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tchughes

Established Member
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    119
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About tchughes

  • Rank
    Established member

Contact Methods

  • Website URL
    heymortgages.com

Profile Information

  • Location
    Manchester / North Wales
  • About me
    Mortgage Broker Manchester - I run Hey Mortgage & Hey Property. Hey Property has been involved in property since 2008 when we let our first house. Since then we have grown a portfolio of HMO properties. We have also purchased, renovated and sold properties.
  • Property investment interests
    HMO, Renovations, Building Plots, Holiday Lets
  • My skills
    Finance and reasonably handy at painting and tiling.
  • Interests outside property
    Motorbikes and sailing

Recent Profile Visitors

1,574 profile views
  1. A lot of the time this means a leashold flat, but you also get a share of the freehold. Look up the property on the land registry and get a copy of the leashold title to confirm.
  2. Hi, Im setting up a JV and need a simple contract. Anyone got a good template?
  3. Going halfs with you Dad who is considered an experianced landlord will open up the mortgage market for you a lot.
  4. Your industry experience will undoubtedly be an advantage. I think you’ve hit the nail on the head. To get both capital growth and income from the same projects is very very hard. My main focus was always income until recently. I find investing for income a lot easier than investing for capital growth but that’s probably just because I’m more experienced in one than the other. To a certain extent investing for income can be more predictable, to me it is anyway. The usual rule of thumb though is higher yielding properties require more managment. e.g HMOs, holiday lets and small multi
  5. Ive read what you put again. You cant borrow £200k against a property worth £200k. You can only borrow 70% of what its worth intially. Ideally to do the project you need £125,100 in cash.
  6. Here are some rough figures I would work from: If your buying a place for £200k that requires £50k refurb, then you will need a development loan / bridge. A bridge will require 30% deposit. The bridge will cost you 2% in fees and 0.75% per month. Thats £2800 fee and £1050 a month. So over 6 months finance will cost you £9100, more if it takes longer. (With a bridge you dont pay upfront you roll it up and pay when you exit by remortgage or sale) 30% deposit £60k Legal fees on the purchase £1.3k Dont forget stamp duty £6k Then your £50k cash refurb. Bringing your
  7. Here's another one https://www.rightmove.co.uk/properties/72402678#/ Its 6.4m x 10m, 2 story so thats 128m2 Asking price is £285000 so £2226m/s sale price
  8. Thanks for the information. The margins seem tight, Im struggling to see how it works. Here is an example https://www.anwylhomes.co.uk/our-developments-property/tyddyn-bach-holyhead/the-farndon/ Its £227,995 and 5.97m by 9m, so total 108m2 So the sale price is £2129/m So unless you can get land and finance for free it looks impossible! I might as well share the exact figures from a project Ive been working on. At first glance I thought it was a good project. But the more depth Ive gone in to the less workable its become. Ive attached a house and site plan.
  9. A difficult thing to judge is the walls. Old lath and plaster walls tend to fall apart if you dare strip the wall paper off them. The range of what might need doing goes from hardly anything to wall paper strip, just a skim or they might fall apart when you take the wall paper off so end up needing to reboard and replaster.......perhaps you'll get away with dot and dab replacement or perhaps you'll need to go back to brick. Also if they have been damp then the salts are in the plaster then sometimes even with all the stain cover paint in the world it wont go away. So same problem as above
  10. Here are some examples of the cost* of a few jobs that might need doing: Repoint external brickwork £4k New gutters, facia boards, a few slates and some flashing on the roof £4.5k Remove chimney from roof £2k (but not inside) New budget kitchen £5k to £10k New electrical consumer unit £500 Double glazing front and back £6k New composite front door £1k Carpet £200 per room Paint whole house inside £2k New boiler that requires new mains gas pipe in and the replacement of a few radiators £4.5k New internal doors and frames with f
  11. I was just getting started back then and the mortgage market was very volatile! I would speak to a broker one week. Go find a property and put an offer in, then speak to the broker again and the lenders would have moved the goal post. This was a repeated pattern back then. Because of that I’ve always remained conscious of mortgage availability and never taken for granted that what’s available criteria and LTV wise will always remain the same. When the economy faulters the knock-on effect is a volatile mortgage market. Very easy to end up a mortgage prisoner with a property you can’t
  12. Anyone experienced kind enough to share what cost per square meter they use for initial estimate on a new build project? Looking in the North West of the country, Manchester, Cheshire and North Wales. I’ve been using £1250 £/m2. This is for a complete build by a house builder. So Im guessing if project managed yourself you can get this down by 15%? As an example, 3 bed detached to a low spec, total floor area 116m2 = build cost £145,000 each then extra for infrastructure. By infrastructure I mean if it’s a small estate of 4 houses, a road, water drainage, etc. I’ve looked a lot
  13. Looking at a building plot with planning for three houses. It has an affordable housing commuted sum contribution of £30k that must be paid to the council. From what I could find out it must be paid within 60 days of starting the build? Is that correct? I also found an article suggesting it was waived until completion because of corona?
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