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About mrmoore

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  1. Spv, residental BTL. Trying to figure this out, can anyone direct me to good reading material? The idea is to offset vat expenditures, but I also understand I cannot charge vat (which is good) on my residentialll BTLs so if I understand this correctly, I will be paying vat, but not charging vat so in an ideal world, HMRC will refund our vat expenses? This is probably a bit naive, hence the question. Note: the current income source is rent, but we do to offer advice, management etc as a company and the SIC codes support that. Thanks in advance
  2. Hello, I'm looking to purchase a property in the value of £80k. The ground rent is £150 which makes perfect sense. Lenders classify this property as a new-build (even though it was built in 2014, it's still under the developer's name) A few lenders denied the mortgage application stating that the GR is too high (higher than 1% of the property value) which I have never heard of before. What's the logic behind this? Thanks
  3. Just posted in another thread. I do value the work of mortgage brokers, but when you're raising a small sum (£70k), paying £650, or even £995 sometimes is just too much (in my view)
  4. Looking to find a mortgage from our BTL limited company. Under all the calculation tables that I've seen (including on this website), mortgage arrangement fees were £300-£400, but I keep getting quotes for £650, £850 and even £995 Happy to receive recommendations for a broker that doesn't charge through the roof.
  5. Hello, I'm remortgaging my property and our solicitor told me that searches should be roughly £300 and instead they can move faster and cheaper for £240 with the no search insurance. My questions are: 1. What are the downsides of having an insurance rather than doing the searches? 2. Why is that insurance so expensive and where can I obtain a quote by myself? Thank you!
  6. Thanks for the reply! Can you actually do something about this though? I mean, even if it's not a new build - I own a flat now, what is stopping the owner of the building to raise the SC by 50%? in other words, how can I guarantee that the SC that they claim is going to be, will actually be that in a couple of years? That's always true!
  7. Hi all, I'm looking at a newbuild offer where they offer % guaranteed net yield (net income/purchase price) and I wondered if you have some advice for: 1. I heard there might be a problem with lenders regarding development that offers that incentive - did you hear anything of that sort? 2. Anything to watch out for? hidden fees, tricks etc would be highly appreciated.
  8. Hello all, I'm considering purchasing an off-plan property. How does that mortgage work for that? I will be putting 10% cash deposit, and the rest on completion in 18months. Obviously, there isn't an official valuation as the unit hasn't been built. What happens if I can't get a mortgage nearer completion? how do I mitigate the risk? (assuming my personal situation is ok, I'm talking about the lender restrictions on the property rather than on me). Property is a 1-bed 6th floor. Thanks!
  9. Hello, I'm being sent a lot of newbuild developments all over the country, some nice ones for investment, some aren't. The problem I find with a lot of these developments is that they ask for 30%, sometimes more on exchange of contracts which I think is ridiculous. I'm not about to give my money (£40-£60k) to the developer, to just sit in their bank account for 2 years. I'm (we are) basically funding the developer's work. Am I missing something? is there another perspective to this? (assuming I'm willing to wait 2 years for a property).
  10. Where in the UK you can buy a property for £50k that will attract good tenant? I saw a few of these in not-so-good areas in Liverpool a couple of months back and decided against it for a few main reasons: No or minimal capital gains long-term (run down area) Unreliable tenant Old property that unless (as you mentioned) you're doing up, will need an overhaul at least once in 25 years. In Notts I don't think it exists. One of my properties is in Beeston, and the Yield is rubbish. (I may be wrong of course)
  11. What do you mean? is 20% BMV AND 10% ROI a myth? (myth= yes, maybe there's a one-off here and there, but it will bre very rare). If so, what IS realistic? 10% BMV? 8% ROI? I'm trying to understand what I should be aiming for, what is the "goal" in terms of returns. For example, next to one of my properties now (that generates a low 4.5% net yield) they are building a new development, a small 1 and 2 beds, aimed at professionals. I got my hopes out "I know the area, I know the flats rent really well, and surely this will be a better deal than the one I already have, because its a ne
  12. Thanks guys. I am looking at new-build sent to me but various sources/agents nothing above 5.5% real net yield, and even that's a rarity! I need to try source my properties in a different way. *sigh* If you ignore BMV, it will hard to 'fast-track' the process of adding value to your portfolio and re-finance I would have thought?
  13. Hello, I am new to the property hub but have previously made two BTL purchases. Both of them, comparing to what R&R describe as a good investment (20% BMV, aiming towards 10% ROI) are crap. In terms of net yield, I'm getting something around 4.5%, which I'm not happy with, but they rent really really well. I have been looking (through the traditional channels I admit) for over 6 months now in various locations (Liverpool, Manchester, Derby, Nottingham, Leeds), and CANNOT for the life of me find anything like what R&R speak of that isn't in 1. Need of serious ren
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