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phammond

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  1. Hi all, So I've been looking at an Edwardian house to purchase. Ive had a Level 3 structural survey carried out on the property (awaiting the full written review). Meeting with the surveyor after he completed his look around he mentioned that the house had signs of previous movement (e.g. tilts floor boards, bow in the roof) but no signs of current issue and wouldn't recommend needing a structural engineer to look at it. It's worried me quite a bit and so I wanted to ask around and see if people have had similar experience of this. Of course, I'll wait to the get the written report but does your home have similar issues? Have you regretted buying an older house? Would a new build just have similar issues 10 years down the line? Thanks
  2. Hi all, I was wondering if anyone has had experience using Simply Conveyancing for a house purchase? I recently used them (started 1 month ago) but am yet to have a lawyer assigned to my case and now have the vendors estate agent calling me saying this is a really bad sign for things getting completed before the end of June. Simply Conveyancing have had searches carried out (though I'm yet to be sent a copy of them) and have received the contract from the vendors solicitors, but no action has been taken other wise. I'm wondering if other people have had a similar situation or whether I should switch to a different solicitor now in the hope of meeting the end of June SD deadline. Thanks for your input. Philip
  3. Thanks, A. The surveyor has stated that they do not do "intrusive inspections" but I've told the vendors that we'd need the carpet lifted and floorboard lifted so that the surveyor can look in and assess. I'm concerned the vendors may refuse but if they do, we'll need it lifted and inspected at some point prior to purchase so we know what's going on. Is that fair?
  4. Thanks J. Would you suggest having a structural engineer look at it prior to having the RICS survey done? Or would having them both done in either order be a good choice anyway?
  5. Hi All, I could really use your input on this situation. I'm in the process of buying a semi-detached house that was built in the 1920-ish. The first floor landing slopes to one side (very noticeable was you stand on it) that makes me quite concerned. The vendors have said they've had a RSJ beam installed in place of a wall that was removed on the ground floor, below the first floor landing and have said that the slope is not an issue. We have a Level 3 building survey being carried out on the property in a few weeks but the surveyor says they won't be lifting carpet/floor boards etc. and that they will recommend other contractors to do an intrusive survey if they deem necessary. What steps should I take in order to make sure I have a definitive answers as to what why the first floor may be tilted and how to get it fixed? I have always assumed having a Level 3 survey is the best next step but as it's none-intrusive, is there a better option? Obviously none of these things are cheap and I understand that I'd need to pay to get these answers but I don't want to have to pay people just to be told to speaker to (and pay) someone else. Thanks for any input or experience with this you may have. Philip.
  6. Great questions. I'd like to add another question to it: 6 - Does this Stamp Duty Holiday saving apply to the rebate you can get when selling a second home within the 3 year period from purchase? e.g. if you buy yourself a second home during the SDH and sell your first home afterwards, do you get the 3% stamp duty back after the sale?
  7. Hello everyone, I'm looking for some input on my yield calculations. It seems like 6%-10% yields are referenced as a range that are achievable, yet my calculations only give 1-2%. I understand everyone's calculations are slightly different so I'll try and provide as much info as possible. I'm yet to invest in a property and currently have cash ready to go. I'm looking at properties in the £120k - £160k range in the North West; Liverpool, Nottingham, Sheffield, and Doncaster. I've made a spreadsheet to help compare properties like-for-like. This includes things such as stamp duty, purchase price, annual rent, LTV, deposit etc. In my cost calculations I'm factoring in management fees, 5% of the rent put aside for vacancies, 5% put aside for repairs, landlord insurance, interest-only mortgage costs, and service charge costs (for flats). Calculating the rent minus all these costs, I only seem to come out with yields of 1%-2% pre-tax pre year and under that for post-tax. What am I missing? Am I not looking at the right places/properties? Do my calculations include more costs than most people use for their yield calculations? For those getting 6%+ yields, after you've taken out all of these costs, are your actual yields around the 1-2% range? I'm only finding stories of "I get 10% yield on this place" without providing info on the real-world calculations & costs. Thank you for to this forum as I find it a great place to get information and any input on this matter would be appreciated.
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