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Everything posted by jonnyboy

  1. Hi Tom, What evidence are they looking for? I didn't have any particularly odd requests from them when I opened mine.
  2. Hi, Just been thinking about upgrades that are required by law to make a property EPC compliant...i.e.. minimum rating of E. Things like replacing glazing, loft insulation, insulating walls etc Does the cost of doing this count as a revenue expense or a capital expense?
  3. Has anyone had any experience with using Starling for their business bank account? Would you recommend them? I'm currently using Natwest but thinking of moving. Thanks
  4. First of all, congrats on getting the funds together. No easy feat. I think if you have a long term time horizon then it doesn't matter when you get into the game. Having said that, I personally won't be buying any further properties until after furlough has ended as I think the market will start to drop then. I know it's been extended but it won't be extended forever. And good luck!
  5. I found this website a while back which looks really useful for making loan agreements between businesses if you need to do it or if you want to do it for piece of mind. Might be of use for you. https://www.lawdepot.co.uk/contracts/loan-agreement/?s=QSGeneralInfo&g=QGPaymentType
  6. Funnilyy enough we've just painted a living room ion one of our properties magnolia for the very reason that it is warmer feeling than the previous white. The entire house was white. Every room and corridor. We didn't paint it that way but it needed changing. Obviously these things are tastes so everyone is different and it's interesting to see you both have different views. I guess I just think it's nice to have a "warm" house when you walk in. I like the idea of a feature wall to breakup the monotony of a place. These are BTLs and not BNBs Cheers
  7. Does anyone else think the combination of grey and white for seemingly all refurbs these days is a bit boring? I know it's easier if you do everything one colour but it's so lacking in imagination. For our BRRs we're planning on making the homes look like you want to live there rather than something quite sterile and cold. Is this a good idea or a waste of time/money?
  8. The mortgage company might want to see where the money came from in the first place and then my not lend if it's 100% debt. The actual lending between companies isn't a problem although I think there could be some issues with it which an accountant/tax advisor would have to help you with.
  9. I'd be tempted to pull out of the deal altogether. It just sounds like hard work with people who don't really want to help at all.
  10. 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.
  11. 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
  12. 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.
  13. 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.
  14. 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
  15. 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?
  16. I've done this with a personal loan and kept the money ready. Just make sure you can afford the monthly payments
  17. 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
  18. 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.
  19. 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 wo
  20. 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
  21. 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.
  22. 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?
  23. 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.
  24. 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.
  25. That was my understanding too. This is something the mortgage company solicitor is saying. The one I may have no choice but to go with. Cheers
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