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dennis hughes

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About dennis hughes

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  1. I think then, that your hand is in the air to be MD whether you want to be or not. It's not that onerous, and you are the one who gets immediate gain....
  2. First thought is to get a new mortgage adviser. We had the same "problem" on a South Wales property, our broker sorted it within a few days. Try Aldermore, they are much more likely to be sympathetic to nearby commercial property.
  3. The tip of a very large iceberg. The short answer is all of them. As @julia urquhartsaid, Zoopla is just an algorythm, but it does have it's uses. You have to try and develop a "feel" for the location. If property A sold for 100k but property B a few doors away sold for 150K you have to try and establish why that was. Zoopla often gives historical marketing materials, look at them. Was is a wreck or sold as refurbished? Look at bedrooms, floorplans, parking, in short just about everything you can think of. After many, many hours, you might (might) have an idea of where your intended purchase sits in the street price map. Then you can go from there.
  4. I suspect that @adam hoskeris meaning that a 60k purchase at 75% LTV is a 45k mortgage. But you should have few problems in sourcing that.
  5. Not heard of this before? Do you have any further details @ben sewell
  6. You left out a bit of information that could sway possible answers. Most crucially: What is your strategy? Long term growth or cashflow, I'm assuming cashflow but not totally sure that is all you want. Are you happy leaving all your initial investment in the property or would you like to get some/most/all out to do it again. If you think that the property is overpriced than that is where negotiation comes into play. Offer what you think it is worth, if you are right it may well be accepted. If it isn't accepted, decide whether you are happy to offer more. If not, and it sells to someone else for more, then re-evaluate your purchasing strategy, why did they see more value in it than you?
  7. I can only re-iterate this succinct comment from @Mortgage_tom. It contains all the information you need to formulate your best strategy, but I appreciate that it might be frustrating not to be able to go from A to Z directly. Good luck.
  8. No, you are not being too cautious. Cautious is good. I haven't listened to that particular podcast, but I am guessing that what they are saying is roughly this: As a new developer, there is a tendancy to under-estimate the time to completion and also the costs of development. It would not surprise me if you estimated the time to complete at, say, three, months, but it took 9 months to turn it around. Thing is, each of those extra months are costing a fortune in finance costs. I think thay are probably saying that after a couple of deals, your estimation of cost and time is much better, and therefore your estimation of finance costs equally better.
  9. We've used viewber, as Richard suggests. Very comprehensive, lots of photos, and some information that we didn't even think to ask for. Great service at a very economic price.
  10. FYI Aldermore were happy to go to 80% on our property adjacent to a social club. We chose to go for 75%, money is in the bank, so they followed through on it.
  11. If you paid full market value for the property, and the right to claim is not registered on the land registry, you should be able to block any attempt to charge you. This is NOT legal advice, just my reading of this document: https://quantuslegal.co.uk/2018/02/07/chancel-repair-liability-still-issue/ which sets out the position from 2013. Interesting read.
  12. Hi, try The Home Insurer. https://www.thehomeinsurer.co.uk/ Unoccupied and Landlords insurance. Quick, affordable, flexible. No affiliate. Just a happy customer.
  13. You paid £80k for the property. That is, in the absence of any other factors, the new market value for that property. In our very recent experience, valuers are, as @DerekT said, under-valuing to mitigate potential losses in the future. And I don't think it matters if it's the same valuer or a new one. They will know what you paid, you have to convince them, somehow, that it is suddenly worth a whole lot more. Good luck, let us know how you get on and if successful, what strategy you employed. Dennis