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Cormac M

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  1. One thing you need to check is what your AST says. If you / your letting agent used the Government template (highly unlikely as I don't know anyone who does) then you can't do a blanket ban on pets. If you've used a different one then it should be OK. I think it would be reasonable to say it was advertised as no pets so she needs to wait until the end of the 12 month tenancy. Two of my lets have tenants with a single dog in each. I charge £20 extra per month as we can no longer take a pet deposit.
  2. It's still called the same name so not sure why you can't find it. You do have to request access but it should be visible. If you are still having difficultly finding it then let me know.
  3. Doubling every 15 years is a 4.7% increase every year. I've heard some lenders are OK with increases in line with RPI (as long as it isn't too high to begin with) but this is higher than that so I'm not sure how likely it is you will get a mortgage. It will also make it harder to sell in future unless you are able to agree a change to the ground rent in the future. As a result, even if you were able to get a mortgage it might not be a good idea to proceed given the risks and restricted exits. There are plenty of people who are unable to sell or remortgage their flats because of cladding i
  4. I don't think a single house can form a building line but if the new houses would make yours seem out of character then this is probably a legitimate point to raise with the planners. If there are any issues with overlooking or over shadowing due to them being offset from your house then these would definitely be legitimate objections the planning application.
  5. If you buy the title deeds from land registry eservices (for £3) then that normally gives you the original length of the lease and when it started, so you can work out the remaining lease length. It won't give you any details of the lease beyond this but it's a good starting point.
  6. Hi Leo, I'm a member of a Facebook group called "Bristol - Swindon Property". As the name suggests it is for people investing in Swindon, Bristol and the areas between them. The host organises regular zoom calls once a month (for free) for people to discuss their deals and any issues they are encountering. I'm really liking it so far so you may find it useful too.
  7. Probably your best bet will be to speak to a solicitor that specialises in leasehold extensions. You could try someone like www.leaseextensionuk.co.uk as they provide a free initial consultation. I've not used them myself but came across them while researching as I'm looking at buying the freehold of a leasehold house later this year.
  8. Just had a look at this and your Total Yearly Rent for column 1 should be 6000 not 4750. This should make column 1 better than column 2 from an ROI point of view. This doesn't mean you should go for option 1 over option 2 as your current home might be in a better area for capital growth so... it depends on your goals!
  9. I'm just remortgaging my home and Natwest appointed Gordon's Property Lawyers. They have a portal called G:PortL which lists all the stages that are needed along with the documents required and whether they are waiting on you or someone else to progress. Worked on a simple traffic light system with red for outstanding tasks and green for completed ones. It also stored all the documents in one place rather than rely our email (or post!) as so many do. It wasn't a perfect system but it was nice to see that some solicitors out there are embracing modern technology. Hopefully others will foll
  10. I definitely think it will affect your ability to sell and also remortgage in the future. Unfortunately I would walk away if I were you unless you can get the current owner to agree a less onerous ground rent provision with the freeholder.
  11. In terms of what's best to do, well it really depends on what you are hoping to achieve in the long run! If your wife is a higher rate tax payer then the Section 24 changes may mean you are no longer making any profit after tax on your current BTL so you'll need to check that. Good luck with whatever you decide!
  12. I think you will have to pay some CGT. Here is the link to the government website which should help with your situation: https://www.gov.uk/tax-sell-home/let-out-part-of-home
  13. If you turn the kitchen into a bathroom as you are suggesting then I'd recommend you leave the boiler in the bathroom if possible and put the new kitchen as close to the old one as possible. In the corner by the back window would be best. This should be the easiest and cheapest for the drainage and pipework. If you use an induction hob in the new kitchen then you wouldn't need to reroute the gas either. I agree that opening up the downstairs by taking the wall down will make the whole house feel bigger. As to whether it adds more value than it costs, that will depend on the area you are in!
  14. One thing you'll need to check is whether there is a 10 year structural warranty on the new house (NHBC is the most common). If not it is unlikely to be mortgageable. Given that it is half built I'm not convinced there will be one so that would be a concern. For the bridging loan a rough estimate would be under 10% to include interest, fees etc. but your best bet now is to speak to a specialist broker about it. You'll also want to speak to your existing lender to check that they'd be happy with mortgaging the new property. I can recommend a specialist broker if you don't have one, ju
  15. Your best bet is to use a mortgage broker as they will be able to assess your particular situation and find an appropriate lender. I've just used Shaz Ahmed at GPS Financial for two of my properties and he was great. My ownership structure is unusual but he managed to find a lender willing to lend. He does charge a fee but I was happy to pay it for the great service I got. If you want his details then pm me.
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