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Everything posted by MAXTUC

  1. Hey guys, looking to purchase my next property via a limited co. Have 4 in my personal name currently. however the rates I’m getting back are killing the deals. I’m in the southwest where prices are silly anyway so even at 75% LTV the repayment are huge. the lowest rate my mortgage advisor can find with no fees is 4.58% on 5Y. or 4.28% plus 2% fee for 5Y. are there better rates out there, if so where? can anyone advise? thanks max
  2. Hi guys, After missing out on multiple student properties in Exeter within article 4. I am now looking to purchase in the areas close to the boundry. I have a few questions regarding this, some help would be much appreicated. Ideal plan would be buy a 3 bed and create a 4th bedroom with the living room - so 4 bed student property. HMO licencing starts at 5 bed rooms, so not needed. But what else will i need to keep everything above board? Have tried to look into permitted development rights, regs etc but everything on my local councils website is outdated and mainly relates to article 4 and its hard to find an answer. Fire alarm system? Is this required as well as obviously wired smoke and heat detectors.. Tenancy agreement would be joint tenancy so not individual rooms let as such if this makes a difference? Any help would be much appreciated! Thanks Max
  3. Stuart, that response is extremely helpful, thank you. Pretty much along the lines of what i thought the situation was.
  4. Students (4 of) would be on a 11 month single tennancy agreement for the academic year, no?
  5. Hi guys, Looking to potentially buy a 4 bed student property with students in situ, but can't seem to find a straight answer! If all 4 tenants are on 1 tennancy agreement (which they are), would this be mortgaged via a standard BTL mortgage or require an HMO mortgage? I know if there are 4 tennacy agreements then a HMO mortgage would be needed but unsure on the single Tennancy situation? Could someone please shed some light on this? Thanks Max
  6. Hey guys, Currently remortgaging by personal residence to free up some capital and by a 4th BTL. Just a quick question, current market price for the house is 350-375k, lender valuation came in at 314k.. I can still access the additional borrowing i would like with the lenders down valuation, on the rate etc originally offered by the lender.. But is this something i need to address with the lender? Changing the LTV won't effect the rate offered etc and i'm still accessing the money i require just with a lower value on paper.. Just want some advice on wether to leave it and crack on or address it? My head is saying push on, valuation is irrelevent unless it impacted the borrowing request? Thanks again, Max
  7. Hey guys, Just a quick one. I am the new owner of a leasehold flat within an old house, the house in total has 2 flats (A&B) I am also joint director of the company that owns the freehold of the whole house, containing both flats. My question is, do i need specialist insurance to insure the whole building, or is this just normal landlords ins? But instead of insuring my flat, we as the company owning the freehold should insure the whole building? Hoping someone can clarify on this as i cant seem to see much online for this! Thanks Max
  8. Hi Stuart, Thanks for your reply. We are looking at 150,000 borrowing. Options are; 2 year fixed rate with TSB at 2.84% with no fees and a free mortgage valuation. This works out at £355.00 a month OR 1.87% 2 year fixed rate with a £700.00 product fee and a £299.00 application fee which has to be paid upfront. The valuation fee is free. Works at £243pcm+fees. Or 284pcm when the 995 is added in over the 2 year fixed term. OR 5 Year fix at 2.27% which will cost £283.75 approximately. From where i'm sitting i'm swaying towards the 5 or 2 year +fees. And pay the fee upfront, not add to the mortgage? Think it bascially comes down to wether we want to remortgage sooner rather than later.. Any opinions would be much appreciated, incase i am missing something? Thanks
  9. Hey guys, Looking at options for BTL mortgages on a flat me and my partner are purchasing. What are you views on product fees? Have been offered at 1.94%+995 fee. Am i better taking the mortgage with the fee and cash flowing better PCM or the higher rate and no fee and in the long run having a lower mortgage balance? (fees are added to the mortgage term) This isnt something i could find much info on when i searched so would be good to hear some views.. Thanks, Max
  10. Hi guys, Like i'm sure many of you my tennats have fallen into arrears during the covid spell. Over the course of the last few months they owed £800, they then made a payment halfway through to reduce the owed amount by half. Currently £400 outstanding. Do you think, now the country is starting to get back on its feet i should be pushing my agent to apply some light pressure regarding the monies owed? Up until now i haven't and the £400 was topped up at their own free will. Any advice is much appreciated. Thanks Max
