giles s

I’ve done the survey and signed the petition. Good luck with both

If the circumstances fit, I think it’s fine. As you say it’s high risk and you need to be fully aware of this, but we could more than afford the payments on both mortgages and the cc, just didn’t have the time to save a deposit. We did cut spending and saved, and continued to do do so after purchase but then rather than use this for the deposit we paid off the cc that allowed us to save the deposit in half the time when needed. As I said we had no other debt so we were just releasing our previous good habits. speaking with friends, most have a cc debt or a Hp/lease agreement for

The wife and I did just this when relocating, we both had excellent credit rating and were able to get interest free on purchases. We literally bartered them, then used the cash we didn’t spend as a deposit on our next home turning our previous into ctl then full btl later on. it worked for us but we were buying residential and this was our only debt (other than mortgage). I’d do it again if I had to, at the time we couldn’t sell, we’d relocated and were expecting so needed to do something.

Sounds great, I see your problem as sales price could limit both sales and future valuation, but do you need to pull all the cash out? Why not mortgage ASAP on shortest deal, release as much cash as possible then just wait for 2 years rather than 6 months, worst case your tying up £27.5k for 18 months, but leave it 6 months you may still need to take out a 2 year deal anyway tying it up for 30 months. It depends what your planning on doing with the cash, personally I’d release ASAP.

Well done for starting young, you will get there but it may take time. My honest view is unless your a builder doing the work, adding value is a small part and most gain will come from market uplift. The bad part is your next purchase is also more expensive, the good part is with leverage this won’t be as bad. You certainly have time, but I’d say look at 5 years to get your money back or a lot of blood sweat and tears from yourself.

Hi all, ive listened to the podcast on lease extension and understand the marriage value part, I will get in before this. My question really is how much should the survey and legal side cost for an extension? im struggling to find a surveyor to do this and a separate solicitor, but have found a couple of all in one solutions, problem is they want C.2.5k. Does anyone know what this should be and have a recommendation? TIA

How did you get on, I’m about to start this process with E&J? whilst there are plenty of calculators for the lease, I’m interested in knowing how much does the valuation an legal cost.

Hi all, I’m looking to exchange next week. Will this latest lockdown stop that? I'm wondering, will the morgage provider be open to transfer the money, will the solicitors be open to complete, will the estate agent be open to hand keys over and will the rental agent be able to do viewings? Thoughts welcome?

I plan on advertising as pet friendly and increasing the rent to compensate. People should be able to have pets in their home, but I should not have to pay the additional wear and tear.

I’m interested in the pet part, I have a dog and believe that my tenants should be able to also, I’m interested in how much extra rent you can get for allowing a pet? Ive been told the standard of my rental is above the norm so I’m towards the top end of the rent anyway. I was thinking of an extra 5%/month, this then also allows a higher bond than I would also get. Staying longer is a further bonus if it eliminates a void period.

Hi Adrian, I actually set up with them myself, found the set up quite easy. Proving your a business was slightly harder but luckily I managed on the third attempt. Now it’s set up, it seems quite straight forward. Thanks, Giles

Thanks Rob, you confirmed what I thought on the loan part. On the SPV, get the principle thanks, is there anything different in set up to differentiate between SPV and ltd or is it just what the business does once set up? thanks

Having read through the post, are there any complications if you lend multiple amounts to the company rather than 1 lump sum? Im guessing it’s easier to drop a large amount in, but is spreading this amount over the weeks/months of purchase going to cause any issues other than to my accounts and recording it? Also what is the difference between a Ltd co & a Ltd SPV. Thanks, Giles

Thanks for the response, company is now in the process of being approved. Once this is done I’ll set up the bank account.

Hi, I’ve read lots about the pros and cons of investing through a ltd company, I’ve decided this is the right set up for my goals. My question is about physically setting up the company (not benefits of). Do I literally just go onto companies house and fill in a form? Is there info I should have to hand in order to do this? What are the codes to use to make sure it’s seen as an SPV rather than a standard ltd company (if there is a difference)? After this is set up, Will I need a business bank account or can I use an already existing personal one (specifically for this). Fi