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dino v

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Everything posted by dino v

  1. 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
  2. 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)
  3. Need to consider this from the lender's perspective: You "Can we borrow a lot of money, please?" Lender "Sure, but can you confirm you'll definitely pay the money back in the event you don't like BTL or it doesn't make enough money" You "No, don't want to do that, we'd just give you a house back that could be worth less than you lent us, but that's your problem as we'll wind up the ltd company as well" Lender "Excellent, how much do you want..." If they're only lending at say 50% LTV, they may be more confident that they could get back all their costs by shoving it thr
  4. No and neither will anyone related to you e.g. your children. It's a fairly standard condition on the mortgages. Would they check and care as long as it was being paid - who knows, but a big risk. It also doesn't make sense to unless for a short period e.g. between moving own homes, since you'd require a larger deposit, the interest rate would be higher and you'd be paying corporation tax on any capital gains.
  5. Don't give up. It's not easy at the start and will feel like trying to push start a truck, but once you find an area and a deal, you can leverage the knowledge of that area and of the letting agent, if used, and suddenly you're ahead of probably 90% of investors looking in that area.
  6. For Manchester, you'll struggle with that budget around Sale - just looked on Rightmove and there are 5 houses for sale, most added in the last couple of weeks. Yield will generally be pretty poor, but clearly not something you're looking for. Capital gain will probably be the best of the areas you mentioned. Stretford would be my suggestion for a couple of reasons. It's cheaper than Sale, as it's closer to the city centre, but it's still in Trafford meaning grammar schools, which creates a premium over the rest of Greater Manchester. Additionally, there's been a lot of work done on the
  7. Definitely speak to the local authority housing officer. Suspect there are lots of rules being broken here and by a landlord who won't have registered anything and therefore won't be on any authority radar. Landlords like this should be banned from being one, but the result is usually new rules that only impact legal landlords and result in higher rents instead. Grrr
  8. I've used Simply Business and Discount Landlord previously, but currently moving renewals over to Alan Boswell. They're quotes have been slightly cheaper, but moving everything on to one policy which will hopefully be even more competitive in the next year and less hassle with just one renewal
  9. Not sure you need a financial advisor, but for a mortgage broker, contact Simon Allen at Searchlight Finance (and a regular contributor on here). Not too far from you either, not that it matters - everything is online or a few phonecalls. He's done a few mortgages for us and we've never met him or been to his office, don't recall ever even posting anything to him.
  10. 'Investment fund provides chart that shows it did better than a fund chosen at the end of the period'. What a shock. Hard to tell from the website, but don't think the costs of the fund are included, not least as the cost doesn't even appear to be on the website, I had to Google for them. Smith is currently one of the ones beating the market, whatever you want to class that as. There have been plenty before him there will be plenty after him, but there's a huge risk they get it very wrong at any point going forwards. Funds that start to perform badly get dropped and changed into new
  11. Past performance... Very few funds beat the average over the longer term, especially once fees are taken into account and you can only know which in hindsight.
  12. If you want £3000pm net as an income, in an ISA/pension/GIA you're going to need at least £900k invested, using the 4% rule. Many now believe that's optimistic, especially for longer periods, so you might want to reduce that to say a 3.5% withdrawal rate, so probably £1m to be safe. Unless all of that was in an ISA, there could be tax implications in the growth and withdrawing it, so you'd need to work that it. I totally disagree with the point about potentially losing money in a S&S ISA. Invest in a passive global tracker (rather than individual shares or an individual market like t
  13. Not done it, but a few things to consider. If people are just taking a room as oppose to the full property, they will expect things like bills included. You may find that the numbers don't work taking that into account, especially as the rent would be less per room than the whole flat. Depends where it is and the level of rent you can charge, as bills will be similar anywhere. You've also got to furnish it, which is an initial expense plus an ongoing one in replacing items. You're likely to get a faster turnover of tenants, so you my need to decorate more frequently. If you've got a
  14. I'd suggest finding a broker who specialises in BTL and understands the needs of a landlord and is recommended by other landlords. A good broker should be able to understand where you're trying to get to and support that by finding the right products from the right lenders. That's especially important if you're trying to grow over the next few years, as some lenders just won't be right for you. We've used Simon Allen at Searchlight Finance for a couple of years for ltd company mortgages and everything's gone well - you'll find him posting on here occasionally. Sure others could recommend
  15. One of our agents did it via video call with the tenant. Seems a perfectly pragmatic way to do it with some tenants that reduces time and risk for everyone involved. Where that's not possible, I'd expect them to do it in person, as it's an important safety consideration for a tenant who may not realise that something is a problem. We've had agents pick up issues and you can't believe the tenant hadn't mentioned it previously so you could get it fixed
  16. There's an app called 'Buy to Let' for Android, so I assume similar for Apple. Provides rates for various BTL options, including for SPVs. Good to see what costs generally are, but none of the online app type things give you the support of an actual broker if something goes wrong during the process.