  11. HI guys, Looking at buying my second BTL as a joint purchase with my partner (would be her first) Ive done some reading on joint tenants and tenants in common, but cant seem to find a clear answer as to which is best to go for? We arent marrried but have been together 4-5 years and at the moment no plans to marry in the near future The purchase will be a clean 50/50 split in terms of costs to buy and the rental pcm split also. Are their any advantages of choosing one over the other apart from being able to divide a share of the property which wouldnt be needed as we will be equal partners as such.. Can shares be divided at a later date if either partner wanted to own more or less of the property? Thanks Max
  12. Stuart, thanks for your quick response. I'll check regarding the clauses with the agent Apart from that is there anything else i need to be looking for? The property is currently vacant and the vendor wishes to either sell or re rent. She is offering to place a tennant (assuming so she can cover costs for the next few months if a sale was to proceed) Should i be trying to purchase as vaccant or with a sitting tennant? Thanks
  13. Hi Guys, I'm looking for some advice, i currently have 1 BTL property a terraced house but looking to add to this with a 1 bed flat as a join purchase with my partner. I currently have 1 BTL and 1 Main residence She currently has no property Question being as a joint purchase on the flat i am assuming we would pay the 3% even though she is a first time buyer? Its not split 50:50, so my portion would be 3% and hers nil due to joint ownership? Second question, in the future we plan on moving from the main residence we live in now (owned by myself), if that property is sold and we purchase a main residence together is the SDLT not at the higher rate? As i would have sold my previous main residence, but she would be purchasing a second home in effect, however the first was not her mainresidence? Hopefully someone can simplfy this for me! Thanks in advance, Max!
  14. Hi Guys, I'm looking for some advice, i currently have 1 BTL property a terraced house but looking to add to this with a 1 bed flat. Leasehold isn't something i've Purchased before so just want to see if i'm missing anything. Flat is 1 of 2 in a midterraced house Lease length is 999 from 1987 No share of the free hold - Freeholder is a seperate individual ie not the owner of the flat above Groundrent - peppercorn at £10 per annum Maintenance split between the 2 as and when £150 per ammum contribution to buildings ins Are there any more questions i need to be asking regarding the ground rent etc? Peppercorn ground rent is something i've only just been reading up on. Or anything in general that applies when purchasing a flat? Any advice is much appreciated! Max
  15. HI guys, I am in the mist of buying a large semi detatched property for myself, with scope of converting the loft and a small kitchen extension. As most of the properties in the row have done so, including neighbours either side. However there is a covenant upon the property, that seems to restrict this? Main point from the convenant below; (i) That no building or erection shall at any time hereafter be built or erected on the said piece or parcel of land hereby conveyed until the plans and elevations thereof shall have been submitted to and approved of in writing by the vendor. Questions; If the original vendor is deceased (he would be a minimum of 111 years old now) and can no longer approve / deny, is the covenant void / no longer enforced? Or is it the other way around, as they cannot approve a plan, the covenant is always enforced no matter what happens? Who can enforce the covenant if breached? I’m assuming when applying for planning to extend this would come to light? Is there anywhere i can put forward questions, would the land registry shed some more light or a planning department? Does this restrict all building, even the likes of a small garden wall apposed to a kitchen extension? Or removing some of the front garden to extend an already in place parking bay? Hopefully someone can shed some light or point me to someone that can as right now my brain is fried! Thanks Max
  16. Hi Ian, Thanks for your time, i'd love to pick your brain if i may! I am in the process of buying a large 3 bed semi with the hope of convering the attic. I understand this can be done within permitted development rights, we wish to add a rear dormer, side dormer and 2x velux in the front elevation. Am i right in thinking this can be done under PD if the space created is under 40m2? Also the rear lower level of the property has a ground floor utility room that extends probably 2m out from the main body of the house and is half across the rear of the property. We want to extend the rear so this is carried right the way across then open the ground floor up. I have attatched photos of the lay out! Any advice is very much appreciated! Thanks Max
  17. Hi guys, Mid purchase on a 3 bed semi however i've just been informed its been underpinned - This has a full certificate and building regs and was compleated back in 1990. I did notice when viewing the property that the floors had a slight slope uptairs Generally would people continute with the purchase and are there other reports etc i should have done? Or turn and run? The property needs full renovation and a loft conversion. I am not particually put off considering the works have been carried out almost 30 years ago, but my concern is with the resale at a later date.. I'd really appreciate any advice on this! Thanks Max
  18. The founder is brilliant, on amazon prime! Story of the most famous restaurant in the world and how theyre actually in the real easte market..
