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Wes Boswell

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  1. We're prepared to allow redecoration to their own style, but usually only after they have been in the property for a longer period of time. We then ask that only neutral (creams/greys) colours are used and advise that the finish has to be as good as it was before otherwise they may incur redecoration charges at the end of the tenancy.
  2. Good morning! My wife and I are very fortunate that we've managed to build up a portfolio of >10 properties over the last several years. Some of the LTV's are now below 65% yet remortgaging still seems expensive! If we had less that 10 properties, it seems we would be able to get rates of circa 1.9%, however having more than 10 means we're always looking at specialist lenders such as Paragon with rates of >3.5%. This seems expensive in the current climate for a mortgage of <65% LTV. We do use a broker, however does anybody have any experience of consolidating or approaching different lenders to get around this? Thanks in advance for any advice. Wes
  3. Hello! Did you get this sorted? I know somebody with a similar situation and would be interested to hear how you got on. Thanks, Wes
  4. @Eamon H Some friends of ours were in exactly the same position a few months ago and only paid normal stamp duty rates. They were advised by their Solicitor that they were seperate entities. Always best to get confirmation from HMRC though as this Solicitor may have got it wrong.
  5. Yes, if you find a property that will rent for the same money and costs less you'll get a higher ROI. The point I was making that if you could get a house that you can add some value to, remortgage and get some of your original money back, you have less money in and therefore a higher ROI.
  6. Hi Eamon, This is incorrect. If his wife owns the flat in her own name only, and he is buying the new house in his name only, he would not pay the 3% surcharge as this is his first house. I would email stamptaxes.budget&financebill@hmrc.gsi.gov.uk to get it in writing from HMRC. Wes
  7. A 6.4% yield is okay. A ROI of 7.4% is also okay. Think of it like this; if you did something else with the money, like put it in the bank, whats the interest rate? 1% max? In which case 7.4% is very good. You can however get much higher ROI's if you can find a property, add value and remortgage to get some money out.
  8. Hi Moray - how many are you thinking of buying to get a bulk discount? We approached a few builders last year with the intention of buying three properties and they wouldn't discount at all! At the time we thought it was a good idea to buy new builds to avoid maintenance for a longer period of time and charge a premium rent. However in hindsight, whilst they're cashflowing and increasing in value, we could have got a much better return on our cash elsewhere.
  9. Mark has covered that really comprehensively. We have half of our portfolio in a limited company and half in our own names and the average rate is just under 1% more. This can however had a reasonable impact on your profit. The tax consideration is important. You don't get any capital gains relief as a limited company, however if you are funding the limited company you can take out money tax free with a directors loan repayment. The only other point to add is accountants fees. A self assessment can be done easily yourself, whereas for a limited company expect to pay £800+ a year for your annual return and confirmation statement.
  10. Hi Tim, Where are you thinking of buying? I'm unclear on the difference between agent fees and management fees. £90 a month (10% of rent) should be sufficient for the agent to find tenants and manage for you. £100 a month on repairs is a good amount to set aside, but depending on the type of property you're buying probably won't be a the reality. In my experience, you won't get a void of a month if you're buying in a good area with demand. We've never had a void of more than about five days in any of ours. As a single family unit, you don't pay the council tax so you're immediately £200 better off there. Wes
  11. Hi Matt, Unless you're buying a 'ready to go' HMO, your initial expenditure looks low to me. You've got conversion costs, furniture and repairs to consider. If you are just factoring in repairs, £1000 feels light. Ongoing expenses needs to include bills. If you're renting to students, you'll likely only get a 50% retainer in July and August so you'll lose a months' rent over the year. Wes
  12. Hi Gamgoumy - prices are going to vary depending on what you need them for but it's worth calling them as they can provide you with their fees. We haven't found them to be expensive. We don't meet them that often, however they're available to us all of the time and always respond to any queries we have. Good luck! Wes
  13. Check out Kent Reliance; they have expat products depending on where you want to buy.
  14. Hi Tony - welcome to the forum and the exciting world of property investment! Good to hear there is somebody else on my wavelength... we forewent the move to a very large new house in favour of investing more money into property and I am glad we did. Depending on the sort of cash you have to invest will depend on your strategy and location. I wouldn't recommend investing in London now as you will get a better return further north. Also think about what your goal is; capital growth or cashflow now as this too has an impact on the sort of property to buy. Good luck with the first purchase! Wes
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