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alex wright

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  1. My guess would be over the odds charges for those expenses that you mention as being included for the first three years when you hit the 4th year. In my area I believe that, even pre covid, there was/is also considerable over supply of this type of accommodation so filling it from year 4 might be a problem too.
  2. I also have noticed these sometimes substantial fees appearing in the costs for certain properties more and more at certain auction houses, frequently those with very low guide prices. As with the mesage from the initial post, the buyer must ensure they know what they are commiting to before registering and bidding, this is harder when full legal packs appear late in the day but naivity could land you with considerable more expenses than you expected. For a few hundred quid your solicitor would have a look through the legal pack pre auction and make you aware of any obvious nasties which would
  3. So your Ltd is a letting agent and maintenance company that you pay the difference between rental income and mortgage payments to? If so I still think you personally would be liable to declare the mortgage payment part as an income from the rent received.
  4. In the directors guarantee that you will sign you will probably be advised by your solicitor that should your Ltd default the mortgage company could chose to seek their money from EITHER or both of you. As previously stated in the other responses this is the worst case scenario and I am guessing neither of you would let it get to that situation unless you over pay, which the mortgage company probably wouldn’t let you, the market dips significantly below your deposit exposure and or you want out.
  5. Ok thanks Onkar, good luck with the current application, I would suggest that you keep nudging everyone involved in it at every opportunity, chasing solicitors, valuers and broker to make sure that things happen on time and you don't have to repeat any parts of the process, thanks for your response and once again good luck!
  6. Has anyone else had a bad experience with Paragon over a remortgage specifically with using their panel solicitors, valuations and then offers expiring? Or have I just been very unlucky?
  7. Have you thought about living in the property you buy and renting the other room out? Are you flexible to move or tied to east London? If you could live in Luton, even short term, you could get up and running and save the rent you would have paid out? Might be a non starter but maybe worth considering if not. As per James' reply I think it is going to be very tough for you in the current climate but good luck, there is usually a way!
  8. Good question, in theory I don't see why you couldn't but why not consider switching to a repayment mortgage partway through the 25 years? When would depend on how quickly you are purchasing other properties for the portfolio. When you have the magic number of properties the rent coming in should be able to cover interest and capital which would decrease your tax liability for the Ltd. Then when you come to pass the company on you have fewer if any liabilities and they can worry about paying more tax!
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