  19. Hi Dino, thanks for your response, i appreciate it. Having looked again i think the total return is around £195pcm, so not much more anyway. (didnt take into account the new tax laws being only basic rate) Capital growth has been good here recently, i bought the property for 165k in 2017 spent 18k now we're at 220k after renovation and growth. But i know obviously that won't always be the case and i suspect the next year or 2 to be very slow! My worry is with such a slim profit PM am i cutting it to fine..
  20. Hi guys, You all seem like a knowledgeable bunch and i was wondering if i could take 2 mins of your time to ask for an opinion on a situation im in! Basically, i own a 3 bed mid terrace property (property A) down in devon and the plan was to put a let to buy on it and then purchase another house as my main residence (property B - requires a loft conversion looking at 40-50k profit) I basically would love an outsiders view on what i should do with property A if you could spare a couple of mins! Details as follows; Property A - Value; 220,000 Loan Amount; 157,500 Despoit left in; 62,500 Rent PCM; 800 Mortgage interest; 453 @3.44% Letting Fee; 80 Insurance; 10 After deductions £257pcm Less 20% tax (I'm basic rate) £205 Less Tax on the mortgage amount as of 2020 (£92) Total return PCM £113 (I think the above is all correct!) Is this a house i should just sell or keep to rent. I know the return PCM is very low but this isn't something i am to clued up on hence why i'd love your views! Growth in the area is average also. By keeping property A there is also an extra £8250 in stamp on property B, i did factor this into the buying and renovating of B but obviously saving that would be a bonus 8k) If you could advise i'd be so appreciative! Many Thanks Max
  21. Hi Lilla, Thanks for taking the time to reply ! I was told the lower rate option wasn't avaliable due to the LTV being slighty to high.. assuming above 60%. As you stated i was offered 130k borrowing at a lower rate if i upped my deposit amount.
  22. Details as follows am i being led down the garden path here..? Need a let to buy so i can free up some capital and purchase a property - current property is mortgage free. Property Value; 220,000 Rent PCM; £800 Loan Required; 157,500 LTV: 71% Being given; The Mortgage Works 5 year fixed rate at 3.44% with a £995.00 fee. This will cost £452.92 on an interest only basis. Was told a 2 or 3 year fixed wasn't avaliable due to the LTV amount? Ideally i want something around 2.5% is it do able? Thanks guys !
  23. Hi Guys, I have posted this on another section but thought maybe someone in here would be able to assit further with some more knowledge.. Been looking into buying a 3 bed with scope for extending into the loft to create a master bedroom etc. I've last week had an offer accepted on this place.. However after checking the properties loft space today, i've discovered its been spray foamed - all over. Does anyone have experience with this? Is it a can of worms, i'm assuming theres not felt between the foam and tiles.. Should i avoid? Or go back to the vendor and push for a reduction. Basically am i looking at a replacement roof here, or can a conversion be done with it in place.. Any anwsers much appreciated! Thanks Max
  24. Hi Dennis, Thanks for the article. From that it basically looks like its not a good thing.. Where would you people go from here? Do i have a survey on which im sure it will be picked up then go for a reduction in price to account for possible removal and reroof... Or jump ship now and save myself a couple grand if i dont get the decision i want..
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