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dennis hughes

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About dennis hughes

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  1. Good luck getting that past a deposit adjudicator, especially after a seven years tenancy.
  2. Make sure that you know your numbers before bidding. Evaluate the property, determine the most likely costs, set a bid limit and stick to it! Remember that some bidders who are bidding against you could well be end-users who will probably be prepared to pay more than you - they possibly don't need to make a "profit". And it's only about the numbers, not the emotion...
  3. There are laminate repair products out there, quick google will find them. Tenant will probably pay while guilt factor still high.
  4. Not all investors are going to live long enough to see capital growth, in their chosen area. So if they are going for yield, an inderterminite delay could be quite costly. This particular situation is very open-ended. There is no guarantee that the "vendors" are going to find a property anytime soon. They may, or they may not. It's nice to be giving and allow some flexibility, but oftentimes that comes back to bite you on the nether regions. Much simpler to lock it down at the outset. Everyone knows where they stand.
  5. Not an issue I've been faced with. My gut reaction is to treat them like any other tenant with the usual checks etc. As you say, they could be there a week, month, a year?
  6. From here: https://www.mydeposits.co.uk/wp-content/uploads/How-to-claim-for-garden-maintenance-1.pdf
  7. They probably woefully under-estimated the demand. Maybe it will shakedown in a few weeks or so..........
  8. The valuer is more likely to value at £150k than £180 unless you can demonstrate why, in your opinion, the property is worth so much more than you paid for it. Going through the same motions at the moment, valuer due any day. Our strategy is to compile a photo diary of before and after shots, along with a detailed list of the work we have done in turning a £41K purchase into a £72.5k valuation (average of three valuations). (This was the compromise strategy. I was going to sit the valuer down, start the slideshow of 2100+ images and ask them to stop me when they agreed our valuation, wiser heads prevailed!)
  9. Can't help with the area, but please make sure you know exactly what the property you are going for at auction is worth - to you. Do your due diligence, fix a price in your mind and stick to it. Very easy to overbid, especially if an end-user is competing against you, they can afford to pay more, you can not. At least, not if you want to make money out of the deal. Sorry if this sounds a bit patronising, not my intention.
  10. I assume, from your post, that money is not your key issue? Use a removal firm to pack and move. They will have the expertise and, just as importantly, will be insured against any damage.
  11. This just doesn't happen "suddenly". Someone has not done their searches correctly. But, just so I understand, you want to maximise the value of your property, in around a year or so, knowing that a CPO is on the horizon and, basically, betting on the fact that they value it how you want it to be in a blighted area?
  12. Can't quite get my head around the figures here. Your post implies that you need the mortgage to purchase this property, but then you state that you don't need £20k... So are you essentially paying the majority of the purchase price in cash, with a small BTL mortgage to make up the difference? Did the purchase price reflect the poor condition? The fact that there is someone living there is irrelevant, people will live in conditions that others would recoil from. I think more information would be helpful to the other (much more experienced) hubbers....
  13. Just having our first electicity report done on a BTL, not legally required but we feel happier having it done. £100 seem reasonable ?
  14. I would also counsel you to not consider taking anything much above 75% LTV. At that level, should things go bad, you should have some wriggle room. During the last "boom" phase, there were offers in excess of 110% LTV, eagerly snapped up. Then it all went wrong and those people had nowhere to go.
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