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dermot mccann

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About dermot mccann

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  1. What areas of Derby are looking at do people think. I’m after something straight forward, probably a city centre flat
  2. Weston super Mare-is worth a look, I have two properties there and they both rent well with good yields. Some parts of South Bristol like Stockwood or Whitywood might be worth a look. I’m interested in the valleys with good train links to Cardiff but I have no direct experience of this area, make sure you check out the additional rules in Wales about being a landlord
  3. I use Open Rent, £49 charge for the landlord, £20 per tenant reference check so it’s a bit of extra expense but not worth stressing about. The key thing is to get a good tenant and charge what the market rent is n the area.
  4. The council where my properties are located run an incentive scheme where they will find you a tenant and give you up to £500 plus a grant towards certain improvements if you house someone at risk of being homeless. You can specify your requirements and can vet the tenants but they are likely to be claiming housing benefit. Had anyone had any experience of this, I’m meeting the council on Monday, the rents are ok, up to 10% above the LHA, the flat is ex council in a three story block, it should rent OK but not top price for the location, I got it for a reasonable price, currently redecora
  5. Sorry I did not not read the question properly so I have deleted my entry.
  6. With a good broker you can get a decent mortgage on an income of 20k.
  7. Some lenders want to know the % of private and council properties there are in the block, a lot will not lend above 4 stories and they don like shared walkways. Probably best to check out the lease and maintenance arrangements Have you a broker, this might be complex.
  8. I am in the process of buying a flat, finance is in place and all is proceeding well. The flat is tenanted, I'm happy for them to stay since the place is well kept and they seem very reliable but they are paying well below the market rate. Their rent was last increased in September 2017 and I wish to tell them they can have a new AST, since they are now on a monthly rolling tenancy but there will be a rent increase. The letting agent has told me that I cannot increase the rent until September 2018 because rent increases are only allowed once a year although I am issuing a new A
  9. I’m in a similar position, I have just bought my first property and now looking for a second. Before looking I go through the possible returns very carefully and I have found that helps to distance me from the emotional side of things. I think it’s really important to understand what gets to you, I’ve recently done up a property to sell on and had to work hard to always think of my potential buyer. Estate agents often exaggerate possible rents, particularly when they know you are inexperienced. I looked at one flat and the suggested figure was so ridiculous my look of total shock I t
  10. Does anyone have experience of Comptons as managing agent and freeholder, some poor reviews in the web. I’m looking at a property where they run the management company and I think think they own the freehold. The communal areas look well maintained but there are a couple of issues. Thanks
  11. Bristol is a tight market, I’m looking at some of of the marginal parts of the city because neighbourhoods change so much. I would look to see how the metro bus affects things. I am doing up a house in a previously less popular area but the street is good, great neighbours and next door to an area that has become very expensive as well as good schools. I think prices have slowed in Bristol but if you have got a property below market value go for it, things are never perfect. im also looking at areas such as Weston Super Mare and possibly Newport. Weston seems to have strong rental va
  12. If the bank repossess the house they will appoint a company to manage the sale and they will either put it in an auction or they will have an estate agent to sell it on a very low commission, about 0.4%. People then put in a bid and the estate agent passes it to the disposal company, they usually wait to see what the offers are like and they will then accept the best and most credible price. You then have a fixed period to exchange, 28 days is common and during this time the house continues to be marketed so until the moment you exchange you can lose it. You need to have all you
  13. Reflects my experience, I had a good chat with the neighbours about the repossession I’m buying. Poor bloke fell on hard times and it explains most of the issues with the house of which there are many. I did get a survey it confirmed what I already knew. You do need to be sorted and ready to go and keep up a good dialogue with the estate agent, they make 0.4% so it’s not much although I have got no complaints about the service I have received.
  14. Best price I've seen for a full survey is £370 plus vat
  15. That's interesting. I'm buying a repossession at the moment, they had it as SSTC but now they are saying it's listed as still for sale until we exchange, they will not list it as sold, My solicitor has the paperwork at the moment. ill take your advice about the survey, I'm not having a mortgage at this stage but will get a survey just t make sure I have not missed anything.
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