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Everything posted by Wookash

  1. Hi, I tried to find a land for sale in the local area however I have a hard time finding it. I searched property portals but there is none available or very few which are mostly for commercial use selling for milions of pounds. I'm just looking for a small residential plot that would suit 3-4 houses and I'm struggling to find anything. Any hints where to start or where to look for?
  2. I've already contacted 4 developers who sell properties in South Yorkshire. None of them is offering properties in this new scheme. Moreover none of them even know what this is about, they mistake it for Help to Buy. I wouldn't expect any properties under the First Homes to come on the market any time soon. And I even contacted the developer who afaik sold/sells First Homes properties in Bolsover. They had no clue over the phone what I'm on about.
  3. What are the hidden criteria or limitations for this scheme? Surely 30% discount will come with some requirements e.g. can't sell the property within next 5 years or perhaps repay that 30% discount over 10years?
  4. What you guys think? Is it a clone of HelpToBuy which wasn't the best option for investors or is it a game changer? https://www.mortgagesolutions.co.uk/news/2021/03/01/govt-backed-95-per-cent-ltv-mortgage-guarantee-scheme-will-be-open-to-all-reports/?cmpredirect
  5. I monitor the market for 14 months now and I have noticed following trends: - number of houses in 5 large cities (population from 80k-600k) located in middlands is decreasing sharply over last few months - number of flats is increasing in largest city and stays at similar level or increases slightly in other cities What you think could drive this trend? Why it started to drop recently and not from April when we had sharp lockdown? How will this trend change in post-lockdown life? How post-lockdown situation could affect the prices - will prices go down due to increase of supply or will it drive prices up due to less restrictions and certainty for the future? Chart shows number of properties listed for sale on Zoopla in 5 large cities in periodic snapshots for last 14 consecutive months. Dotted lines - flats Normal lines - houses Colours identify same city, respectively dotted lines for flats and normal lines for houses. All of the market, no price ranges. Excluding commercial properties.
  6. Also I'm planning to do structural alterations in the property. I was wondering if it wouldn't be better to purchase a freehold rather than obtain a consent for alterations. I'd like to point out the fact it's a house. What's your opinion?
  7. I would like to change SystemBoiler to Combi in my own property which is a leasehold tenure house. Do I need a consent from a freeholder? Can they actually block it?
  8. Sure its a big news and its a great topic for a podcast . I wonder when these reforms will become a reality since no timeframe is revealed yet. Here you can find a full brochure: https://s3-eu-west-2.amazonaws.com/lawcom-prod-storage-11jsxou24uy7q/uploads/2020/07/Summary-The-Future-of-Home-Ownership-final-N2.pdf
  9. The original kitchen is very small and the developer used their bespoke kitchen design. After 15years kitchen just got a bit tired and we would like to fit a new one. However nothing fits when we try to accomodate units from Howdens, Wickes etc. The only option is to do sacrifices in a form of losing a cabinet or getting small fridge or leaving empty gaps. Having a consent for moving a drywall (empty divider wall by 20cm) would allow us to get our perfect fit kitchen. Why would you avoid doing that?
  10. Ok. I've got this in the lease: So I guess I'd need to get the consent from the landlord in order to change SystemBoiler to Combi and move some of the internal walls. What's the best to approach them? The other thing I'm not sure is how much they need to know about the refurb? If I wish to change toilets or do a new bathroom (without moving any walls) should I also ask for a consent? What if I would like add more lights in the room, does Landlord need to know about these details?
  11. I would like to refurbrish my own leasehold house (still ongoing purchasing process). This will include new plumbing, boiler installation, new lights, new doors, throughout the property and moving some of the internal walls (non-supporting, plasterboard). What consents do I need to acquire to do it legally (if any)?🤔 Can I do it without a consent from a freeholder?🙄 Can I apply for a planning, refurb before I receive keys? (i'm still in the process of purchasing the property).😬 All remarks and comments highly appreciated.
