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nicolas

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  1. I am having trouble opening a bank account for the service charges for the building that I am freeholder for. It is a small building with 3 long leasehold residential flats, and the freehold is held by myself personally, not in a company name, and not by any of the other leaseholder (I own the lease of one of the flats as well as the freehold). I do not feel we require the services of a managing agent for such a small property and am trying to make arrangements to manage the freehold personally to reduce costs. However, the set-up of the bank accounts for the service charges and reserve fund is proving difficult. The banks will not recognise that the funds are held in trust for the leaseholders where there is no managing agent involved yet this is a requirement of LTA 1987. Has anyone any advice or contacts that can assist in setting up these accounts please?
  2. I am having trouble opening a bank account for the service charges for the building that I am freeholder for. It is a small building with 3 long leasehold residential flats, and the freehold is held by myself personally, not in a company name, and not by any of the other leaseholder (I own the lease of one of the flats as well as the freehold). I do not feel we require the services of a managing agent for such a small property and am trying to make arrangements to manage the freehold personally to reduce costs. However, the set-up of the bank accounts for the service charges and reserve fund is proving difficult. The banks will not recognise that the funds are held in trust for the leaseholders where there is no managing agent involved yet this is a requirement of LTA 1987. Has anyone any advice or contacts that can assist in setting up these accounts please?
  3. I am buying my first property through an LTD. I need to include a personal guarantee that requires me to be advised face to face by an independent solicitor. Can someone please recommend a solicitor who can do this cheaply? I am being quoted £400. Thank you
  4. Can anyone reccommend an inventory and referral companies? I found tenants for my btl on my own and agreed the Rent hence I am asking. Never done it before have always used Estate agents. Thank you in advance.
  5. How much value can you add to a tiny flat in Mayfair that has just been revamped high spec. You buy the location really... property is being bought 162k less than 5 years ago. Thank you as ever for your feedback. It is what it is I guess . I am sure I ll figure something it out.
  6. Thanks so much which btl lenders would offer earlier than 6 months refinance you think?
  7. I am buying a property (repossession) which h is in imacculate condition and don’t need to carry out any renovation works I am getting 30% BMV and can be let immediately. I am using Bridging to buy and then want to remortgage ASAP and pull my money out at market value. I can not get a refurbishment bridge that moves to a BTL since I only have one shower screen to fit and that’s about it? Any advice on how to do this best would be highly appreciated. Thank you as always for sharing your valuable knowledge
  8. Do you have to wait for 6 months to refinance from bridging to a normal btl mortgage if you BRR?
  9. have a vendor who initially asked for £3k to be released to him from the solicitors on exchange date . The completion date is set for 10 days later. He explained he needs the funds to pay for relocation removals etc. I initially agreed to this however now he is asking for £24k to be released to him on exchange date and that’s 2 days before exchange. I am reluctant to authorise such a large sum as I am afraid he might run away with my money. Has anyone had similar experience? Are there any guarantees that he won’t run away with my money? Also if I was to authorise this, do you think I should ask for a further discount on the purchase price? This is for a BTL house in London - purchase price £500k
  10. Any advice on short lease (67 years left) purchase for a flat in London? The property is not massively discounted and needs work. Any tips would be appreciated thank you
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