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manjunath

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Everything posted by manjunath

  1. Hi Monica, I agree with Julia's comments, sound advice there. If you are interested on knowing more about social housing, Your property network magazine(YPN) has released this months copy on it and the different schemes from the council and some cases studies from successful people doing it.As mentioned in the earlier posts the case studies do not mean everyone can achieve that success which I am sure you are already aware We have contacted the council while looking at different strategic options on our existing investments or potential opportunities. The council will send you the LHA rates, the guarantee scheme and talk you through the details in terms of how it works. The LHA rates tend to vary based on the post code, age and if it is shared accommodation or independent house. You can also claim some council tax benefits if you housing a benefits tenants. So again varies case on case basis. My advice would be similar to Julia, it is possible and loads have them have been doing social housing. You need to do due diligence and ensure you have all the information from your council beforehand. Good luck with your investment and stay safe BR Manju https://luminaryproperties.co.uk/
  2. Hi, We are looking for recommended estate agents who manage HMO properties in Failsworth or Oldham area. We are looking for agents to manage our two 6 bed HMO properties in the M35 area. Our current agents are not delivering a service to our standards and covid has highlighted a lot of inefficiencies in their service which is costing us time and money. Our search and interactions with a few agents has not resulted in much success. Any recommendations of agents used by people in the area would be highly appreciated. Thanks in advance, stay safe. Best regards, Manju https://luminaryproperties.co.uk/
  3. Hi, We use landlord vision but it is paid software and has lots of features which should cater to most scenarios. My bugbear with them is their dashboards are not great and their mobile app is not user friendly. We have also used lendlord as mentioned in an earlier post, which we started using parallely to investigate a few months ago when they launched. We are testing their features to see if they cater to all scenarios and what gaps are there. In terms of user design and dashboards, would rate lendlord better than landlord vision. In conclusion if you small and looking for a free software would suggest lendlord. Hope that helps. Thanks, Manju https://luminaryproperties.co.uk/
  4. Hi, All landlords are hit badly by the governments rental eviction ban unfortunately. My understanding is that it is 6 months ban for all non emergency cases irrespective of when you served the notice. Please read the article below which gives more details on the eviction ban. https://www.property118.com/nrla-welcomes-clarity-on-possession-cases/ https://www.property118.com/evicting-tenants-landlord-action/ Hope it helps, sorry about your situation. Thanks, Manju https://luminaryproperties.co.uk/
  5. Hi Brett, Welcome, please do share your investment journey options and what your goals. I am always keen on knowing what investors are looking for and helping them based on my learnings Thanks, Manju https://luminaryproperties.co.uk/
  6. Hi, It is tricky and the current market conditions do not make it easy. Based on our experience, I would focus on the following rather than try your hand at multiple things I would make a plan to understand what I want from my property journey - is it short term, long term?. Based on the duration I would decide if I want capital returns or do I want recurring amount on a monthly basis. That should help your decision for an investment option. Make a decision tree with all the parameters to make a decision if you unsure. Know your strengths and stick with it. If you have made a good profit on refurb and based on the amount you have made, I would go with refurbishing a property. If you are not able to source a property for yourself, it would be hard for you to source for others. Most investors would think similar to you I am personally not a fan of joining courses when there is so much content on the internet, join networking events, groups, free webinars, read the property books. All courses can teach some strategies, you still need to put in the graft to achieve it ( not saying you will not) Hope it helps, do not want to prescribe too much. Thanks, Manju https://luminaryproperties.co.uk/
  7. Hi, I would assume you would liable for the normal taxation but I may be wrong and would suggest contacting a tax consultant. It would be important to consider a few things if you want to have it in your own name or buying through a limited company. If you are taxed in the UK there is not much benefit buying in your personal name , again depends on the purpose of your purchase.I assume you are aware that you would liable for extra 2% surcharge on a stamp duty for the purchase of a BTL property. https://forthcapital.com/returning-expats-property-tax-stamp-duty/ I would contact them or some known tax consultant to seek advice on the best approach irrespective if you have pay tax here. You would need to understand the CG tax and inheritance for the property in the long term. Good luck with the purchase and would help if you post about your findings. Thanks, Manju
  8. Hi, We bought a 3 bed HMO in an article 4 area which is a student let in Hull a year ago. We had contacted the council by email to clarify what is required for the purchase and for it to continue to operate as a HMO. This was required so we could send those across to the vendor. For a house to continue as a HMO with no license in an article 4 area, the vendor should provide you all the AST from 2013 to indicate it has been operating as HMO with no family occupation in that period. You would also need to ensure the house compiles with the HMO license rules like fire doors, smoke alarms etc. We had to do these additional works to ensure the safety of the tenants and be compliant. Hope that helps. If you require any further information I can send those across to you. Good luck with the purchase. BR, Manju
