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julia urquhart

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Everything posted by julia urquhart

  1. Put a letter through the door stating your interest.
  2. 113 years should be fine. Make sure you know all the costs buying at auction and please don't buy a property without reading the legal pack - especially if you're a newbie!
  3. My son is in a similar position - although not in London so the figures are lower. The problems I believe are: 1. When the ground rent is above £1000 in London £250 elsewhere it becomes an Assured Tenancy and if you fail to pay it the freeholder can reclaim the property - this means that lenders may not want to lend on it. 2. The ground rent as a % of the value of the property - lenders don't like above 0.1% Your conveyancer should have advice but you need to consider if it may be a problem when you come to sell. I believe an RPI link is quite common but a quick look at the
  4. Students are what I can 'naive renters' - they don't really understand they are signing a legal contract & don't really expect to abide by it! Many are living away from home for the first time and they may have very little common sense when it comes to looking after a house, paying bills etc. They can also be very hard wearing - I had a group of boys who only seemed able to go upstairs by putting their hands on the walls on both sides! They can leave little problems until they are big problems; fail to clean; cause condensation issues etc. On the other hand it is good rent. My a
  5. Is a ground rent increasing by RPI every 15 years also likely to be a problem? (just gone up from £220 - £325)
  6. Why do you imagine they would not tell you the truth?
  7. Stuart is the expert on the money side but here are my thoughts: 1. Be as up front as you can with the estate agent - tell them you love the place and you really want to buy it, but it is right at the top of your budget. 2. Can you borrow anything to push up your deposit? 3. Be philosophical - if its meant to be you will get it, if not its because there is something else round the corner. To be honest, stretching every financial sinew in your body to buy a house is not always wise and if something unexpected happens you should be in trouble. If you don't get this house then
  8. My guess is that the market will slow when the SDLT holiday finally ends and prices will stabilise or drop a little. I think the supply of properties coming on to the market will dry up and so the upward pressure on prices will commence again and as prices go up more properties will come on to the market.
  9. If you think the communal areas are grotty so will a prospective tenant so I would be inclined to give it a miss. If the freeholder isn't maintaining these areas now they will only deteriorate and may deter any potential tenant or reduce the achievable rent or future sales value.
  10. Combi boiler should be ok - check with your plumber. You don't say if it is a family home and what showers / baths there are which are clearly a factor. My family home is a 4 bed with 2 toilets but only 1 shower / bath combo and I love my combiner's boiler. If yours is an HMO you need to be sure it is up to the job. Gas boilers are supposed to be being phased out but I can't really see it happening in that time frame as there is no viable alternative so I would be happy putting in a new gas boiler. I always put in what my plumber recommends - he is the expert and will be looking afte
  11. Survey should be done straight away - then if there are issues you can negotiate the price to cover remedial costs. Structural issues show up as significant cracks in walls &/or ceilings; sloping floors; door frames that aren't level; cracks in floor tiles. Damp may result in discoloured paint work, mould (especially in corners) etc. Its of fresh paint can be a sign or trying to hide a problem. These things are easily spotted by someone who knows what they are doing but may be harder for a novice - hence the need for a surveyor. Good luck
  12. You might also want to put a drain cleaner down all your drains now and again to keep them clear. Some drains have a tendency to block so regular maintenance is better than waiting for them to block.
  13. Try gumtree - people buy all sorts of stuff!
  14. Don't rely on Zoopla valuations - it s just an algorithm applied to the last sale and can be completely wrong! Ask a local Estate Agent.
  15. You need to be sure the you don't create an unbalanced house - is there enough living space for the bedrooms? Is there enough outside space for the number of people living in the house? If you get it wrong it may be tricky to sell. Good luck
  16. Any commercial broker should be able to offer you 'Unoccupied Insurance'. Generally two levels, FLEA (basic perils - fire, lightning, explosion & aircraft!) and usually one tat will cover you for theft & vandalism (more expensive). You pays your money & takes your choice!
  17. If it were a good idea we would all be doing it! I imagine its pretty much the same as renting to the Council - you have no control over the tenant they put in and you may get a tenant you don't want! Read the fine print VERY carefully before doing this!
  18. 1. I would suggest that is quite a high fee, but that may be because it is an expensive flat. Definitely get another quote or two. 2. It can be helpful to have direct contact wit the vendor but not necessary. Some people pref everything to go through the agent and this is fine after all they with be earning a fat fee. 3. I would suggest a Homebuyer Survey - unless you think there are structural issues. Cost about £400-600 I would guess - maybe more in London. 4. Probably will be offered an Indemnity Policy to cover the absent Freeholder. Shouldn't be a problem but so you know wh
  19. Three things come to mind: 1. Is this drain solely from your property or is it from several? Unless is is only from your property then you cannot possibly be held fully responsible. 2. Do you flush anything other than toilet paper down the toilet - eg wipes? If you do - STOP IMMEDIATELY - then you may be at least partly to blame, if you do not then the drain should cope with normal usage. 3. Does the drain also contain the kitchen waste? If so, do you put fat and grease down the drain? If you do - as above! If you don't put anything down the drains that you shouldn't then s
  20. It’s a pretty small 1970s house and we do it all ourselves except gas and electric installation.
  21. I think rental demand in Nottingham is pretty good at the moment. The areas you have picked are good areas but spending more will allow you to buy a nicer or bigger house - your choice may be limited (particularly in Carlton & Gedling) with a budget of £150k. I have just bought a small 3 bed in Mapperley for £130k but it needs a complete refurbish (£12-15k). Other properties I looked at were around £150 - 175k. I rent unfurnished - I don't really know what the demand is for fully furnished, but I think most people renting a family home want to bring their own stuff.
  22. Given that they're getting married I think we can assume buying together is ok!
  23. The option you are describing is the normal route for this kind of project. The developer buys an option for a small sum which basically stops you selling to anyone else whilst they apply for planning permission. Once planning has been agreed / refused they either proceed at the agreed price or don't proceed at all. It is the only way you will get the maximum value as no-one will pay the £500k without knowing what they can do with the site. I am going through a similar situation now and it has been going on for a couple of years but hopefully in the end will result in a sale. Be awa
  24. I can reply to your questions about Nottingham. The areas you are looking at are all good areas for rentals. Your budget is ok - although maybe on the low side. The return on a £150k 3 bed in these areas would be about £650-£700 ppm. If you can spend more you will get more rent. I wouldn't buy in St Annes (between Mapperley & Carlton) as although properties are cheap the area is pretty rough. I would also be looking for a newer house to ensure EPC C is achievable. Good luck
  25. Congratulations on your upcoming wedding! I would say buy your own home first. I think it is very important to secure your own home in case things go wring with your BTL. I also believe that renting if you can buy is throwing money away. On a practical note you will learn a lot about houses by owning your own which will stand you in good stead when you buy a BTL. I also think you will find it difficult to get a BTL mortgage if you don't already own your own home. Good luck
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