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Everything posted by Andrew

  1. Hi Richard, If you did any refurbishment (but not improvement) work to the house to get it ready for renting, this could also be used as a loss against your taxable profit. I'd add travel to and from the property for viewings and managing the rental if you're managing it yourself. Postage costs? Use of a room at home as an office? Maintenance would cover things like gas/electrical safety inspections, any repairs required during the course of the rental etc. There are probably a few other things too. BUT I'm not an accountant or any type of tax expert! I use a variety of spreadsheets to record income and expenses and track ROI for each property.
  2. Hello, This is about insurance for a leasehold apartment. The freeholder has insurance to cover the building. I'm planning on getting insurance to cover the contents (it is unfurnished but I have provided washing machine, blinds) and to provide landlord's liability insurance. However I'm struggling to get cover for malicious damage by tenants. The combined buildings and contents cover I have for my other property, a freehold house, includes this. The freeholder's policy covers malicious damage by 3rd parties but not by residents. I'm concerned about a situation such as a tenant causing malicious damage to the kitchen/bathroom in excess of the deposit held. I realise this is probably (hopefully) quite rare but as I've got the cover on my house policy I was hoping to have the same level of cover for the apartment. What do other people do about this? Cheers
  3. Thanks for the tip about Streetlife - I hadn't heard of it before.
  4. Hi mgordon100, yes indeed it is! Tried to send you a PM about it but when I tried to send it said 'mgordon100 can't use the messaging system.
  5. Hi Max, Thanks for your reply - it is a large 2 bed flat and is a new conversion of an existing building so I can see how they might have more costs than in a completely new build, just odd that the actual figure is so far removed from the estimates. Cheers, Andrew
  6. Hello everyone, I've just purchased a new build leasehold flat, my first leasehold purchase. When I first agreed to buy it, the service charge was estimated at £1000 pa. During the buying process, my solicitor got an estimate from the proposed management company of £1250 pa. I've now had the first bill through (from a different management company who seem to have been instructed instead of the company suggested during the buying process) indicating a service charge of £1900 pa. I appreciate the first 2 figures were estimates and the ROI is still good at £1900 so its not the end of the world or anything, but it is a little frustrating they were so far off the mark. Has anyone else encountered this situation before? I think my first step will be to contact the managing agent to check it isn't a mistake, but beyond that? Any advice / suggestions gratefully received! Cheers
  7. Hi Ryan, Good to hear from someone else in Derby! Regarding mortgages, do you mean loss of full time employment or loss of permanent employment? I think loss of full time employment would be OK if your salary remained above the lender's minimum. However loss of permanent employment might make things more tricky. I'm self-employed and because I currently have less than 2 years of accounts, this rather limited my choice of mortgage. As a result my partner and I decided to invest together and made a joint application. She is in permanent employment so this opened up a wider range of choices again. I'd recommend having a chat to a decent mortgage broker to find out how limited your choice might become. Good luck with your gas safe qualification. Might get back in touch with you later to have a chat about decent tradesmen in Derby! Cheers Andrew
  8. I also use the AST from the National Landlords Association. Available for free on here but would only have cost you £80 if you'd had to pay to join the NLA to get it
  9. Andrew

    Help to Buy

    Hi Charlie, I really wouldn't do this. It may be a quick way to get some cashflow but it could also be a quick way to end your property investing journey by having every mortgage lender refuse to lend you any more money. Like the lodger idea, its how I managed to afford the mortgage payments on my first house. Cheers
  10. My understanding (although also by no means an expert on the matter) is that if the property is owned as tenants in common then a document can be drawn up nominating who is to benefit from the rental income.
  11. Hi John, With my first property I decided to manage the letting myself because I wanted to learn more about the process. I decided that the knowledge acquired in doing this would be useful whether I chose to use a letting agent later or not, because knowledge of the process is really useful for checking whether the letting agent is doing their job properly! I joined the National Landlords Association and used their AST. Also paid for credit checks to be done, and for advertising on Rightmove. So managing the let yourself is cheaper but probably not free (certainly not the way I chose to do it anyway) I found David Lawrenson's book 'Successful property letting' really helpful when I was getting started as well. Cheers
  12. I've been an LNPG member for over a year now. I used their suppliers wherever possible for materials for refurbishing my first house. After being initially sceptical about their price claims, I subsequently became very impressed. Very good prices for replacement boilers amongst other things - the saving on a boiler alone more than paid for the membership fee.
  13. Hi Andy, I used Lisa Orme/Williams as my mortgage broker for a recent remortgage and it was a positive experience. Very good service and always had time to discuss options and next steps on the phone.
  14. Hello! I'm Andrew, based in Derby. I joined the property hub based on the excellent content in the property podcast. I've been catching up on the podcasts on my daily commute. I've currently got one buy to let property, which I've been renting out for just over a year. I did a complete refurbishment on this property, doing most of the work myself. For some time now I've been a bit stuck with where to go next on my property journey so looking forward to some inspiration Cheers Andrew
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