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Dhiren Makhecha

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  1. Just logged on to post pretty much the same question! Hoping someone with experience can help. I'm currently looking to purchase a property that essentially is a do-er-upper and requires full renovation. Hasn't been lived in for years and parts are boarded up. I am looking to renovate the property and then let it out. It's my first time doing such a project. I need your help in understanding the lending implications. What is the right type of mortgage that I should apply for? I assume I can't apply for a buy-to-let mortgage as the property in its current condition isn't habitable? Your
  2. Just looking for some advice re lending criteria and wondered if anyone knew the answer. I understand as part of mortgage lending criteria a property needs a kitchen and bathroom. I'm looking at an auction property that doesn't have a 'full' kitchen. Currently there is only a sink and boiler. To your knowledge, are there any specifics as to what constitutes a kitchen for lenders?
  3. Apologies all, I've had some personal issues at home and hence I have been away from the hub. I'd like to start off by saying the above demonstrates why I and so many others love this site so much. A friendly, open and supportive community of members Rob and Rob you really have done a great job of developing the site and more importantly creating and nurturing a great forum culture. Thank you Damien, Dale, Kylie, Fiona, Time & Chris for your advice. I'm going to take a look through and respond in the coming days. Hopefully will see some or all of you tomorrow at the social!
  4. John, I use DKLM solicitors - they're a city based firm so you'll find their prices a little higher than other firms, however worth every penny. If like me you have no idea about legal documents and are relatively 'novice' in respect of auctions I'd recommend these guys. That being said, Robert G you I think I need to adopt you as my property guru - really interested in buying at auction more and being able to spot a good investment. Dhiren
  5. Advice landlords please! I purchased a flat at auction in April this year which came with a tenant. The tenancy began in December 2013 and the compulsory 6 month period came to an end in May 2014. The flat is a small one bed flat in south London and on inspection of the property I realised I haven't necessarily inherited the worlds cleanest tenant and matters aren't helped by the fact it seems she resides in this small flat with her, her two young children and (I believe) her sister and boyfriend. Regardless of this the place is a mess and I'm looking to evict my tenant and refub and sell
  6. I just bought at auction for the first time earlier this year. I'd pay particular attention to rule number 2 if I were you. Rule number two should be broken down into two key parts: 1) Always read the legal pack - and by that, get a good SOLICITOR to read the legal pack. I've spent over £1200 in having different legal packs reviewed, but it's completely worth it. If a property has legal issues, they'll be painful to sort out and makes the property seriously difficult to shift at a later date. 2) Remember, always remember, seriously remember: There is always, always, always a reason
  7. "I did actually spend around £4k-£5k on a refresh but was able to release an uplift in value of c£50k" - amazing.
  8. I face a similar issue with auction properties. One thing you must must must must do is get your legal docs checked. I can't reccomend that enough.
  9. Richard - all I can say is WOW - thank you for your (very detailed) advice. Exactly what a relatively amateur property investor like I require in making informed decisions. You're right - on paper this looks like a good investment, but something just isn't working for me on this property. My first visit to this property was good and I could see the value in making such a purchase. There was a slight smell but this on first visit was expected. On my second visit realised that the smell must have been disguised by a seriously good Febreeze and the fact the chicken shop below was closed at the ti
  10. Hi all, I am in touch with a Private Company that holds a substantial property portfolio on behalf of private investors. Every so often they sell properties from this portfolio, one of which I have previously purchased and has worked out well. They have just offered me a split level flat (long lease) in South London above an A3 commercial premises - a fried chicken shop (yes, a fried chicken shop) - for £300k. The property is in fair condition and will require modernising (approx £25-30k). Interestingly, the property literally next door of the same size (and completely refurbished to a
  11. Just added a post which I'd appreciate your advice on: http://thepropertyhub.net/forum/topic/308-urgent-advice-needed-please-consent-to-let/
  12. Hi guys, Just about to buy a tenanted leasehold flat that didn't sell at auction. My solicitor has highlighted the one piece of documentation missing from the Legal Pack is some form of Consent to Let letter from the Freeholder. There is a clause in the Legal Documents saying flats in the building can be let out, but approval / notification must be sought from / given to the freeholder. My solicitor says not having this documentation may lead to difficulties in obtaining a (buy-to-let) mortgage on the property. Getting hold of this letter / document is proving difficult because: (i) it's
  13. This is what I was thinking - feedback appreciated: Are you looking for a quick, zero cost property sale? Hi, I'm Dhiren a private investor looking to buy a place to live in xxxareaxxx. This is not a scam. I am not a dodgy agent. I'm just a guy looking for a place to live and invest in within xxxareaxxx. I have hand delivered this letter to you because I like the look of your property from outside. For a 1 bed flat I am willing to offer up to £250k (under stamp duty threshold) and possibly more for for a 2 bed or a house. I am willing to pay your legal fees too, so there is zero co
  14. Greg you star! Thank you very much! Some of the example leaflets look very 'American' and almost too bold and brash in style. I may be about to say something very contreversial, but I'm targetting a London neighbourhood and thus home owners (i) tend to be more savvy and financially intelligent (to an extent) so a bold approach may put them off and (ii) are enjoying a well publicized 10% increase in house prices over the last year so are less likely to take a glossy leaftlet offering to buy their house at a discount seriously. That being said, there are really great tips in the document
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