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Adam Ellgood

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  1. Hey, It's been a couple of months since I have been here. The house is slowly moving along now that some Covid-19 restrictions have lifted. The load baring wall has been removed, and almost approved by the council (waiting for Skim over the fire plasterboard of the RSJ). The chimney breast has been removed from the ground floor dining room, which is now the kitchen. The neighbours were very supportive and a third party wall agreement was put in place. Kitchen is measured up and designed. Stud work is in place for the downstairs w/c. New toilet stack outside, toilet has been moved elsewhere in the main bathroom. The bathroom pipe work has been rerouted. Ready for the replacement of the central heating pipework. Ready for the glazing this week. Re-wire quotes are coming in thick and fast. Hopefully after the re-wire the mess can calm down, then arrange for plastering. Still a lot of work ahead, enjoying the process thus far ! - Adam
  2. Hi All, I am due to have some building works carried out on my property. These works aren't covered by my home insurance currently. The works include the removal of a load bearing wall (replaced with an RSJ) and the removal of a chimney breast (from ground floor room). Can I keep my current buildings insurance in place? Whilst my existing policy is in place, can I buy temporary insurance cover whilst these works are to be going ahead? What's the best way to go about this? Thanks all! Adam
  3. Hi All, I am due to have some building works carried out on my property. These works aren't covered by my home insurance currently. The works include the removal of a load bearing wall (replaced with an RSJ) and the removal of a chimney breast (from ground floor room). Can I keep my current buildings insurance in place? Whilst my existing policy is in place, can I buy temporary insurance cover whilst these works are to be going ahead? What's the best way to go about this? Thanks all! Adam
  4. Hey, Sorry lah111 this is actually my project. I will be sure to keep you posted and thanks for the suggestion. I was planning for the dining room wall with the chimney to become the main kitchen workspace. I hadn’t thought about opening up into the lounge, would have to see about the costs to do that. I used https://floorplancreator.net for the floor plan. If you create an account, it saves your plan so you can go back to it later Adam
  5. Hey Alex, So I have the KEYS!... Then came lock-down/Covid-19. My job can be done remotely from home, so fortunately I haven't been furloughed. I have spent the last 6 weeks of weekends/ occasional evening completely gutting the place; *All carpets/ fabrics have been taken up *All walls stripped *All loose plaster removed *All dated 70's cladding has been taken off *All the kitchen and bathroom is ripped out *I have repaired the bay window guttering/ flat roof timbers and bay window render myself as it had some water damage. *I have opened up the bathroom and toilet which were two separate rooms. I have put in a new door frame on the landing this giving extra space to the bathroom *I have plans to add a wider loft hatch with built in steps, as the roof space is spacious for storage Hold Ups: *I have the building notices in place for a load baring wall removal to open the kitchen/diner to one room. Awaiting a structural engineer to provide me with the calculations for the RSJ *I want to remove the downstairs chimney breast, the chimney breast in the lounge has already been removed - QUESTION: Do I need a third party wall agreement as its on the side with the neighbours house. Life after Covid-19: *Building works to remove wall and chimney breast *Glazing on the side and back of the house, the front was glazed in 2016 *Re-wire, patch plasterwork *New bathroom/ Kitchen *General decor Have added some basic floor plans of before, and what I want to achieve.
