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sam_f3

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  1. Well knock on the neighbours door or drop in a polite letter and ask who their insurer is? Separately, how do you know they all have insurance and were sold to mortgaged buyers? BTL should have nothing to do with this kind of insurance restriction.
  2. My concern would be even if you could find one insurer out there in the market who will insure your property, if they pull out of the market or change their terms, you would a) be in breach of your mortgage, and b) potentially worse, when you sell, you will be restricted to only cash buyers who are not fussed about not having flood insurance. You'd need an incredible price to make this deal work under these circumstances.
  3. Hi @maxtuc I have an identical set up (with 3 flats) and insure the whole building using standard building insurance taken out by the company and we declare that each flat is rented. It covers landlords possessions as well. I have used Newman insurance as the broker to arrange this (and other properties) for almost 10 years now and they have been very good to deal with. Phillip Schwinger phillip@newmaninsurance.co.uk is the guy you need.
  4. @mike_jb https://www.taxcafe.co.uk/property-tax.html I cannot recommend these books highly enough. Best £20 you will ever spend - I have both of the first titles on that page and both were great. I am a higher rate taxpayer too and my wife doesn't work and I ended up buying property in her personal name (standard BTL not flipping) as it worked out more tax effective for what I was trying to achieve. So definitely explore your options before committing to either route. Note that you don't need to split the income 50:50, you can have a deed of trust which streams 99% of the incom
  5. I haven't actually seen where they pay a whole year upfront, rather just guaranteed monthly rent. If the discount is say 10% to the market rent, then you're effectively paying 10% interest on those funds, less any void period at the beginning while they look for a tenant, noting also no risk of non-payment of rent (and no need for rent guarantee insurance which costs some £300). This all assumes the tenant they find is good and does not stay beyond one year and refuse to pay you rent - because then you would have a major problem on your hands. I think if the discount was not too large an
  6. You've hit the nail on the head. So many people don't consider the cause and effect. Inflation first increases (or the expectation that it will increase becomes prevalent), then people demand higher wages to maintain their lifestyle, which means they can then afford higher rental (as landlords also need more income!) which further pushes up inflation. Bank of England then lifts interest rates to cool the economy. Small changes in interest rates can happen in the absence of wage inflation and rental increasing, but the large changes we are talking/worried about only come about from an overheate
  7. @sandrawoodpecker I've used openrent once. The only downside is that I had a huge amount of unsuitable tenants messaging me and it took a while weeding through them and even then the quality wasn't great. I tend to find better tenants through my network (facebook friends etc) or use a higher end agent when that yields no results. I just don't have time to be reading so many messages from people I wouldn't let to, or who lie and I need to screen upon meeting (wasting both our time). I've heard good things otherwise so maybe I was just unlucky.
  8. Hey @joe_sam Capital growth is impossible to predict - I consider it a bonus - and if the yield is "excellent" compared to other opportunities you are seeing (and the area has the right fundamentals, tenant demand etc) then I'd say go for it. Having said that, I am personally bullish about the growth prospects for bungalows. As you say, they are niche, they don't tend to be making more of them, land is at a premium and we have an aging population. This suggests demand increasing faster than supply over time, which can only mean one thing, rising prices. I'd caveat that by saying tha
  9. @bob_jones More to the point, where on earth in London can you buy something for £550k which rents for £2,500? That is a fantastic yield! The mortgage rate is super high though and really kills it. Have you factored in service charges? And as others have mentioned, all the other costs you need to factor in as well. You write "I probably should have just tried to get a mortgage on the one that I am buying" - so why don't you?!
  10. Hi @danbrown Who is on the title? Typically the person on the title needs to be on the mortgage - it is unclear to me what you are trying to structure around i.e. why would you and not the investor be on the mortgage in the first place? In any event, it is possible to purchase a property in your name (on the title) using someone else's funds, you just need to a) declare the source of the funds for deposit and the investor will need to pass anti money laundering checks etc; b) you sign a deed of trust which sets out that the property is actually owned [x%] by the investor or anyone e
  11. Hi @Ellski I've only looked at purpose built student accommodation (at various universities) and most (if not all) were cash-only purchases. This meant that the ROI was no better, or in fact even worse than, vanilla BTLs which are a lot less hassle. Second, exit strategies are more difficult as you can only sell to an investor, and capital gains is very much dependent upon rental increases being achieved, that means, they behave more like commercial property where investors value them based on a cap rate rather than residential where supply/demand and mortgage availability are much
  12. Hi @flo butler Apologies I am very short on time but just wanted to address this point which rang alarm bells (having bought tenanted property before). Make sure you receive bank statements evidencing the rent being paid; make sure there is evidence that the deposit was lodged within 30 days, that the right to rent, EPC and gas safe certificates were all provided to the tenant when they started the tenancy. If the tenancy was not set up properly, in the worst case scenario, you could be stuck with nightmare tenants who don't pay and who you cannot evict with a s21 notice and you will be i
  13. @sg_landlordnewb Hi - I've copied and pasted my list below. I once drafted this in the early days and have amended over time - I do most of my own management but use a couple of agents too. Recommendations is definitely the way to go though! Sorry don't know any agents in Leeds. Good luck! Experience · Have you rented many houses in the area? · What sort of tenants would you expect to find · What sort of reference checks do you do? · Estimated monthly rent? · Clients on your books who may be interested? · Exampl
  14. @scott102 great question which has been discussed ad nauseum. Instead of reinventing the wheel, see this great thread https://www.propertytribes.com/10-reasons-buy-house-rather-than-flat-every-t-66.html I personally almost always prefer houses, however own one flat in London which I bought in early 2013 because the economics were exceptionally good on it. You need to think about your target tenants, turnover of tenants (2 bed flats have higher turnover than 3 bed houses) etc but also bare in mind that freeholders have a license to rape leaseholders/print money (my flat is share of f
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