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Julia Urquhart

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About Julia Urquhart

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  1. If you have a mould problem it will be 10x worse with a tenant! If you keep the flat you will pay 3% SDLT on your next property. Leasehold is always subject to uncontrolled costs from the freeholder. Those 3 facts from your post would push me towards buying something else
  2. We did this - although it was actually my 3 children who owned the property after being lucky enough to receive an inheritance. It worked out very well for them - one lived in it & they rented 3 rooms to their friends generally looked after the house better because they knew the owner and were friends not just tenants; the house was much nicer than a standard student rental; we knew the house was safe as we refurbished it; their friends got a good deal as we didn't rip them off and the kids made a good profit. You might want to think about gifting the money to your daughters so they o
  3. Improve your credit score! Get a credit card, make sure you are on the electoral roll & never miss a payment on anything.
  4. My son is a hospital pharmacist & he recently expressed a desire to set up a company to invest property so he could reduce his hours in a few years. My advice: 1. You have worked hard for many years to qualify to do your job - you need to have some payback of all that effort 2. Your work pension will be a mainstay of your retirement - as long as you work enough years - and is hard to replace 3. Property is not 'passive' - periods of intense activity and periods of quiet, but are you prepared to spend all weekend painting because your tenant has left? 4. Diversific
  5. There were lots of options about lots of things - the Govt's stated preferred timetable was 2025 for new tenancies & 2028 for all. It has been reported that this is now 2026 /8 and given that the bill has yet to be published it makes sense that it has moved back. The longer we wait for the bill - and the more noise is made about the implications of introducing such a short timeframe with no financial support - the more likely it becomes that the timetable will slip. Gas boilers were supposed to be banned from new builds in 2016 but this slipped to 2025.
  6. The money to be made is by buying something run down (at a good price), refurbishing it and then renting it out while the market around you goes up. The problem is that we are still in a really hot market where it is difficult to find a bargain. My advice - keep looking but don't buy for the sake of buying. Wait for the right opportunity - it will come eventually!
  7. I think this could very well end badly! There is nothing like arguments over money to split a family and this looks a pretty complicated arrangement! If you go ahead with it, make sure you have a written agreement to cover most eventualities, including the death of one or other or you as your investment could be claimed by the survivor's beneficiaries. How will you cope with insurance, repairs etc How will you decide when or if to sell? What happens if you disagree on something, especially something unexpected? If you do go ahead I would suggest that you keep it as simple as possible
  8. Since 2016 ,more LLs have been selling than buying. I believe this trend will continue because: 1. It is becoming harder to make a good return due to the extra legislation & associated costs, the increased taxation on LLs and rising mortgage rates 2. Many older LLs are taking the opportunity this hot market offers to cash in some of their properties 3. EPC C (if it comes in) will see LLs of older properties running for the door. I believe that the numbers of people wanted to rent will continue to grow because: 1. LLs selling does not give FTBs the deposit th
  9. You can put it up anytime you like with the tenants agreement or once every year if you do it will a S13 notice. If they get a cat you can either say 'the rent is going up because of the cat' or you can wait for the year and just put it up by your normal amount plus a bit more for the cat. Once the have a pet they will find it difficult to find a rental that will take them so they are unlikely to balk at your rents rise. I would certainly be telling them that if they get a cat their rent will be higher!
  10. I think rents will keep going up because o f lack of availability.
  11. From a practical point of view it is easier to stay with the original lender - they may not need to revalue the property and they may not need to redo all the paperwork. A new lender will be starting from scratch so probably more paperwork & a longer timescale.
  12. The Tenant Fees Act bans any service that has a cost attached to it so you cannot ask for a professional clean to be done only that the property is cleaned 'to a professional standard'. The problem with fleas is they may not show up for several weeks after the tenants have left & you have no way of getting them to pay. You can slo only take a deposit. of 5 weeks - which I hope you already have. You could say 'Yes - but the rent will be £25 pcm more in order to cover the extra wear & tear'. I am still of the view that 3 months in to a no pet tenancy it is unreasonable to
  13. Is the scaffolding causing you problems? Perhaps asking the builders how long they are going to be will give you an idea of how much effort you want to put into this. It is one of those situations where being right doesn't always help so if it is only going to be of short duration I would try to put up with it.
  14. I would say 'Not at this time. You signed for a no pet tenancy however if after the initial term has expired and you want to stay (and T has looked after the property) then we can look at it again'.
  15. There will be costs involved in remortgaging - are you tied in for any length of time? If so there may be a penalty for changing your mortgage. If you remortgage is there a booking fee or a brokers fee to pay? Are there limits on what you can pay off? Is the HTB loan at the same rate as the mortgage? Most mortgages have any initial fixed or discounted term & paying off anything in this period may be penalised. You should look at any costs involved in any of your options & factor these in to your decision making.
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