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julia urquhart

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Everything posted by julia urquhart

  1. You can certainly do this, but whether it is the best thing you for to do only you can answer. I would make 2 points: 1. Being a LL is not fo 4th faint hearted these days and is not a get rich quick scheme. If being a LL is part of your future plans, then. by all means start this way. 2. Do not risk your home in order to fund a BTL. If you remortgage can you fund the repayments on your own home easily? What happens if you have a void / need a boiler / have non paying tenants? If you are happy with your answers then why not go for it? Good luck
  2. Your seller's solicitor works for them so the best thing you can do is get the vendor involved. If you have their details just tell them you are still waiting and can they push their solicitor or ask the estate agent to do so. It may be that the vendor has an agenda and is slowing things down or it could be that they haven't yet filled in the forms they need to or that the EA hasn't setn the memorandum of sale out. I would start with the EA - the have a vested interest as they don't get paid until the sale is complete.
  3. I think many people who suddenly wanted a big garden will be moving back to the city as soon as they realise that the garden doesn't stay in pristine condition
  4. regardless of what happens in the market or economy people still need somewhere to live - that is why BTL is so resilient. When things get tight financially the easiest thing to do is to stay put and that what a lot of tenants did in the pandemic. Lots of other people moved and, according to some reports, are now regretting it. Bottom line - have a plan with good fundamentals, ignore the noise and keep on keeping on! See downturns as opportunities not hurdles and hopefully we will all come out on the other side.
  5. Good point! I think this will actually make things simpler as we will be reporting every quarter with, presumably a catch up at the end if you under or over pay. Getting you own accounts spreadsheet in order now is a must - then you can just transfer the figures over and it will be as easy as pie.
  6. Some parts of Sneinton are nicer than others! Certainly the area towards Bakersfield is probably a nicer area, but all parts are really close to the city centre and there is some regeneration going on, but some parts are still a bit less desirable. The prices will tell you the story here! Beeston has had a really strong capital gain recently because of the tram so you may have missed the boat a bit here for that. Still a very popular place with its own town centre and great links to the city. Certainly likely to have a more professional type of tenant here. I have properties in NG3 -
  7. I use Tax Calc - 5 returns for one purchase so you can do yours and your wife's returns. If you only have PAYE & houses I think its pretty simple. My accounts are set up to mimic the requirements of the form and it really is pretty easy. I haven't used the HMRS online form - although I know of someone who does - and I think it is pretty similar, so overall I would say the whole thing is pretty do-able.
  8. Too many small number to look at however I would say that I never made any money in the first year after buying a property. This is a long term investment and your gains increase as rents go up each year and hopefully property prices go up too. It is hard to make much money from 1 property, but if it is the start of a long term plan, as long as it is not costing you money, you have made a good start. I also found that I made no money whilst building the portfolio - and often had to put more in - but 20 years on I am now doing very nicely. There other options - ie the Stockmarket (I m
  9. Too many figures to get my head round I'm afraid! But the following points jump out at me : 1. Put your rents up! Great to support long term tenants but you are a business not a charity! Little and often, don't fall too far behind the curve - that's my way. 2. Difficult to increase the money you are making when you are increasing your portfolio - so do you want to increase your portfolio or enjoy the rewards you currently make? 3. If remortgaging to buy another house involves penalties you are probably doing it at the wrong time. 4. Don't risk your own home - always ensure
  10. You figures look ok - although your monthly costs look a little high - not sure what they are based on - and you would probably need to spend some money up front after you purchase and before you let it out (even if its just a coat of paint or a new carpet). What I would say is that I never made any money in the first year after buying a property but then subsequently the rent goes up a bit each year & the mortgage (hopefully) doesn't so your gains increase. Although you can never predict void, 2 months per year is quite high, especially if you pick your tenant well. Proper