  9. Hi, I would suggest joining the facebook group UK Property Deals and Opportunities. They have lots of sourcers who should be able to work with you. I can also discuss with my sourcer and find out from him if they have any deals in the area. Let me know your requirements and I will check for you.I have not seen any deals with him in the area, hence the question. Thanks, Manju
  10. Hi, I usually go for data from different websites. Below is the data with yield in york in the different postcodes. You would need to do further due diligence in the post code. http://www.liveyield.co.uk/buy-to-let/420/york/ Property data is another good website but you would have to subscribe. Property rental in York in different areas. https://www.home.co.uk/for_rent/york/current_rents?location=york Hope it helps. Good luck with your investment. BR, Manju
  11. Hi, Have you tried to approach the council regarding the noise and use the mediator. It is unfortunate that the tenant is using covid-19 as an excuse to not pay. Have you consulted a lawyer to see how you can resolve this. Mediation service https://civilmediation.org/for-the-public/about-mediation/ https://civilmediation.org/mediator-search/ https://www.abacus-law.co.uk/blog/tenant-neighbour-dispute/ Not very helpful but this is the best you can try for the amount. Thanks, Manju
  12. Hi, I have been interacting with sourced recently and was looking at a social care investment with them. I have given them the sourcing fee but not had any investment deal from them yet.Its been 3 months & I have not had proper communications from their end.I have had to constantly follow up on when they would source the deal. I had provided my feedback and expectations to them on their service but they have not acted on it. Just based on the experience I am having with them, my personal recommendation would not be go with them.Again I may have been the unlucky investor who is not satisfied with their service. I would advice further research and look at their guarantees before investing. Thanks, Manju
  13. Hi Harry, In my humble opinion if I were in your shoes. I would look at Rightmove, Zoopla and look at properties which have an extension in your area or near by and compare it with properties with no extension to get an understanding of the sale prices. I would also invite a few estate agents to view the property to give an estimated sale price with planning permission. I would get a cost estimate from a builder to do the extension and check if the value add would match up to the effort time and money invested.The property prices would go up after a few years but it is hard to predict when in the next few years and depends on the economic recovery.You would have put in a few assumptions here in your calculations. Not very useful, just sticking to the basics. Thanks, Manju
  14. Hi, I have bought a few houses with a Ltd company and my mortgage lender Kent reliance did ask for this via the solicitor. I had no clue why it was required then but just got it done after a fellow investor had to also go through the same.I had to do some research on solicitors who would do it for cheap. Each of them quoted varying prices, you can get it done for a lot cheaper than 600£ in London, and you have to be in person to sign it. Not sure about the prices in other cities. Good luck with the purchase. Manju
  15. Hi, Based on data research for the best yields in Liverpool. Below stats gives the yields and associated post codes Liverpool’s L1 city centre postcode has a potential of 10% return on investment and a current asking price of around £90,000. This area includes the central retail area (including Liverpool One), the commercial district, and Chinatown. Four more Liverpool postcodes( L6, L2, L3,L4 )gives yield returns ranging from 7.13%-8.67%. The L11 postcode return 8.5%+ and covers Croxteth and Norris Green. It’s also a short distance from Aintree University Hospital and approximately five miles to the city centre Hope it helps. Cheers, Manju
  16. Hi Steve, We put offers based on the ROI or yield we can achieve. The offers are also based on the market value and last sold price of the property. There is no scientific formula which says this should be your offer price which can be applied across the board, based on my experience. If our strategy is to achieve cashflow and the property achieves it, we put an offer close to the asking price.If it is for a refurb and based on the condition of the house you would use the refurb costs to negotiate. You could also invest along with the owner to share profits and costs. As a general rule you can put offers 5-10% below asking price based on your DD. This varies from individual to individual and is based on the circumstances and the property/strategy .
  17. Hi Don, Agree with the comments made above. Only correction is the LBTT is 4% from Jan 2019 increased from 3% to 4% in scotland. To calculate the stamp duty use the below link https://www.stampdutycalculator.org.uk/stamp-duty-scotland.htm I would also do the calculation on the BTL properties to check your actual profits considering all expenses (management, voids and maintenances ) Good luck thanks, Manju
  18. Hi David, I am not a property sourcer and invest in property myself. There a couple I have worked with and they usually charge 2% +VAT. I can send you their details if you are interested. Thanks, Manju
  19. If you want to view the property on your behalf, there are agencies which would do the same and send you a report. I have not done any cash purchase myself but there are always cash purchases happening for properties and some vendors preferring cash purchase. As far as the money source is legitimate and can be proved. I do not know, if you have to be physically present for a cash transaction when a lot of them happen virtually now. Best way would be to call up a couple of the reputed london estate agencies eg foxtons , savills, dexters and pose the question to them
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