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julia urquhart

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Everything posted by julia urquhart

  1. 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
  2. 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
  3. If you put more than a 5% deposit down it is not a 95% mortgage! There are already lenders offering 90% mortgages so why nor look at one of those if you have a bigger deposit?
  4. I never buy flats because of those fees over which you have no control, but why are you paying the council tax? That is the tenant's responsibility.
  5. If it is a good house that you intend to rent for many years it doesn't matter if you overpay slightly - it will reduce your CGT bill long term! In the meantime you will be earning income. Better than waiting for house prices to fall so you can snap up a bargain (never happens!). Market should slow down after the end of the SDLT holiday (again) but there may be next to nothing on the market by then.
  6. I use A & R Residential in Gedling - full management for 8%. They're not perfect but I'm pretty happy with them - a small independent and all the staff are well qualified (at least 2 are RICs surveyors!).
  7. I would be inclined to wait until the proposed legislation is published - 2025 is not far away. If it is watered down to a D then you might be ok, if it stays at a C but is pushed back you will have to make a decision. The problem is that the measures you need to get from a D to a C are things like EWI (£8-£10k), floor insulation (£5k), solar panels (£10k). These are big investments which may also be very disruptive to any tenant and which don't necessarily add value to the property so would need to be absorbed against your rental income - that is a big hit. There may be other schemes lik
  8. I would not buy a house now that I didn't believe I could easily get to an EPC. That pretty much rules out all older properties. Although it seems likely that the 'C by 2025' might be diluted or postponed, it is clear the direction of traffic so I would future proof myself. The irony is that the EPC assessment is so flawed that asking us to measure up to it is ridiculous - it currently rewards gas (which the Govt is committed to phasing out) and penalises electricity (which can be 100% clean and green). If we are being asked to use it as a measure of energy efficiency it must be an accura
  9. I would imagine there is a record somewhere but it shouldn't preclude you from a new mortgage although it might be more difficult / more expensive. You will not be classed as a FTB.
  10. Fundsmith has a very good track record and is an easy investment to start your investment journey and in an ISA you will have no tax to pay. There are other options such as tracker funds or EFTs - which is best for you will depend on a number of factors.
  11. I think the top 2 photos look like that is water getting in - probably from a leaky gutter, broken tile or similar. It does not look like condensation. Third photo looks like mould on a cold outside wall so maybe condensation. I would want to get into the loft for a look.
  12. Drip feed any spare cash you have into an ISA with Fundsmith - over 2 years this will help you to grow your deposit.
  13. I have 3 Victorian properties. I have done all the sensible stuff like new boilers, new windows, loft insulation, LED lights, programmable thermostats. I am now doing External Wall Insulation under the Green Homes Grant. There is nothing else I can sensibly do so if they don't meet the regs they will be sold. However.....the legislation requiring a C has not yet been agreed (we have had a consultation nothing else) and there is a feeling that the actual requirement may be a D not a C initially as it is too difficult for too many properties to get to a C in the time frame. There is al
  14. If it is coming through the floor and walls the only solution would be to tank the cellar - quite a big job. As to whether it is doing any damage, I don't know, but if there are no signs of movement in the house probably not. The timing of the water arriving will give you a clue - if it gets wet as it is raining it is coming in through holes, if it gets worse a few days later it is more likely coming through walls &/or floor. Can you speak to your neighbours and see if they have a similar problem?
  15. My tenants get a rent review every year and usually a rent rise. If you have been a tenant for a couple of years or more then rent rises bring the rent up to a level a little below market rent. If you have put in a pet without asking or appear to be damaging the property in some way you may get your rent put up to market rent. I prefer little and often rather than a big hike every few years. I am not a Housing Association, I am a business. My business model is decent housing for a decent rent. With all the extra charges put on us by the Govt the only way I can justify being a LL is by ch
  16. Use the time to save hard for your deposit and to pay off your Help to Buy Loan - it will stand you in good stead.
  17. Is it a Victorian terrace? Look for where the coal used to be put into the cellar or alternatively air bricks that are letting in water. It could also be coming in through the walls or floor due to hydrostatic pressure which is harder to stop.
  18. As its under £10k you could try MCOL - that's pretty cheap. And if you use your local court and its not near them they are unlikely to defend, helping your case. Good luck
  19. I wouldn't recommend this - has the potential to go horribly wrong and once you mar your credit record it may take a long time to recover. By all means use a credit card judiciously, but better to cut your spending to save for the deposit. Paying bills on it is only putting off the time when you have to pay the debt.
  20. It is really hard to hold a tenant to a tenancy agreement once they have decided they want to leave. I would suggest you allow them to go with 1 months notice and just follow usual procedures for deposit deductions. Funny how they can break a tenancy but we can't get anyone out in under 6 months at present!
  21. I agree with Joe - how much care is the vendor going to take over the choice of tenant? Plus your solicitor will have extra work to do checking everything. You may also find you want to tidy the property up before you let it, so an empty property is preferable all round.
  22. Sounds like a place to leave as soon as you are able! In answer to your questions: 1. Regardless of what the tenancy calls itself it sounds like it is an AST. Just because he calls it something else does not make it so. 2. He should give you notice of coming in to the flat - you are entitled to 'Quiet Enjoyment' but he is probably not breaking the law as such and it would be hard to take action against him. 3. A LL is not allowed to make a profit in the supply of gas & electricity but if he won't show you a bill it would be hard to force him to. If your deposit is not
  23. I believe it will be open to everyone for purchases up to £600k but the details haven't been released yet.
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