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Everything posted by JohnnyMid

  1. I enjoyed his book when I bought it way back and I liked the Robs critique of it but to me he sounded like a guy who is the very definition of hubris. I don't think anyone has told his he's talking s**t for so long time he now says whatever he wants without challenge. Quite plainly he's wrong on a number of fronts but his status means people won't tell him. That may not matter to us on this forum as we have an alternate view and analyse what he says but some people will believe it all and act on it. But still I'm glad he wrote his book and point others towards it with caution.
  2. I'm assuming tenants are anticipating some kind of 'break' on their rent - maybe not unreasonably considering what the govt has been saying and the fact this is an extraordinary situation - and I'm considering being proactive about this. I have good tenants who I want to keep and one is coming up for renewal soon. I don't have a mortgage so any 'holiday' is irrelevant to me but as an aside I think a mortgage holiday and a rental holiday seem to be very different things. If I understand a mortgage holiday it means you don't pay interest for three months and the deferred amount is added to
  3. Hi, anyone noticed any impact of Covid 19 or the drop in the stock market affecting the market? I’ve just put a property on the market which is located in a very popular street and contrary to the expectations of the estate agent is having very little interest. Of course I realise there could be a lot of other reasons for this, price, over-optimism, BS, etc, I wondered if anyone else had noticed anything. Personally I might feel slightly nervous about buying a property with a looming recession...... Thanks John
  4. What you say makes sense but any thoughts about Ltd Co mortgages where rates are higher (reflecting higher perceived risk) and in theory have room to come down? Thanks John
  5. Hi Kevin, Can you confirm that the original contractors you got in (who you say did the shoddy work) is DMS? I just want to check because you said the original price was £2500 but the photo you attached shows their estimate being £1700? I'm asking because I've had a quote from them which I am considering accepting. Thanks John
  6. Not sure I buy this story. There are a lot of other costs that coming with owning a house and you simply can’t compare averages in this way. Plus hardly an objective article if it comes from someone working for ‘Mortgage Strategy’!
  7. Thanks again Lilla, that’s helpful and interesting. John
  8. Thanks Lilla, that’s very helpful. I’ve previously posted about using a personal mortgage for family and was warned about lenders finding out and being blacklisted etc (which I take seriously). I do wonder how lenders would find out the identity of tenants and their relationship with a director of a Ltd company. Don’t they have better things to do with their time?
  9. So a BTL mortgage for a property rented to a family member would be regulated. Does the situation change if it’s a Ltd company taking out a mortgage for a property that will be rented to a family member of the sole director? Still regulated? Thanks John
  10. Hi all, thanks for the all the advice, I thought I'd let you know how this ended. Basically I refused to provide the homebuyers report and eventually walked away. There was a lot of to and fro with me giving them a lot of detail together with the damp report. But when the solicitor handling the probate (who was also co-executor) asked for the homebuyers report and in particular the valuation therein it triggered alarm bells. I hadn't been bothered about getting a valuation from the surveyor but he included one and it was my original offer price. Nothing unusual there but as my reduced offer w
  11. It’s a large terraced. Yes the quote includes all replastering. I actually had an earlier quote for slightly less which I didn’t feel comfortable with (for various reasons I won’t bo re you with). I’m okay with the cost of the work, my question was really about handling the estate agent.
  12. Thanks Dennis. This is a flip. The contractor has quoted for a dpc and works related to that. The wet rot in the cellar simply means the timbers affected need to be removed and replaced and that requires a joiner. There’s also the assorted cost of improving the ventilation and then replacing some leaking guttering and down pipe. All that’s the work resulting from the damp, there is other work resulting from issues identified in the homebuyers report.
  13. Hi, I’ve made an offer on a house which has been accepted, it’s a probate/refurb/flip. It’s a cash purchase but there was a bit of a bidding war created by quite the aggressive estate agent and I think I’m paying a lot for it, the numbers only really stack up because prices in the road have snot up on the last few months. I had a homebuyers survey which raised quite a few issues I hadn’t seen including potential dry rot. I had a separate damp proof contractor report (which I paid for) and it’s only wet rot but the house has a real damp issue and needs a new dpc etc. The quote for their work is
  14. Hmmm thanks for the advice guys. Being blacklisted doesn’t sound good! Any suggestions on a broker who’s familiar with regulated mortgages? Thanks John
  15. Hi all, I’m thinking of buying a property and letting to my parents but I understand I will run into the regulated/unregulated issue which will make it difficult to buy with a mortgage. My question is how any btl lender would ever know I was letting to my parents? Surely if I just buy with a normal btl mortgage and subsequently let to my orients they’d be none the wiser? Or am I missing something? Thanks John
  16. If they mean Directors & Officers (D&O) insurance then that is mainly (but not exclusively) designed to protect directors against claims from (disgruntled) shareholders. The question you have to ask yourself is if you don't discharge your responsibilities correctly who is going to sue you? So depends how your company has been set up. If you think there is a risk then speak to an insurance broker. Cheers John
  17. Anyone got a recommendation? cheers John
  18. Hey Nick, interested in how this went in court? Thanks John
  19. Thanks Nyall, I’m working my way through the podcasts so I’ll zip ahead to that one. Cheers john
  20. I keep seeing references to the current high cost of housing being due to a shortage of housing? Does anyone know whether the figures back this up or is it just the conclusion using supply/demand as the reason? Lack of supply could just be less people wanting to sell (for whatever reason) couldn't it rather than not enough housing existing? I don't like to take things at face value so intrigued. Cheers john
  21. Hi, I live in Kent but I am looking (for various good reasons) at investing in Sheffield area. I'm currently assembling a team of advisors - accountant, solicitor, mortgage advisor etc - and evaluating the pros and cons of going local to where I live or where I will be investing. The obvious pro of having them to local in Kent is being able to pop in and see them in person at short notice but I suspect the costs down here are higher, perhaps a lot higher, than they would be in Yorkshire. An added weaker point is that people local to where I am investing might have local knowledge affinity etc.
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