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simon r

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  1. Have recently placed a tenant into my first BTL, a 1 bed flat (ground floor) After purchasing I was doing some maintenance prior to renting, and happened to wander upstairs to check out the rest of the building (not sure why it hadn't occurred to me before to do this) I noticed one of the doors on the 2nd floor had lots of strange writing, drawings etc all over and around it. This isn't the nicest block in the world and I chalked it up to being just an odd-ball. It's not directly above my flat, it's across the hall. Few weeks into the tenancy now, and I am informed that this oth
  2. Recently completed on my first BTL a 1 bed flat, tenants moving in next week all being well Would be good to hear how others are doing, and meet up in the future when things are more normal perhaps
  3. Also web developer interested in building apps, shame there wasn’t much interest in this. I’ve checked out a few of the options out there for managing a portfolio (of 1 btl so far) and they range from outdated to buggy (even the much advertised one on property tribes was riddled with issues and bad design choices... in my opinion anyway!) Would also be interested in collaborating!
  4. I’m looking for ideas of software to build for the property industry, is this something you think is a common requirement (and if so what makes you think that - have you had other developers asking the same thing?)
  5. Numbers seem good to me, similar to what I am aiming for One thing I would say is to double and triple check the lease details. At 125 years length it sounds like it was recently extended using an "informal" route and may have an onerous ground rent clause that means it increases (or even doubles) every X years. So while £150/year may seem OK at the moment on a flat worth £135k, but in 20 years that could be £300/year, and depending on the value of the flat at the time could make getting a mortgage difficult (if you were selling it for example).
  6. Hi Conrad, thank you and don't worry - your input is appreciated and as you say, different strategies! Always interested to hear what others are doing differently than myself so that I might learn something You're right that I didn't really mention my strategy - this investment is purely a side-hustle on top of my day job. Some relatively hands-off income and potential long-term capital growth is what I'm after. I'm also purchasing a 2nd BTL property and hope to be adding a 3rd in a year or so, and the income from these properties will be saving towards further BTLs down the line. Pe
  7. Thanks Conrad, all your suggestions are really good food for thought and I will follow some up of those routes. I'm curious as to why you said you would not consider either option, is this because if the purchase price? I'm looking in Hampshire and 1 beds flats are not generally available for less than 100-110k, and around 120-130k for a nicer flat (i.e. good lease/condition/area). Yields for these purchases are around 6.5% and ROI around 12% - monthly profit will be around £325. I realise this isn't HMO levels of returns!
  8. I've got a quandary - had a low-ish offer accepted on a flat due to 81 year lease, but I'm weighing up if it's worth the hassle versus buying somewhere with an already long lease? It will have to be statutory lease extension, as looked at the formal route and the ground rent was too high and had a increasing every X years clause. Some numbers: Flat 1 - short lease Purchase price: 90k Lease Extension (statutory): 10k (for simplicity - could be more like 12k in reality) Total invested (75% LTV): approx 35k Value after extension: 110k (identical comparable sold earlier this y
  9. Hi has anyone had experience with buying a flat with a relatively short (81 years) lease, extending via statutory lease extension (or informal) and re-financing to pull out equity? I am wondering if this will work and if anyone has experience or suggestions, such as convincing the surveyor that the value has increased? Rough numbers for illustration Purchase price: 90k Comparable sold this year with extended lease: 110k Lease extension: around 10k ...Refinance to 110k and pull out 20k? Profit: 10k Thanks Simon
  10. Hi all, working on my first deal and going through the legals at the moment - 2 bed flat built in 2004 Got hold of the lease and there is an increasing ground rent clause. There is currently 109 years left on the lease and ground rent is currently £150/year. In 2029 this will increase to £275/year and in 2049 it would increase to £400/year (that would be 80 years left on the lease so obviously I would extent the lease before this) The service charge is quite reasonable at the moment (750/year) but of course it could always go up (and has gone up from when the lease started to cover w
  11. Hi Craig I've not purchased my first BTL so take any comments with a pinch of salt. But this deal is comparable to what I've been looking at and hoping to get down here in the South. I'm wondering why you have so much for Tax+Legals, in addition to Stamp Duty? Quotes I've had for conveyancing on comparable priced properties would be roughly stamp duty + around £1,500 conveyancing. Or are you just being pessimistic in your figures? I've had quotes for insurance around £15/month, and also it's worth checking if the service charge includes building insurance as it seems to quite often.
  12. Hi David how did you get on? I'm just starting and I'm also in Southampton, would be good to hear your progress in the past 6 months
  13. Hi all, I realise this is an old thread but I'm finding the same issues mentioned above in Southampton, how did you work through this in the end?
  14. Well turns out the Estate Agent was telling fibs about the rental income - currently they are actually achieving £595 and £550! Goes to show you need to do your due diligence - as this is what tipped me off that the rent seemed too high - and double and triple check the figures that the EA is giving you!
  15. Hi Ahmad - Thanks again for the further insight and suggestions! Spot on with the mortgage, 1k fee on that rate. I will get proper figures from my mortgage adviser and re-run them. Price wise compared to the area they are reasonable, not going to be getting them 20% BMV or anything like that. For the price they rent very well as other postcodes around this city are renting for less i.e. £550-575 for same price flats, so these ones I have found seem good Yield for the city. Hadn't thought of checking 2006/7 prices that's a great idea. I have had a quick look and I don't think the
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