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haf1963

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  1. My spreadsheet listed the work schedule but no prices as I did much if it myself
  2. your mortgage will be 75% of what the mortgage valuer says is the value and it may not be 270k - given its not selling then there is a fair chance its over valued. I would not rush to buy out to rent out as it may not even meet the mortgage stress test. I've no idea what the rent is where you are but it will need to be pretty high to make the numbers stack up. Personally i would be looking to sell - even if it means 260ish and then buy a place thats more geared to BTL
  3. Done this with 3 properties and in each case the value agreed the vaue i had aske the mortagge company to loan against - I had called high expecting to be bought down but no problem at all. My pack was simply a set of 'before refurb' photo's and then a spreadsheet of all the work done. Nothing else
  4. i would at least hope that this would not impact LTD companies due to implications for other ltd companies... but who knows...
  5. if you are a 40% tax payer then you are missing a lot also if you have the properties in joint names before transsferring you may be able to avaoid the cap gains tax.. General view seems to be keep existing in own name but buy new in Ltd. Its a very complicated to be honest and also very specific to individual circumstances there are ways to minimise tax in ltd company noit available to an individual so you are not comparing like with like
  6. I am a Birminghjam investor and teh first question to ask is your budget as that will make a major differenmce to what areas are available. There is pretty much zero in the 100K region unless you go to some dodgy bits or head for the black country so the north half of birmingham area. 150k is where I mainly play and even thats in the 'average' areas so you need to think about budget which then ties into rent and type of tenant.. Birmingham is super competitive and every other person is investing in property so its unlikley to get much in terms of BMV and you have to be prepare to pay the going rate and be in it for the long hall. Good luck and message me iof you have any questions
  7. Flipping is a tough business thgesedays and you need to be sure that buying at 100 and 10k refurb will allow you to sell for minimum 130 as you will spend 10k in stampt duty/fees/etc so need to have a worthwhile margin. Otherwise your plan sounds fine and it should not be difficult to rel;ease some equity
  8. Agree - no problems with Ltd mortages at all and i have 3 in last 3 years
  9. Planning depts ofetn insist on a side entrance so if you have got past that then its an interesting question. Personally if it was my house then I would keep a side entrance but for a rental then its a different story. The main thing i would look at is the size of the extension. If you can have a deecnt size extension and keep the side entrance then thats the best result. If the side entrance makes teh extension width too small (<3m) then you probbaly need to give up the side entrance. Obviously you need to check all the usual planning regs about 45 degree and 50% of teh width of the house etc to see what will get through the system.
  10. Unfortunately the regs for flats are very strict and acoustics/safety etc are all mandatory so if you want 2 flats then you ar egoing to have to get it done. In the long run the xtra 20k will not feel like too much so I would go ahead personally. Otherwise you are into renting as a single let to multiple people/family
  11. Yes the 3 months in your account is fine. Good luck
  12. No need to do any splitting if you don't intend to sell..
  13. Well as its Ltd you will have to loan the 105k to your company as a directors loan - into a company account. You then do the buy/refurb and the mortgage will be a ltd company application - at no stage will the mortgage company ask you where you got your initial funds from. I have done this 3 times and its never come up. Whats more likely is that your solicitor, as part of money laundering regs, will ask you wher eth emoney came from and you can say savings/family and thats fine. You should have the money in your or company account for 3 months otherwise the solicitor will ask more questions. Thats my experience anyway
  14. Short answer is 'yes' assuming you are talking about a HMO.. And yes you have to get landlords agreement
  15. What are you basing the 75k auction price on as auctions are very unpredictable and i have seen properties go much higher than expected?
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