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About jonnyboy

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  1. If you do decide to invest via limited company, which I myself do, then you don't need to pay an accountant to do this for you. You can do it via Companies House and pay the small fee yourself. My thoughts on ltd via personal is this, if you are going to hit 40% and/or you want a number of properties then ltd is very likely better for you.
  2. Hi, some of those values are very expensive on a monthly basis, even if you are being negative. Gas certificate is about £60. Agent shouldn't be paying more than about 10% +Vat. Fire alarm testing... Seems a lot. Mortgage rate is double what you should be looking at. I understand being negative, I do it myself, but you need to be realistic too. With the refurbishment I try to break it down a bit more... I'd advise that. HTH
  3. Good advice, thanks. Yeah at the moment I'm running the numbers on quite a few properties and comparing them to sold in the same street/area with similar sized properties/bedrooms etc. I won't be jumping into one yet as I think the prices will come down in a few months. Getting our ducks in order and seeing what's out there and been sitting around for a while is the focus right now.
  4. Thanks for the reply. I'm curious about the comment on renovation being more about marketability than capital value. I thought the whole point of renovation was to add value. Am I wrong? What would you advise for adding the most capital value? We're not in a chain. We're looking for our 4th property at the moment but don't want to pay above and beyond what is reasonable.
  5. Morning all, I've been looking for BRR opportunities around my area and a bit further afield but what has struck me more than ever is that properties in need of a full renovation are only slightly less than done up properties. How do agents justify this? I guess if the market will take it then that's how, but why would anyone buy a property for only 10k less that needs a full refurb when one a few doors down is full done up? Am I missing something? Here's an example if anyone is interested...https://www.rightmove.co.uk/property-for-sale/property-78305227.html I just don't get how it can be that price.
  6. A question on remortgaging a BTL. This came out of a conversation with someone else who has BTLs and are currently remortgaging. He wants a new deal as his is ending, but to me the costs are insane. Is this normal? Booking fee - £1500 Solicitor - £1000 Broker - £600 If you're having to pay this every 2yrs that is probably going to eat a big chunk of your profits. Have I/he misunderstood something?
  7. I've done this with a personal loan and kept the money ready. Just make sure you can afford the monthly payments
  8. I have a ltd which rents properties out at the moment. We have 2 properties. We've just bought our 3rd which needs to be refurbished. Is there any benefit to setting up a 2nd ltd that would do the work in terms of tax? I don't know if there is I'm just seeking ideas/thoughts on the subject. Thanks
  9. Listen to your parents...they aren't always right but they have probably forgotten more then you/we know. S. Leeds - ha ha Broker - don't go for any old broker. I went for a recommendation first time and found a different one the 2nd time. There was a big change in cost. 2nd was better and cheaper (£500). In terms of setting up a company...you can just do this yourself online on companies house. That's what I did. Cost about £15. My thoughts on HMO...it might be too complex for your first investment, especially if you aren't living local which it doesn't sound like you are. I would advise going with a bog standard BTL first. But up to you obviously. And yeah I think you've answered your own questions regarding the JV.
  10. Hi, I'm invested with my brother via a limited company. We purchased our first property on the 6th Feb last year and are completing on our 3rd today! It's very important to have the same goals and idea of what and why you're doing this otherwise things will go really wrong. My brother and I do have different opinions about things but we work it out. We also have complimentary skills which I think it important. He's good with manual work whereas I'm better suited to finance. Brothers are closer than cousins so I would think twice about doing it with my cousin. I probably wouldn't. What are your cousins going to bring to the table if you did this? HTH Jon
  11. Hi Conrad, There are no other shareholders except us. I don't think we need it but just wanted to see if others had come across it. Jon
  12. I had to switch to one of the solicitors on the mortgage panel. The were happy to use the searches which had already been done by my first solicitor but not sure if that's an issue for you as it's a new build. My original solicitor also couldn't join the panel DESPITE being on the panel for resi mortgages and individual BTL mortgages.
  13. An insurance broker friend of mine has recommended myself and brother take this out as we are both directors of our property ltd company. Has anyone come across this and is it needed?
  14. Hi, I went to speak to Howdens and they talked about how all their fittings are the same pretty much so if in future you want to change doors then you don't need to buy new carcasses. We're going for the rigid ones as the time saving is worth it.
  15. Yeah so I have my own solicitor who was doing the purchase and then I found out they aren't on the mortgage company panel. Pain. And it's that solicitor that is saying that the mortgage must be paid back before any director loan. I've found out that my solicitor was on their panel. They are trying to find out what happened. Hopefully it will work itself out. Yes, I'm purchasing a BTL.