  17. Have done a spare room advert previously, although a couple of years now so rules have probably changed. It was on a property we owned but the tenant was leaving and wanted to see if could get interest at a higher rent. In reality, spare room is more for house share, so rooms in an HMO etc. Doesn't work so well with full houses. Earlier this year, we used Open Rent. In the main that was because we weren't that happy with the job our new agent was doing on finding tenants following a refurb. When people got in touch, we then directed them to the agent to do the viewings and referencing, bu
  18. If the second one requires refurbishment, you're unlikely to be able to get a mortgage on it - the lender would expect it to be in a lettable condition, so would depend what needs doing. If you are just thinking of raising the quality to increase the rent, then it should be ok as long as you don't then try and remortgage. If it's in a poor condition, the EPC is below E etc, they wouldn't lend using a straight BTL mortgage.
  19. Would definitely recommend a chiropractor. I go every 3-4 months and makes a huge difference. They can also recommend exercises. Would also agree about a decent chair and desk set up - if you're on a dining chair, hunched over a laptop, no exercise is going to fix it. For a chair, I'd recommend corporatespec.com. They do refurbished office chairs and I was able to get the Orangebox chair we have in our office for £140, which was about a third of new price and a similar price to a decent looking chair from Argos/IKEA but far better quality. Stock changes, as it's refurbished stuff, but wor
  20. Well that all sounds fairly miserable and uninspiring, doesn't it? I'd certainly agree with the comments to avoid the training companies, as they don't make most of their money from BTL. In terms of investing in an area you don't know, it's definitely harder and I wouldn't recommend doing the first few blind, but it's possible after that. If you're attracted to the idea of a £30k house in the north east, then you're probably going to be looking at a lot of pain, but it's not all mud huts north of Watford. I'll focus on the north west, as it's where we're based, but the same could be
  21. Currently... I actually suspect it'll stay free as well - whilst it may not matter to some of the new northern Tory constituencies, it would create mutiny in the shires, especially considering what the bill could be in some of those areas for people who've owned their homes for 20+ years
  22. Started with Santander for the 18 month free period. Terrible app/website, which is odd as personal accounts were fine. Tried Tide, but you pay a fee for every transaction, so for rent in & payments out etc, which with a refurb starting wasn't great. Starling then allowed accounts for Ltd companies so moved to them about 15months ago. Very happy with them. Can do the account switch, so just sit back and it happens. Haven't had to pay a penny and have done a few mortgages / remortgages with no issues. App is great and I like being able to set up 'Spaces' so pay money into separate ones
  23. Both American, but read JL Collins Simple Path to Wealth and then a more recent one, Psychology of Money by Morgan Housel. Not strictly trading, but excellent on stock market investments
  24. Completed on one last December, so technically during the pandemic, just none of us knew it. Since it's properly hit the UK, we completed a refurbishment, remortgaged it and are in the process of conveyancing on a new one, which will hopefully complete in 2020 - hoping it does, or we'll have a gap in the purchases. So has it changed anything? Not particularly, although currently difficult to find anything suitable and maybe 2021 will be a year of consolidation to see where the market and wider economy goes, in case there are any opportunities coming. Also a chance to see what new rules an
  25. All of Manchester (Manchester City Council) is Area 4. A lot of the surrounding councils have similar policies in place e.g. Trafford. That doesn't mean it's impossible, as it will depend which specific area you pick but there would therefore be a risk that you couldn't get planning permission. Difficult with a house, but with a commercial property, you may be able to agree an option, subject to planning
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