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julia urquhart

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  1. Like
    julia urquhart got a reaction from conrad_paton in The inflation, Covid, Brexit and everything else.   
    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.  
  2. Like
    julia urquhart got a reaction from nicholas_b in The inflation, Covid, Brexit and everything else.   
    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.  
  3. Like
    julia urquhart got a reaction from stevie-s in Buying with tenant in situ- then increasing rent   
    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.
  4. Like
    julia urquhart got a reaction from Ellski in Do my numbers sound right?   
    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 made 20% in the last year) so you need to decide if this is what you want to do long term. There is money to be made - just not easy money.
    Good luck
  5. Like
    julia urquhart got a reaction from adrianf in I cant make this work?   
    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 your family home is secure whatever happens.
    5. I am in Nottingham - it has been mayhem this year. I would probably be waiting until the market cools a little or you will not get a decent price. It may take quite a long time to reap the rewards of capital appreciation after the increase of the last year although rents continue to rise. (PS We have Selective licensing at £800 per year!)
    6. Diversification - have you any other investments? If everything you have is in property maybe look at investing elsewhere - ie Stockmarket - to avoid being over exposed. I put my rental income into an ISA and then used that to fund the next purchase.
    7. Property is long term - don't expect to make gains from your new purchases for several years.
    Good luck
     
  6. Like
    julia urquhart got a reaction from adrianf in EPC rating   
    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 upgrade but no-one knows what that may mean so it is a bit like throwing darts at a moving target - blindfolded!
  7. Like
    julia urquhart got a reaction from zoe-h in Trampoline Advice   
    If they rented the property with the trampoline in place I would suggest it is your responsibility to repair / replace. You can choose to remove and make good but you perhaps need their agreement to change it - it may have been the reason they rented the property!
    I always remove items I don't want to maintain eg sheds & greenhouses, to avoid this situation.
  8. Like
    julia urquhart got a reaction from sophie_p in Void periods dropped considerably across England - why?   
    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 the PRS there is nothing to replace these homes - tenants don't sudden find they have a deposit and can buy - and with Social Housing already hugely oversubscribed there is going to be a two tier system in the PRS - those who can afford an up-to-standard home and those who can't - rich pickings for the slum LLs.
  9. Like
    julia urquhart got a reaction from conrad_paton in Void periods dropped considerably across England - why?   
    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 the PRS there is nothing to replace these homes - tenants don't sudden find they have a deposit and can buy - and with Social Housing already hugely oversubscribed there is going to be a two tier system in the PRS - those who can afford an up-to-standard home and those who can't - rich pickings for the slum LLs.
  10. Like
    julia urquhart got a reaction from abbyk in Pls give me an idea on refurb costs   
    Best guess:
    1. Kitchen: £3k
    2. Ensuite: £2k
    3. Bathroom £3k
    4. Remove toilet (I wouldn't!) £1k
    5. £3k for laminate (depends on quality) but I wouldn't put wood in wet areas (damaged by water) or upstairs (noisy) or stairs (expensive to fit, noisy and hard on the knees).
    6. Redecorate £1k (depending on current condition)
    7. Stairways £1k depending on condition and amount of plastering
    8. Hiding pipes & wires £500 - depends on amount.
    9. Door canopy from £500
    10. Garage door from £500
     
    If property is old check wiring doesn't need upgrading / extra sockets / new consumer unit
    What about heating - does that need upgrading at all?
    As already mentioned - depends on lots of factors, including location.
    Good luck
  11. Like
    julia urquhart got a reaction from maxtuc in Product Fees.. whats your views?   
    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!
  12. Like
    julia urquhart got a reaction from abbyk in Nottingham Areas For Capital Growth   
    I would reckon £600n for a 2 bed & £700 for a 3 bed.
  13. Thanks
    julia urquhart got a reaction from mo25 in Pls give me an idea on refurb costs   
    Best guess:
    1. Kitchen: £3k
    2. Ensuite: £2k
    3. Bathroom £3k
    4. Remove toilet (I wouldn't!) £1k
    5. £3k for laminate (depends on quality) but I wouldn't put wood in wet areas (damaged by water) or upstairs (noisy) or stairs (expensive to fit, noisy and hard on the knees).
    6. Redecorate £1k (depending on current condition)
    7. Stairways £1k depending on condition and amount of plastering
    8. Hiding pipes & wires £500 - depends on amount.
    9. Door canopy from £500
    10. Garage door from £500
     
