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darren simpson

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About darren simpson

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  1. Hi Clive, we've got it down to a few months for a renovation - that's rewiring, plumbing, some structural work, etc. No extensions yet though. What we've found is that we're now too close to being 'developers' and will have to pay Capital Gains Tax... Or so we've been advised, so that would take away 28% of our profit. We average around 50k gain on each refurb, that's on top of the natural increase in value of each area. We think we could get the refurb down to 2 months at a push. The issue with the areas we choose to refurb is that they are going up faster than we can currently
  2. Hi Yvonne, I've had this happen to me with a buyer when I was a seller, so I can answer from that POV. It's a negotiation point, you can go to them and lower your offer based on the mortgage valuation - or you can add more of your own money to match the sellers asking price, or meet in the middle. You're not bound to any deal until you exchange contracts.
  3. Hi I need some advice, I'm thinking of bridging finance for my next buy-to-sell. Could someone advise me on the timescales... I understand that I can get the finance to cover the purchase, and that I can set the term of the loan, say for 6 months. What I don't understand is how is it achievable, when the selling and buying period is an unknown amount of time, it could be a chain for example and take months. How can you plan your length of loan, when you can't plan your length of sale? If that makes sense. Any advice gratefully received Thanks Darren
  4. Hi I'm looking into buying a HMO, right now I'm at the research stage and I wondered if anyone here was experienced with HMO's? Ideally I'd like to buy in the North East, but I live in London. My concerns are managing the property, I'm happy to pay for the management, but do regular lettings agents cover HMO's? If not I have family in the area, but how full on is it? All I've read so far is the HMO Landlady's book - and her management style is very hands on, collecting rent in person from rooms, waiting outside bedroom doors through the night for uncollected rent etc... Surely she
  5. Hi Chris, from what I've read, the EU Credit Directive won't effect Buy-To-Let Landlords who are buying as part of a business. Unless I'm wrong, and I have been before ? What have you read on the subject?
  6. Hi does anyone work with a good broker? Preferably close to SE London so we can chat face to face, but not a mandatory Thanks Darren
  7. I'll have a go at explaining point 5, but you were right in your assumptions. You bought the property for 100k, 20k of that is your money (equity), 80k is a loan (debt). The suggested revaluation is 130k, at 90% LTV rate meaning you need to have 13k equity in the property, which you would (20k of your own money is in the property from the purchase), so you would receive 117k from the mortgage company. Of that 80k would go to pay off the outstanding loan, leaving you with 37k. Which in theory works, but in practice may be difficult, as not many lender will mortgage under 6 months of fin
  8. Thank you both, very grateful for the help
  9. It's my understanding that pretty much all lenders allow you to have multiple BTL mortgages, with a cap of 10 or so.
  10. Hi is anyone using a property specialist accountant that they can recommend?
  11. That helps fantastically Kevin, I'll give you an email soon to discuss further. Thanks again
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