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About tchughes

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  1. 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?
  2. You need to make sure the solictor is also on the mortgage companies panel. You broker should be able to recomend a solicitor, its in the broker intrest that you have a good one.
  3. Whats your current broker said? I wouldnt loose heart with them due to Santander. Lenders are pretty award at the moment and not being clear with brokers. You current broker already knows your situation and should be in a good position to find you another lender. But lenders do want to see that peoples incomes are still consistent. So will want to see that both business still have income coming in. Its not about LTV or risk, it about the requirements on the lender to check affordability. (I dont think Precise is the answer, they are for mostly for LTD Buy to let, HMOs and a
  4. Did you get consent from the mortgage lender to let the house? Know as "consent to let"? Why sell it rather than remortgage it?
  5. Hi, I'll email the spreadsheet shortly. I thought I was going to lose my saving this year paying the overheads. I assumed like a lot did that paying rent on a student house would be low priority for parents & students would go home. BUT, Ive had the opposite problem. Tenants that normally leave by the end of June wanting to stay longer and the tenants that where due to move in September requesting to move in early. One thing everyone forgot is at 20 years old the last place you want to be stuck for months on end is at home with your parents! So Ive had higher occupancy and some s
  6. This can depend on your local area. There are rules for mandatory licencing, but the local authority has scope to increase and add to it. If you google your council name and HMO licencing you might find there local policy document PDF to download.
  7. Your question completly depends on location. In some areas HMOs will have a premium, influenced by article 4. In other areas prices will be equal HMO or not. This can be a good thing or a bad thing depending on your point of view.
  8. Hi Rob, I do student HMOs but mostly in North Wales. Ive been doing it for 11 years. Have also done normal AST and a few other things. Buying where you know is a massive advantage in my eyes. I see outside investors buying in areas that I wouldnt as there not quite the favoured student areas. Personally I much prefer students to what people refer to as "professionals" for many reasons, to many to list really. But top level, letting on academic basis means predictable cashflow and having them empty for two months of the year to do maintenance. If youve got decent HMOs (I dont mea
  9. Been a while since I logged in. Ive gone to update my profile and its just say 'array' everywhere? Location Array About me Array Property investment interests
  10. 95% LTV can be done, the downsides are the rates & the credit check requirements. You will need a great credit score to pass at 95% LTV. The rates are significantly better at 90%LTV, although if you plan your mortgage term and fixed product ending correctly, a broker will help with this. So you plan ahead to remortgage to a better product rate once youve paid off enough to be at a better LTV. So hopefully the pain will only be temporary. An alternative is a help to buy equity loan of 20% to top up your deposit. But these are only available on brand new houses.
  11. You will undoubtably have early repayment fees on your current mortgage. You should start by digging out the orginal mortgage KFi or mortgage offer for this mortgage. Then look for the section on early repayment fees. You can then work out what they are now and will be over the next few milestones. All lenders are different, but lot are phased e.g. 3% in the first few years, then 2% and then 1% in the final year. Once you know where you stand you could work out if those early repayment fees are worth paying to access the capital you want to raise. What return on investment could you
  12. Perhaps not what you want to hear, but why not find another property that doesn’t have issues? The report is saying it has a potential issue, your broker is telling you that this will cause issues with mortgage lenders. The broker & this report are trying to protect you from buying a potential problem property. The property needs a fire inspection as recommended in the report. The seller should get this done really if they want to sell the property. Its possible the only reason they haven’t is because they know the answer is going to be negative and impact the potential sale even more
  13. I was googling this the other day, as an auction property I was looking at had the same problem. I was supprised to see people saying it only cost about £700 to get connected if gas was already on the street. But it was time consuming to sort out, one company fits the pipe then another company is responsible for fitting the meter. The meter in free. I dont know how accurate my research is but I thought it was going to be cheaper than I first thought.