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About gillj114

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  1. Hi All, Looking for a wise person to help... I'm buying a flat which has a tenant currently on an AST until mid 21. What are the pros/cons of either: (i) transferring the existing AST agreement to myself on or before completion so that there is a direct contractual relationship with the current tenant. or (ii) Creating a new AST agreement between myself and the existing tenant and that any previous tenancy agreement be extinguished. Additionally: - I have to transfer the deposit from seller DPS to my DPS. Is this something I am responsible for, or will the
  2. Hi All, What guidance do hubbers have on pre purchase surveys for a conversion mill leasehold flat? I've not purchased leasehold before. The 1 bed flat is a ground floor unit converted around 15 years ago in a Grade II listed building. Presumably a structural survey would be limited to the unit, rather than the building? What should I expect from the seller's solicitor / management agent? Thank you for any advice
  3. Stuart, Very grateful for you comprehensive reply. Interestingly enough, I had a couple of desktop valuations done late last week after posting this discussion. They are 3.3-5.5% higher than the price I agreed to pay the sales agent. Ignoring the uncertainties ( it's a desktop valuation; impact of coronavirus on housing market and transaction volume), financially this is unsound. The sales 'discount' is nullified by the costs of purchase (SDLT, legal). Add this to the high mortgage costs followed by significant risks at remortgage and resale and this unit is dead in the water.
  4. Dear Hubbers, I am in need of guidance on specialist mortgages and risk - very grateful if you could take 5 mins to look at my 3x questions below. Situation Reserved an offplan city centre flat (reservation paid, no deposit paid, not exchanged contracts). B2L mortgage declined by three separate high street mortgage providers. Only 1 of 3 valuers actually conducted a survey. Reasons for rejection centred on: Development being 'too investor led; not enough owner-occupiers' Ground rent being greater than 0.1% of sales price, and Undisclosed iss
  5. Thank you indeed for your advice - I've ended up going with Starling.
  6. Hi All, I'm a new landlord and would like to set up a separate bank account for all incomings and outgoings exclusively for B2L. It would need a debit card. Does anyone have any recommended banks to approach? Are there any considerations I should be aware of other than not explicitly stating to the bank that this is for B2L purposes (and hence having to pay for a business account)? Thanks for your advice,
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