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Sam_F3

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  1. @michael_heyes Great initiative, but I just want to put it out there that anyone can buy 7 houses in 2 years by overpaying on each deal (and assuming they have money to burn). Rather, much better to advertise that your properties are cash flow positive, good areas and tenants, strong ROI etc and that you smartly and prudently financed your deals to enable you to expand your portfolio quickly, and do more good deals.
  2. Basically after the end of the 4th month, either of you may provide 2 months' notice to end the tenancy (6 months minimum tenancy effectively). It appears that you pay on the 10th, so you'd give notice on the 9th of the month to end the tenancy on the 10th 2 months later. If you owe any money/damage property etc ('breach a covenant' i.e. a clause in your agreement), you are still liable despite ending the tenancy early.
  3. @jon_p I'd argue that it is implied, and you are ok, but agree the language is not great. I have used the following clause in some of my ASTs: 1.1.1. Any time after four months of the initial fixed Term of this Tenancy, either party may invoke this break clause by providing a minimum of two months written notice to the other (such notice to expire on the last day of a rental period of the tenancy). At the end of such notice the tenancy shall end and all obligations and responsibilities shall cease, subject nevertheless to any claim by either party against the other in respect of any breach of any of the terms and conditions of the agreement.
  4. Not the BOE, I'm talking high street banks. In the UK we have a system known as 'fractional reserve banking' which is done deliberately to increase the money supply. If you google it you will find some good articles going into the detail of how this works exactly.
  5. @Stuart Phillips @Vineet Gupta I don't want to get into robust discussions online either, but I just wanted to lend my support to Stuart's argument, that banks do in fact create money out of thin air and do not (initially anyway) need to borrow money in order to lend money. From memory Mervin King, former governor of the BOE provided a very good overview of this process in his fantastic book The End of Alchemy. I don't have the time to go into the detail here on how it works but if you want my credentials, I also have a masters in Finance from a top 20 institution, have worked in private equity and debt for over 15 years and now manage a US$10 billion global infrastructure debt fund focused on private credit. I'll also add that Barclays was offering a 10 year fixed rate resi mortgage at 1.66% a few months ago when the 10 year swap rate was very close to 1.60% from memory... go figure... I was tempted to break my 5 year fix (2.5 years to go) and remortgage onto that 10 year rate as it was ridiculous...
  6. No need to worry. Call a local estate agent and rent something like most people do.
  7. While the agent should do the 'right' thing, and while the tenant may be in breach of the AST (which you have not seen), this does not mean the agent will do, or must do, the right thing and enforce the landlord's rights under the AST. This article https://www.dentons.com/en/insights/alerts/2014/august/4/landlord-liability-for-tenant-nuisance would support this notion that the landlord is unlikely to be liable. Note also that the agency does not owe you a duty of care as they have no contractual relationship with you. I haven't seen your review but if it is factually incorrect, you could indeed be sued. If the review is appropriately worded and caveated and you clearly explained the situation, then I imagine you should be fine and they would have a hard time suing you for misrepresentation or similar.
  8. Agree - I'd even say 3 years is too short - most funds and financial advisers recommend min 5 year horizon and ideally 10 years. I've been investing in stocks for over 20 years and note the past 10 years have seen exceptional returns as interest rates declined to rock bottom. Most analysts believe the next decade will yield much lower returns as rates slowly normalise (though of course no one has a crystal ball so anything could happen). Regardless, stocks are not suitable for a 12 month horizon as like Dino says, when you need the money, it may be worth a lot less than you put in and you'll end up potentially losing the property while you try to 'time the market'.
  9. Great longer term option but note that the fund is down almost 15% from its high at the beginning of the year, so definitely not suitable for a 12 month horizon.
  10. 0.75% is very good, is that instant access? I use Hargreaves Lansdown's cash savings facility, best instant rate is around 0.50% at the moment. Shares and bonds are too risky over a 12 month timeframe, the last thing you need is to withdraw less money than you put in when you need it! So other than a cash account, I wouldn't recommend anything else for such a short timeframe.
  11. @wendy-t Check out my response below, hopefully you find it helpful.
  12. Congrats. I looked at Peterborough a while ago and the yields on flats were really good but for freehold houses not really. I'd love to hear what the key numbers are on your flat (post code, purchase price, expected rent, ground rent and service charges). Always great to hear market updates Thanks!
  13. I haven't reviewed the government template suggested by Mark above but I'd imagine it to be very tenant-friendly. The cheapest option for a landlord-friendly template is probably Open Rent, and thereafter probably downloading the NRLA's template.
  14. ... and the removal of lettings relief which was worth £80k of tax free capital gains (for a couple) on a BTL which was previously a main residence... that has come to bite me! And let's' hope CGT stays at only 10% more than other assets (18/28%). There are proposals to increase it to the rate of income tax!
  15. Going to small claims court is not free (I think you'd pay a £50 or so) and worst case you could potentially be on the hook to pay some of the council's costs if you lose too so you might be out of pocket your £500 plus another couple hundred maybe. Best to clarify potential costs and liabilities before turning up in court - but as you say - this is classic intimidation tactics - it's very unfair!
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