  12. Great advice! Thanks a lot for your answers. Your suggestions probably will save me a lot of money in the future!
  13. Thanks @yug222001 Interesting advice. However this won't be applicable for me as I don't want to pay any pension contribution. I don't want to save any retirement fund or at least not in someone else hands but still, once my mortgage term is over can I remortgage my property at age of 65y again, for another 25-30years?
  14. Thanks @Stuart Phillips I actually will be 65y after 35years mortgage, if I'd take it today. So hopefully I will outlast the mortgage term I asked this question because I would like to build a portfolio of around 5 properties, just to let me survive. After that I'd like to go fishing for the rest of my life, in other words, do nothing or at least something that is not bringing me any income. Hance the question, because the last thing I want is to wake up when I'm 65 and realize that I have to get rid of all or 90% of my portfolio and I'm left without income nor pension. I'd like to plan it very very much ahead
  15. Hello there, I tried to find an answer to my question, which is: What happens after BTL mortgage is finished? ... but I couldn't find a clear answer in the google therefore I decided to ask here. Let me precise.. After number of years, once the BTL mortgage finishes I'm facing a decision to: Purchase the property with cash (or simply paying the capital part) and keep it. Sell it and pay of the remaining capital part. Remortgage again for next 25years (I'm 60 at the time and property gets valuated and I simply pay 25% deposit and keep the property) No option to remortgage again due to my age and I'm forced to sell or repay capital. Is above correct? Am I able to remortgage the property again after 25years? Are there other options?
  16. Thanks a lot for insights! Really helpful advice
  17. Hi everyone, I was wondering how you deal with the builder on refurb projets. Specifically in regards to payments and timeframe. I'm interested in: - Do you pay your builder upfront or after the work or maybe you pay installments once defined milestone is reached? - Do you pay deposits before work commences? - What do you do if the results of refurb are not as anticipated? - How do you secure yourself from builder running away in the middle of refurb? I'm a newbie in dealing with third parties
  18. A friend of mine, an investor for Yorkshire who had ambitious and interesting projects in last years is now starting a new project in Leeds. They are buying a massive building and will be converting it into apartments. They are now in the process of gathering remaining funds. If you would like to join this p2p or JV send me a message and we can discuss further. Process is completely legal and transparent. From details I can share now: Loan agreement for 10% APR up to 2 years. 1st legal charge on the property and investor other properties. All process is secured by Solicitors Funds required 900k Mastermind meetings are also possible It is a person a know and I also was joint venturing with before. I'm not having any interest in this, I'm just trying to help my friend. If you want to discuss and find out more details let me know.
  19. Sure thanks. I wanted to do a sanity check if this is the reality of bridging or am I just getting ripped off.
  20. Hi, Recently I came across great opportunity for BRR or flip. It would do well for both. However the best option was to take it by cash or similarly with bridging finance. I decided to sent an enquiry for bridging loan and after assessing the numbers it looks like it's pretty pricey! I'm not 100% sure if I understand all of the number rightly but I was expecting gross interest at around 12-15% max whist my quote exceeds 20%... I copied the quote below and I've got few points to confirm: Net loan £52,578 - so for £85,000 property I can only get financing of 52,578 - That is already a non-starter... Bridging costs £4,921 (as per quote below) Rolling interest 0.89% for 12months - gives us total of £6,450 - presumably if I pay back the loan within 9months this will be around £5,000 (not exactly but let's round the number) Above points mean that taking a loan of £52,578 costs me £11,371 for 12 months or almost £9,900 for 9months, so effectively 21.6% or 18.8% in relation to net loan. Is it normally that expensive? I had the impression that bridging finance is bit cheaper since many investors take this type of loan which makes their deal still worthwhile but seeing these figures there is no chance that I can get any money out of a deal. Please see my reference finance quotation for a property worth 85k.
  21. Well this is what early repayment fee is for isn't ? I will pay that amount it should be fine right? I still would be remortgaging after fixed term is finished anyway.
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