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About bradleywood

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  1. Hi Derek, That's absolutely perfect, thank you! Also, just a quick one on the legionella risk assessment.. I've never usually done one of these because I've never had a property sitting empty for very long so not really been on my radar. However, this property was a repossession and has been sitting empty a while so I wanted to do one here. I was going to order a kit online priced at about £50, does this sound about right to you? Or any other tips for this? Thanks! Brad
  2. Hi, Does anyone have a checklist of all documents that must currently be issued to tenants at the start of a new tenancy? Thanks, Brad
  3. Hi Dennis I was just thinking that if the flat was purchased cash there may not have been a valuation. However, if there was a mortgage used there would have been a valuation and surely no bank would lend on a £160k valuation where other recent sales in the block were £110k max. Conrad - Thanks, I will do this. That would make sense if the portal was wrong! Thanks, Brad
  4. Hi all, I have just bought a flat within a stand alone block. I paid £90k due to it being repossessed but generally the flats have been selling recently for £100-115k. All within the block are pretty much the same. However, when checking recent sold prices in preparation for refinancing I noticed that 2 flats have just be sold for £160k each within a month of each other! This is far in excess of the value so can’t imagine that either has a mortgage attached. I wondered if anyone knew of any reasons why people might (and get away with) selling/buying properties for seemingly inflated prices? Also, how would a valuer view these transactions? I assume they will be disregarded. Thanks for any insight! Brad
  5. Hi, I wondered if anyone with prior experience may be able to give me some guidance. I’m about to make my first BTL purchase through a limited company. I am the only shareholder/director. I will be funding the purchase in cash with some also from my parents. I want to ensure that the money is a director’s loan rather than a gift to the company so that I don’t have to pay tax to get money back out of the company that I have already paid tax on. Is there anything ‘special’ I need to do to ensure this? Or will the fact that it is an agreement between me as an individual and me as sole owner director/shareholder be enough? And the fact that the paper trail will show money going from my account into the limited company account. I’m not going to charge the company any interest or anything like that, it’s just to ensure I don’t pay ‘double’ tax. Also, my parents will gift me money as an individual which I will then loan to my limited company. Rather than them gifting/loaning the money to the limited company. Any advice would be much appreciated! Thanks, Brad
  6. Hi Haf, Thank you for your insight. That's exactly the approach I was going to take in terms of the director's loan into the company but it's good to know that a lender would dig much deeper than the fact that the company already owns the property. Also, thanks for the heads up with the solicitors, I'll be fine with proving source of the funds but assuming it doesn't actually need to be in the company account for 3 months? As in, if the money has been in my personal/my parents account for 3+ months and then they transfer to the company account that should be fine? As they can see the build up and source of funds. Thanks, Brad
  7. Hi, I’ve got a quick question about the funding of a BRR project. When I come to refinancing will the lender question where I got the funds for the purchase/renovation from? An example just to add some context: £90,000 - Purchase price £5,000 – Costs £10,000 – Renovation £105,000 – Total spend £120,000 – Final value £90,000 – Borrowing at 75% LTV £30,000 - Equity £15,000 – Funds left in the deal The funding for the initial £105,000 would probably be approximately £50,000 personal funds & £55,000 from parents/grandparents. Would a lender question this? Should it all be my own funds? Also, the deal would be within a limited company with myself as sole shareholder & director. Also, in that example the money left in the deal would be all mine so would this help? Thanks! Brad
  8. Hi George, I've only been looking in a city centre at the moment. There does seem to be quite a lot of reasonably priced properties available. Brad
  9. Hi Stuart, thanks for letting me know! I went back with those reasons and all seems ok!
  10. Hi, I am currently in the process of purchasing a couple of BTLs in Sheffield, I currently live in Leeds and the underwriter for the lender has asked why I am buying in Sheffield when I live in Leeds? Has anyone else ever been asked this or does anyone know what would constitutes an acceptable answer? I have a number of reasons for buying in Sheffield: One actually being that it's not too far from where I live (Only a 1 hour drive), I think currently Sheffield city centre offers better value, yields and a lower price point than Leeds city centre, I think it has more capital growth potential than Leeds and also I know Sheffield well as my girlfriend lives there so I may eventually move in with her and live there myself. Would these reasons be acceptable to a lender? Thanks, Brad
  11. Hi James, Sorry, I've only just seen your reply to this. How have you been getting on in Leeds? The prices on the street my Pudsey flat is on seem to keep increasing! I've had a change of tactic and have started to look at Sheffield, hopefully catch it before it grows and follows the trend Leeds has set. Brad
  12. Hi Markos, I'm from Pudsey! So maybe a little biased but I think it is a good area. I invested in Pudsey around 3 years ago and have seen a 25% valuation uplift in that time without buying BMV or anything like that (Was my first BTL). Yield is pretty good and I think there should be capital growth rippling out from Leeds in the coming years. If you want to know anything more specific just let me know.
  13. Hi Peter, I have had a similar experience recently, a GR which doubled every 20 years. This caused great difficulty obtaining a mortgage and in the end I pulled out of the purchase. I found that a lot of lenders did not like the fact the the escalation point was less than every 25 years and many also didn't like that it was not linked to RPI. Yours is kind of a hybrid so I would certainly inform your lender and ask their stance on it. Sorry for the pessimistic reply but I just wanted to make sure you had the heads up before committing any further! Brad
  14. Hi, I was just wondering how much importance valuers place on price per square foot? The question is because I am currently looking at a flat in a block where the apartment sizes vary, however the layouts are broadly the same in terms of number of rooms, en-suite, etc. Essentially, I am wondering if a 10% bigger apartment (Sq ft) would be valued at approximately 10% more although the actual layout and number of rooms are the same. Therefore, to the naked eye there may not appear to be much difference. Really, I’m more interested to know from a revaluation/re-mortgage perspective a couple of years down the line, is this something a valuer would take into consideration? I hope this makes sense! Thanks, Brad
  15. @haf1963 I just wondered if you had to pay capital gains tax & stamp duty when you transferred the one property in your own name into the Ltd company?