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dino v

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About dino v

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Profile Information

  • Location
  • Areas I invest in
    The north west, concentrating around Manchester
  • About me
    Working full time, but looking to be in a position to retire at 55. Whether I do or not is up to me, I just want to be able to.
    Owner of Lynn Properties. Find me on Instagram: @Lynn_Properties
  • Property investment interests
    Single lets to date. First refurb underway at the moment, so looking forward to seeing how that goes
  • My skills
    MSc in Project Management that I haven't used in a long time.
  • My goals
    Financial security by 2020 - enough to survive on.

    Financial freedom by 2022, then equal salary by 2027.

    Then retirement, or maybe full time development and set the family up long-term. Who knows.
  • Interests outside property
    Personal finance, football. Oh and the family.

Recent Profile Visitors

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  1. Depends whereabouts, but we've used Atlas Estates in Aigburth for a few years and they've been very useful, including helpful advice before we bought
  2. Missed the January bit and assumed it was a recent purchase. You're correct, the previous landlord did nothing wrong, providing it wasn't a newish tenancy and on that case neither would the solicitor. Sorry OP, it's absolutely on you to pay whatever is required to get an EICR. The quote you've got may be high, but chances are you'd need to pay for another test to see if you could get a lower quote for the works.
  3. Nope. He's should have had the EICR in place from earlier this year, so he would have had issues with the tenancy, which may explain why he sold up, but unless you asked and he lied about it, you'll be wasting time and money taking that to court. The local authority can fine you, up to £30k, although I suspect there would be an element of acceptance that it's a problem you've inherited, but that will depend on how quickly you fix it. I presume there's now a new tenancy agreement in place for you, so you're now the one in breach of the requirements. Until you get the EICR, you'll be u
  4. Theoretically, if the value was less than now, meaning your LTV had gone up, the mortgage company could ask you to pay some off to reduce the LTV or even pay it all back. However, providing you were still paying it each month, that would make no sense for them, especially in a crash, as they'd need to then sell it. The biggest risk therefore is that you couldn't get another 75% mortgage to cover the current one, meaning you'd just be stuck on the standard rate, whatever that is. But that would also mean the value is less than it currently is, which is unlikely if there's been 5 years of g
  5. I presume by mortgage confirmed, they just want to know that you have a mortgage agreed in principle. It applies to residential mortgages more than BTL, as that's obviously based on income whereas BTL would be based on the rental amount Vs the mortgage amount. If you speak to a broker, you'll be able to get the AIP, although they do create a search on your credit file. Sometimes agents will allow confirmation from the broker without needing them to get the AIP from a lender, avoiding the credit search. The survey wouldn't be part of getting the offer accepted, although you may find
  6. Agree. For a BTL, Street view, some Googling of an area you know something about, internal photos, discussions with agents etc and it's possible. I've certainly bought property I'd not seen, although that was via an existing letting agent. For BTL, it's about the numbers whether that's yield or potential growth. For a residential property, it's a home and emotion plays a big part in that and something that wouldn't be an issue for others could be a show stopper for you but wouldn't be picked up by a remote viewing.
  7. There's an app called buy to let which gives you various deals and their costs which is a good start. I'd recommend speaking to a broker though - they'll find the right deal for your circumstances and also for your future plans. For the first one especially, the discussion is well worth it as a good broker will spot any issues in what you want to do longer term. If you look in the mortgage area, you'll find lots of recommendations for brokers. We've used Simon Allen, who is a member on here and runs Searchlight Finance, for several mortgages and have found him very helpful and knowledgeab
  8. Harrison is the one who came up with the concept of the 18yr property cycle based on. Any prediction is always going to be little more than an educated guess, but understanding his or anyone's reasoning for a prediction is always worth considering. However, having bought the book and read the introduction and chapter 1, it feels slightly closer to the Communist manifesto than a book relevant to property. Basic premise from the bits I've read is that earning without working is cheating. The book has spent a lot of time so far talking about prehistoric humans, although hasn't mentioned that
  9. The latest book is £1.89 on Kindle. Haven't read any of them, only heard about it on the podcast but got to be worth that much to potentially make or save thousands.
  10. If the seller is after a quick sale or a guaranteed sale e.g. they've had a previous sale fall through threatening their chain, they may prefer a cash offer, even if slightly lower than other offers. Outside of that, whether the market is moving quickly or not, I'm not sure most vendors would accept the lower offer if they had both on the table at the same time. The bigger issue with mortgages is that it usually means someone is in a chain, which isn't the case with BTL, so it's important the agent knows that when putting the offer forwards. From experience, the mortgage adds maybe a
  11. Be aware you'll probably need to put something into the business bank account to pay the initial bills e.g. the first few months mortgage, as they'll be coming out before the rent has gone in, especially if you use an agent. That effectively becomes a loan to the company and is money you can therefore withdraw in the future tax free (after corporation tax), but your accountant will be able to sort all that. Just make sure you keep a record of money you put into the business and any expenses you incur - mileage going to view the flat; postage for sending mortgage firms back etc. Although i
  12. Check with your own solicitor and lender that they can't do it - we had one where they were able to, although they had to check with the lender and were a bit nervous about doing it For one where we did need independent advice, we did it through ila-connect. They're just a broker, who put us in touch with a solicitor who did it via video call. Send all the documents across, call took about 2 minutes. Ticks the box the lenders want, just a pity you can't do it once rather than every time
  13. It's the valuation, not the value of the mortgage. Usual is £50k, certainly for a ltd company product. There are fewer lenders, but a £60k property shouldn't be any issue
  14. There will be lots of issues that the current landlord may not have resolved, so check the various regulations. Things like there needing to be an EICR in place (about £100 for the report and could be £1-2k for any works). Illegal to rent without it. Gas safety certificate that's in date. Smoke detectors that need to be in place at the start of the tenancy. Is it EPC grade E, as again wouldn't be able to start a tenancy if not. If there's a letting agent in place, you may be best to stick with them, as they should have made sure everything is sorted. If not, I'd suggest you take one on an
  15. We've got a mortgage at £55k property value with The Mortgage Works. Not sure how they'd feel about the ex-council as well, especially if high rise. I'd suggest finding a good BTL mortgage broker. We got ours through Searchlight Finance (Simon Allen who's a member on here)
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