Jump to content

davidcook

Established Member
  • Content Count

    10
  • Joined

  • Last visited

About davidcook

  • Rank
    Established member

Recent Profile Visitors

The recent visitors block is disabled and is not being shown to other users.

  1. Hi guys, Similar to the TV shows, you invite some professionals around to your rental property, and they make a series of recommendations for things to change in your property, with a view to make it more marketable, more attractive, and increase you rental returns based on their market expertise. There is a consultancy fee, but the idea is the return is greater that the expense. Struggling to find such companies to assess my London flat. Is anyone aware of any such companies, or can make any recommendations having used them? Kind regards, David
  2. Hi guys, The kitchen in my London rental property is starting to look tired, and the tenancy is coming to an end, so I'm starting to look at options. One is complete kitchen replacement, but I also notice there is an option to renew cupboard doors, worktops and appliances, rather than replace the whole kitchen, which I assume would be more cost effective. Starting my research and come across one such option: http://re-nukitchens.co.uk/why-re-nu/ Has anyone had any experience of kitchen renewal, rather than replacement or can recommend any suppliers who offer this service? I'm getting some quotes for a complete kitchen replacement initially, and will report back to the forum. Many thanks, David
  3. Hi guys, How long does it take Rightmove to change a property status to "Sold/Sold Subject To Contract"? I've had an offer accepted on a property made on the condition of the property being taken off the market. That was last Friday. I asked the estate agent on Monday to get their site and Rightmove updated to "Sold/Sold Subject To Contract" and yet today the listing still shows without that marking? I think I had heard on The Property Podcast that updates to Rightmove are overnight and if a EA asked for an update, it should reflect in the listing the next day. But can't find any reference to this. Does anyone know definitely so I can go to the Estate Agent with the facts. Many thanks, David
  4. No, I have not thought of that. As a new agent is being used and the old agent is no longer engaged to sell the property, perhaps they might divulge some information. Thank you for the suggestion. I will try and report back. Cheers, David
  5. Tool that shows listing history for properties taken off the market? Hi guys, A great resource I have used which was recommended by Rob and Rob on The Property Podcast was Property Bee that shows on Rightmove (when using the Firefox browser) the history of live property listings. I've used the information to "keep estate agents honest" a few times around the time a property has been on the market and price changes. I notice that sites like Zoopla have archives which show when a property was last listed http://www.zoopla.co.uk/property-history/4-oxford-road/london/n4-3ha/27531561 Is there any way of finding out how long a property was listed for in the archive? Rationale: Looking at a property that we have found an archive for, which was not sold, taken off the market, and then listed for a lower price with a different agent after 7 months off the market. Would be interested to know if you can get this information. Information is power. Many thanks, David P.S. Sad to see that http://www.propertysnake.co.uk/ seems to be no more.
  6. HI guys, As a conclusion to the thread, I did ask my solicitor to make sure that a gas safety certificate was obtained by the vendor as a pre-condition of exchange, such that I had assurance that the gas appliances in the house were safe. This was provided and the sale then went through smoothly and exchanged and completed on the same day. Thank you to all on here for their advice. Kind regards, David
  7. HI John, Congratulations on your first BTL. With respect to your questions I personally would recommend using a letting agent for your first property, however I would look to undertake research by first seeking recommendations from experienced landlords on good agents, and then arranging an interview with the shortlist and then choosing one based on their performance in the interview. When I first started out, I set up interviews with 6 agents in my area, and met them face-to-face and made sure they answered all my questions. I ended up choosing a lettings agent who was not an estate agent with a sales business, as I felt with such agents who also did sales that there was an inherent conflict of interest. Referring back to my notes, below are some of the questions I asked, and there are plenty of "What to ask a letting agent" links to refer to. You should have the finances right to cover letting agent fees, and in future you can always make the step to 'self-manage' but as you grow your portfolio you will probably not want to do this. Lettings Agent Services E0 Are you personally a landlord? E1 What are your fees for lettings only? E2 What are your fees for lettings and management? E3 Do the letting fees include (tenant searches, tenancy agreement) or if not what are the costs for these? E4 Can you recommend an inventory service and what is the charge? E5 Are you a member of a professional association, and if so which (ARLA, RICS, NALS, NAEA)? E6 Do you have professional indemnity insurance? E7 Have you signed-up to the Ombudsman Scheme? E8 "Which Tenant Deposit Protection Scheme are you registered with? E9 Do you charge for tenancy renewals to the same tenant(s)? E10 Where and how will you advertise my property to let? (Does this include Rightmove and Zoopla)? E11 How long after payment does landlord receive monthly payments? E12 What type of background/financial checks do you do on tenants? E13 Do you charge for tenancy renewals to the same tenant(s)? E14 "How often do you do checks? - Is a mid-term check included?" E15 Do tenants have 24x7 access for emergencies? E16 How many properties do you have under management? E17 Do you offer any discount for landlords with more than one property under management? E18 Do you offer any other services for landlords? E19 Do you offer a mortgage broker? Market questions S1 "What type of properties in this area have the highest demand to be rented, and to what type of tenants - Type - Purchase Cost - Rental" S2 "What type of properties in the area have the highest yields - Net yield - Gross yield - Type - Purchase Cost - Rental" S3 Please can you share a real example of a recent investment property managed by yourself? S4 "Would the type of property be rented on a furnished or unfurnished basis? - What is typical locally." S5 What is the typical time to find tenants for such a property? S6 Are there any specific local factors that have an influence? S7 Anything else I should be aware of? Example link: http://tonybooth.hubpages.com/hub/7-Questions-For-Your-Letting-Agent Hope this helps, and let us know what you decide. Cheers, David
  8. I've had experience on consent to let from Yorkshire Building Society (YBS) as I once let a flat in which I formerly lived and had a 5-year fixed residential rate mortgage with tie ins which would have been expensive to exit (in order to get a BTL mortgage). I was within 2 years of the end of the fixed rate period. In order to get consent to let I had to Show I was using a letting agent that was regulated by an industry body Provide details of the AST to YBS Pay £100 for the consent I had to renew the consent to let (another £100) when it expired The would have increased the mortgage rate by 1% if the LTV was less than 75% (standard YBS policy) but as my LTV was much lower (less than 60%) then did not impose this rate increase. Hope this helps, David
  9. Hi guys, I am currently buying a property that is tenanted, and have agreed to keep on the tenant. I am working with my solicitor to ensure that the old AST is completed and a new one is put in place, in a legally correct way. This involves a new AST starting on the day of completion. I have also requested that the gas safety certificate is provided as part of the sale. We are not due to exchange contracts until early February, and I have now been told that the gas safety certificate expired in December. I am concerned about this as; Is the landlord in breach of the law or at least letting regulation as I understand a tenanted property must have a valid gas safety certificate A valid certificate would give me confidence that the gas appliances are in good order (at least when the certificate was provided). An expired certificate gives no such guarantee. If my understanding on 1) is correct, I think an entirely reasonable condition of sale would be that the existing landlord gets a valid gas safety certificate as a pre-condition of exchange of contracts. Does this seem a reasonable approach? Any advice would be appreciated? Kind regards, Davd
×