    If property is old check wiring doesn't need upgrading / extra sockets / new consumer unit
    What about heating - does that need upgrading at all?
    As already mentioned - depends on lots of factors, including location.
    Good luck
  14. Like
    julia urquhart got a reaction from Mark Rocks in Pls give me an idea on refurb costs   
    Best guess:
    1. Kitchen: £3k
    2. Ensuite: £2k
    3. Bathroom £3k
    4. Remove toilet (I wouldn't!) £1k
    5. £3k for laminate (depends on quality) but I wouldn't put wood in wet areas (damaged by water) or upstairs (noisy) or stairs (expensive to fit, noisy and hard on the knees).
    6. Redecorate £1k (depending on current condition)
    7. Stairways £1k depending on condition and amount of plastering
    8. Hiding pipes & wires £500 - depends on amount.
    9. Door canopy from £500
    10. Garage door from £500
     
    If property is old check wiring doesn't need upgrading / extra sockets / new consumer unit
    What about heating - does that need upgrading at all?
    As already mentioned - depends on lots of factors, including location.
    Good luck
  15. Like
    julia urquhart got a reaction from abbyk in Is everyone aware of this? £5000 fine for letting without an valid EPC may rise to £30,000   
    The proposals or EPC C were supposed to be published 'Spring 2021' after the consultation, but so far no news. However, eventually to is going to come so my advice would be to only buy a reasonably modern property that can easily attain an EPC C.
    The problem is that the assessment keeps changing! Properties of mine have lost 8 points in the last 10 yrs because of the change in assessment!
    What I can guarantee is that it will be hard to upgrade older properties so avoid them and stick with better insulated ones and make sure you have proof of all the insulation so the assessor doesn't make incorrect assumptions!
  16. Like
    julia urquhart got a reaction from richardjt in Is is now appropriate for lettings agent to resume inspections?   
    My agent in Rushden started inspections this week
  17. Like
    julia urquhart got a reaction from richardjt in Letting agent doesn't want to do property inspection   
    My agent has started doing physical inspections this week - so much better than pictures.
  18. Like
    julia urquhart got a reaction from gemk in Down valued by 80k!   
    A property is worth what someone is prepared to pay for for it. In this case the surveyor and the owner had wildly differing views. Only you know what is is worth to you, but £80k is a big difference.
  19. Like
    julia urquhart got a reaction from Mark Rocks in ltd company buying to flip, whats the best building insurance cover?   
    You will need an Unoccupied Policy to cover you as the property will be empty. Generally you either get FLEA cover (Fire, Lightning, Explosion, Earthquake) or pay more to get cover for fixtures and fittings. Most trades will have their own liability but if yo are doing it yourself you can also insure the work you are doing. The more cover you get the more it will cost  
  20. Like
    julia urquhart got a reaction from horne-properties in Lots of issues reported in Homebuyer survey   
    Surveys often make things look worse than they really are so you need a bit of context. You can always ring your surveyor and ask for a bit more information / advice.
    My take is as follows:
    Red
    1. Looks like there are some serious issues with the roof and gutters. If this is now a cost to be shared between all 3 flats this could be a problem - the other 2 flats are not going to be suffering damp as a result and may not want to pay 1/3 of what could be a big bill. You might want to get a quote for repairs from a roofer and try to get this amount taken off the price to cover the work.
    2. Smoke and carbon monoxide alarms is an easy fix. If you want them mains powered you will need an electrician and it will involve pulling up flooring, but should not be too expensive.
    3. Electricity test & gas test - these always come up as red if there is no current paperwork and there will only be paperwork if it has been rented. It does not mean there is a problem but it would be sensible to get an electrician to advise you on the state of the electrics and. if there is no service history or installation date on the boiler get a gas engineer to give it the once o ver. If either needs expensive remedial work renegotiate the price of the property.
    4. Leaks and stopcock - again not really a big problem but clearly the leaks need fixing & the concern would be whether they have caused further damage. Ask the vendor about the stopcock - you will need to find that!
     
    Amber
    1.Chimney stacks - the same as for roofing above. (Never cheap)
    2. Facings - does the from look tatty? Can probably get away without doing too much here but the bricks will continue to deteriorate and will need to be dealt with eventually.
    3. Joinery - that could be expensive. Wet rot may be from the leaks but whatever the cause it needs to be found, sorted and any rotten woodwork replaced. Quite a serious flaw.
    4. Roof ventilation - can be sorted when the roof is fixed but again there is a problem getting others to pay.
    5. Unventilated flues - probably just need grills inserting into filled fireplaces. Probably not a big job.
    6. Damp garage not a huge issue really.
    7. Windows - could be a problem - are they double glazed? Do they need replacing? If low level non safety glass is a no no so they may need replacing. From following comment I guess they are wood and I imagine the property needs new windows.
     
    Other issues
    Clearly the surrounding trees are causing problems - like the roof issues this may be expensive and other owners may not want to pay.
    Shrinkable subsoil suggests possibility of subsidence - that is a big problem.
     