  11. Check what the LHA rate is in your area and use that as a guide. If she is on LHA she will be able to up her claim.
  12. The legislation proposes EPC C for new tenancies by 2025 & all tenancies by 2028. At present you are unlikely to get a C on anything other than something quite modern with cavity wall insulation and a gas boiler. Plenty of people think the Govt can't bring this in as too many houses won't meet the standard but is that a risk you are willing to take? Personally I would not buy anything that can't be got to a C easily until we know exactly what we are going to be asked to do. Together with the proposed phasing out of gas this is one holy mess! The EPC algorithm is due an
  13. I think you are mistaken about the TDS - you might want to ask your agent, they should be able to claim. Alternatively, as their deposit is insufficient you could try MCOL (money claim on line) - a threat of a CCJ can make a lot of people pay up & if they don't then at least a CCJ will make it harder for them to do the same again. Just ensure you have good evidence to support your claim, then write to your tenant explaining what you are claiming for and give them the opportunity to settle (Pre-action letter). Although it may seem scary taking someone to court, small claims is quite si
  14. Sign up for any free service - there are a few, including Experian - and see where you are. Make sure you never miss a payment - bills, phones, anything at all. Take out a credit card - use a site that only does a soft credit check so it is not on your file if you fail - then use it just a little and pay off in full. Make sure you are on the Electoral Roll. That's about it. Good luck
  15. I use A&R Residential in Gedling. They are a small independent and they are all qualified surveyors - so far so good
  16. Removing a gas meter is an unusual thing to do. What does your property information form say about heating & hot water - is there an alternative? Is the cooker / hob gas or electric. Is there a gas boiler or an immersion tank & electric radiators? People don't usually remove a gas meter!
  17. I had a vendor that left a load of rubbish. I called them and told 5hem to come and remove it which they did. Either contact them direct or though your conveyancer and tell them if you have to get a skip you will send them the bill! Your conveyancer should help you - it is part of the legal context. I don’t think you are likely to get a result on the mirror but you could mention it too. Good luck
  18. I think that a lot of older LLs like myself are gradually selling off properties due to all the extra regulations and the likely imposition of further regulations including EPC C. This combined with a continued rise in demand for rentals will result in more people chasing fewer properties. This means shorter voids & higher rents. Good news for LLs and bad news for tenants. Until the Govt recognises that their policies are putting the squeeze on the PRS this is just going to get worse until the number of people unable to rent a home becomes an enormous burden on the state. As LLs leave
  19. I always buy houses - never flats - too. many uncontrollable costs! Remember ground rent & service cots come straight off your bottom line & you have no control over them. Why not try to find a nice little house? Plus if you want a long term tenant a 3 bed family house is a good bet too. Good luck.
  20. I would buy close to home - that way you can keep an eye on things and do small jobs & refreshing between tenants yourself - which will save you money. You are right about 3 small houses maybe being more work but it is also spreading the risk of long term voids. I would suggest you buy one near you to see whether you think being a LL is for you - you will learn a lot from the first one - and then make your decision.
  21. If you are buying a 3 bed terrace is it a Victorian / Edwardian property? If so I would recommend you look for something newer. It is likely that the Govt will insist on all rentals being EPC C or above (currently proposed for 2025 & 2028) and you will struggle to get a victorian terrace to this standard. You need to be looking at something from the 1970s onwards, preferably already with an EPC C. To get this you will need cavity wall insulation & gas central heating (although the Govt is set to phase out gas boilers by 2025) - so nothing old and nothing without gas. Good luck
  22. You are rather asking how long is a piece of string! The cheapest kitchen is an off the shelf one - Wickes do decent units although not much choice. It sounds to me that you have gone for B&Qs higher end range at that price and Wren are certainly not cheap! If you start putting in fancy cupboards or fittings (carousels; waste bins etc) the price will jump up. The key to a cheaper kitchen is choosing from the basic ranges &/or sourcing your own appliances, plus keep the units simple. We just put in a kitchen for my son - similar sort of size to yours. We used Howdens and
  23. In my neighbourhood I don't think anyone would not take a rental because of an artex ceiling! Or pay more to not have one - there are far more important things to consider like kitchen / bathroom / garden / parking etc! For flipping, depends on the level of work you are doing and the profit margin. Overall the cost probably out weighs the gain unless you are already plastering everywhere else.
  24. I don't think you can be forced to pay his bill. We had to fight a neighbour over access (which we won) but we were left with the bill for a solicitor's advice and building a low wall(!). Just a fact of life that it costs to fight. Good luck
  25. All the mortgage lenders are borrowing money from the same market so they are all paying the same - they just package it differently! I recommend looking at the total cost for 5 years and then comparing - you will find generally the low rate mortgage has a higher product fee and vice versa. I like lifetime trackers, so I don't have to remortgage, but the rates have gone up quite a bit for these. Generally, I think you should lock in for as long as you are comfortable otherwise remortgaging (and associated fees) come round quite quickly!
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