  6. Hey, Thanks for the support on my post! Congrats on your first BTL deal. I hope I can get there soon. I live and have lived in Birmingham/ Solihull all my life, happy to share any local knowledge with you. Adam
  7. Hi All, Apologies the update is a little later than planned. I’m back though, dedication is key. I was super busy over the Christmas period. It seems like a real good time to buy at this time of year. External factors such as Brexit and the recent election result doesn’t seem to have affected anything in my area. My area (N.Solihull) is growing even stronger due to the recent HS2 train line being approved in parliament. SO... I had an offer accepted on a house! *woohoo* which is very dated (70’s looking) perfect to add value to. The road is very sought after and I believe to have got it 5-10% below market value. I probably could have tried more but it was my first shot at negotiating! The survey shown nothing of major concern. I have a (residential) mortgage offer in place (90% LTV). I will be putting in 10% as a deposit, the Help 2 Buy ISA is awesome. The government bonus I will receive has pretty much covered my legal fees. I should be picking up the keys very soon! The property needs TLC, I have around 15k to play with. I should focus on a new kitchen and bathroom for sure, any ideas for adding further value? It looks like the original electrics, would a rewire be a good shout? Are you local? Are you, or do you know a reputable tradesman? Hope to provide regular updates after I pick up the keys and once work is being carried out. in the meantime, does anyone have some resources on the best way to release equity from the property? How long I would have to wait to do so (6months?) Adam
  8. Great read, great determination. Keep the motivation. I’m in my early 20s, understand my borrowing capacity and now have the deposit ready to fund my first buy via. residential mortgage with my First Time Buy ISA. I am looking to find something I can add value to, so then I can take a similar approach of releasing equity to fund a BTL property venture via SPV Ltd company. So I will be sure to check back in to your thread. Agree with the others, the knowledge here is great! I look forward to reading more about your journey, good luck! Cheers, Adam
  9. Thanks both, for not only taking the time to read my initial post, but for replying and providing advice. I really appreciate it. In terms of an update to my original post: - I am now 24 as of this month (August). Still learning, determined more than ever! - I now have a mortgage broker and understand my borrowing capacity. - I am looking to use my first time buy ISA (I’ve had this set up since the age of 22) to buy with a residential mortgage. Not to be confused with the Help 2 Buy Govt loan. (To any other younger members/ first time buyers, I would consider the LISA now rather than the First Time Buy ISA as you can put in more money each year: https://hoa.org.uk/advice/guides-for-homeowners/i-am-buying/the-help-to-buy-isa-or-lifetime-isa/ Just remember to never withdraw from the LISA to prevent being penalised) - I have got off my arse and viewed 6 different properties. - I want to book onto a local property meet up event but the hot strategies in Birmingham are rent to rent and HMO. Something I don’t feel is fit for my long term goals. I also feel a little nervous to attend such an event, whilst being quite young. Any advice again would be appreciated. - I aim to buy whilst interests rates are still low and I’d like to lock that in with a fixed term mortgage. - I am looking for a house I can add value to, this allowing me to release some equity by remortgaging in a few years once the Govt have settled the Brexit situation. Then the real property venture can start. I hope to have another update for the few that have read this post, before Christmas 2019. Cheers, Adam
  10. Hi Dan, Thank you for sharing this. I am thinking about this approach. For your first property, on the residential mortgage, did you use a first time buy/help to buy isa? Also were there any restrictions imposed I.e. cannot sell the property for XX amount of time. How did you get permission/ consent to let, was it relatively easy... what was your reasoning you provided to your mortgage provider? Thanks for any response Adam
  11. Hi Dave, Apologies, I was dipping my toe in the water by engaging with this post. I have over the last 12 months landed a Full Time job and have managed to save up money to hopefully start out. Yes I do live in the UK, West Midlands. I am not a property owner. Regards, Adam
  12. Hello, I’m Adam aged 23 from Solihull, Birmingham. I come from a pretty piss poor family. After several years of hard core study, it’s paid off and I now work full time and I enjoy my line of work. The industry I work in doesn’t appear to be affected by anything Brexit. I do not look on replacing this job to become a; full time, hands on, busy bee landlord. Being young and earning £35k+ I ought to be wise and invest for my later years. I do not wish to get any short term gain by topping up my income as this will begin to push me ever closer to the next Tax (40%) bracket. After careful consideration, I feel strongly about being in it for the long term gain. I want stability in my later years, pension etc. I feel the best for me to operate would be via. Ltd company, however I am novice so would welcome any advice regarding this. What you've done in property so far? I still live at home, however...over the past 12 months I have started by investing my time in researching property and the various strategies. I do not own any property, however I have now saved £20k. What areas you invest in (or want to invest in) I would like to invest in and around the West-Midlands region. What your plans are for the future? I am unsure about the immediate future. Do I invest in my own property first via First Time Buy ISA. I have £5k in this already. I wish to have a small property portfolio of 5 by-to-let’s by my mid 30’s. Any skills or knowledge you've got that other members might benefit from. I work in technology and I love to work smarter not harder (via automation). Once I have an understanding of tedious tasks of being a landlord. I would invest time to automate/ cut-time. Thanks for having me and allowing me to introduce yourself, I look forward to reading other threads on the forum! Please reach out if you are from the Solihull, Birmingham area. I also look to get advice regarding Tax and to also have a sit down with a Broker. Kind Regards, Adam
  13. What was the outcome on the advice given? I am too in a similar situation. Many thanks in advance. Adam
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