    Having gone through all those my reaction is don't buy it unless you get a really good price and you are prepared for some quite major and intrusive works. The absent freeholder compounds the problems as with any joint works there is no way to force the other owners to pay their share. My gut reaction would be 'Walk Away'. You might get a reduction in price based on the survey but are you really prepared to deal with all those issues? The vendor may say the need for work is already priced in so can you afford it? And the absent freeholder means it may be very difficult to deal with some of the issues.
    Sorry  
     
     
  21. Like
    julia urquhart got a reaction from iowstevo in First timer renting out a bungalow   
    If you replace a gas boiler with a gas boiler you can set that against your income for tax rather than CGT in the future.
    You will also need an EPC & an inventory. When you rent it out make sure you issue the correct paperwork to regain it when you come back or you may find your tenants won't leave - there is a special form in this instance but I'm not sure what it is. There is also no guarantee that they will leave wen you ask them to so beware of that too.
    Good luck
  22. Thanks
    julia urquhart got a reaction from katie9272 in Vendors aren’t prepared to move until new build is complete   
    I would keep looking - their house may not complete in Feb 22 & you could wait even longer. Too much could go wrong.
  23. Like
    julia urquhart got a reaction from abbyk in Lots of issues reported in Homebuyer survey   
    Surveys often make things look worse than they really are so you need a bit of context. You can always ring your surveyor and ask for a bit more information / advice.
    My take is as follows:
    Red
    1. Looks like there are some serious issues with the roof and gutters. If this is now a cost to be shared between all 3 flats this could be a problem - the other 2 flats are not going to be suffering damp as a result and may not want to pay 1/3 of what could be a big bill. You might want to get a quote for repairs from a roofer and try to get this amount taken off the price to cover the work.
    2. Smoke and carbon monoxide alarms is an easy fix. If you want them mains powered you will need an electrician and it will involve pulling up flooring, but should not be too expensive.
    3. Electricity test & gas test - these always come up as red if there is no current paperwork and there will only be paperwork if it has been rented. It does not mean there is a problem but it would be sensible to get an electrician to advise you on the state of the electrics and. if there is no service history or installation date on the boiler get a gas engineer to give it the once o ver. If either needs expensive remedial work renegotiate the price of the property.
    4. Leaks and stopcock - again not really a big problem but clearly the leaks need fixing & the concern would be whether they have caused further damage. Ask the vendor about the stopcock - you will need to find that!
     
    Amber
    1.Chimney stacks - the same as for roofing above. (Never cheap)
    2. Facings - does the from look tatty? Can probably get away without doing too much here but the bricks will continue to deteriorate and will need to be dealt with eventually.
    3. Joinery - that could be expensive. Wet rot may be from the leaks but whatever the cause it needs to be found, sorted and any rotten woodwork replaced. Quite a serious flaw.
    4. Roof ventilation - can be sorted when the roof is fixed but again there is a problem getting others to pay.
    5. Unventilated flues - probably just need grills inserting into filled fireplaces. Probably not a big job.
    6. Damp garage not a huge issue really.
    7. Windows - could be a problem - are they double glazed? Do they need replacing? If low level non safety glass is a no no so they may need replacing. From following comment I guess they are wood and I imagine the property needs new windows.
     
    Other issues
    Clearly the surrounding trees are causing problems - like the roof issues this may be expensive and other owners may not want to pay.
    Shrinkable subsoil suggests possibility of subsidence - that is a big problem.
     
    Having gone through all those my reaction is don't buy it unless you get a really good price and you are prepared for some quite major and intrusive works. The absent freeholder compounds the problems as with any joint works there is no way to force the other owners to pay their share. My gut reaction would be 'Walk Away'. You might get a reduction in price based on the survey but are you really prepared to deal with all those issues? The vendor may say the need for work is already priced in so can you afford it? And the absent freeholder means it may be very difficult to deal with some of the issues.
    Sorry  
     
     
  24. Like
    julia urquhart got a reaction from abbyk in Nottingham Areas For Capital Growth   
    Three properties have just come on the market in a nice little estate (where I have 2 properties). Anyone looking for a good rental could do worse than look at these. Just search NG3 6LZ in Rightmove and they will pop up. 1 x 2-bed & 2 x 3-beds, one in good condition the others look ready for some TLC.
    Good luck
  25. Thanks
    julia urquhart got a reaction from mark in HMO licence   
    Depends on your Local Authority - the rules you have quoted are the national ones but different LAs have different criteria and can choose to make smaller properties licensable.
    Also...even if it is not licensable it is still an HMO so I would look at the requirements and be sure your is up to spec with regards to fire doors, smoke alarms etc.
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