looking for recommendations for mortgage advisers to help with Company BTL mortgages   
    +1 for @simon allen.
    He's always been helpful and genuinely looks after your interests and property goals.
    I've spoken to him on the phone a few times, but never met! He's based in Knutsford, I'm down in London.  Majority of the work is done online.
  22. Thanks
    DerekT got a reaction from niall-g in SPV LTD company start up loan   
    Hiya,
    Different shareholders might limit your options as the lender might be worried if one business falls into trouble. 
    Best to seek professional advice to weigh up your options to maximise both your lending options and tax efficiency.
    For mortgage broker, I personally use @simon allen from Searchlight Finance. He's been very helpful in arranging finance. As mentioned, there are other brokers that also contribute regularly to this forum, so see what works best for your circumstances. 
    For accounting needs, I use Rita for Rent for both my limited companies. Again, other accountants are available and also post on here.
  23. Thanks
    DerekT got a reaction from niall-g in SPV LTD company start up loan   
    Hi niall-g
    I've done this twice before so it's definitely possible. It's an intercompany loan between your Business A and Business B. Assuming one of the business has been set up specifically for property investing (i.e. with the correct SIC codes)? It makes it easier if you're sole director and shareholder for both. 
    There's plenty of knowledgeable brokers on here that'll be able to assist. Also, if you have an accountant, you can give them a heads up on your proposed activity. 
     
  24. Like
    DerekT got a reaction from Anton J in My BTL calculator   
    Nice work Anton. Seems to all work based on the various options I clicked around. 
    I think the benefit of a s/sheet over a web-based calculator is the ability the compare deals and offers. Would there be an option to say, save Deal 1, then re-run the figures for Deal 2 then compare?
    You may have come across the Bigger Pockets rental calculator. Although it's US based, perhaps something like that would be good, where you can then print out the analysis as a PDF which you can either use yourself or show investors if you're a sourcer? 
  25. Like
    DerekT reacted to Anton J in My BTL calculator   
    Hi all,
    For anyone interested I wanted to share this calculator I put together to analyse BTL and buy-refurb-refinance deals:
    https://www.thepropertycalculator.co.uk/
    I have been using an excel sheet for a few years and decided to build this web version so I can easily access it and to simplify the interface a bit. There are still some enhancements to be made and it's not as sophisticated as some calculators I've seen but it works well for my needs. 
    I'd really appreciate any feedback you have. Feel free to use it yourself if you like it, it would be great if it helps others on their property journey too.
    Anton
     
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