conrad_paton

Agree with this ^^ Also, you need a broker that is prepared to speak to you when you need them, sometimes your deals need to happen quickly, and to handle these opportunities your broker needs to be able to respond to you in a timely manner. Location, offices, secretaries, funky websites, even cost and fees play second fiddle to speed and efficiency. Conrad

Hi James, Re-read you lease. I'm assuming these areas have their own section on your lease plan already? The freeholder has ring fenced this area for future development? If so...that's fine....but the lease must also include a section about service charge expenditure and the freeholder obligations for maintenance and repair. If the lease states "maintenance only" you as leaseholders pay service charge for exactly that. For maintenance...not improvements. If the freeholder wishes to 'improve' or develop an area, not communal, as outlined in your lease and plan, then they can do, but they cannot force the leaseholders to pay for these improvements in service charge levels. It's hard to explain on the other end of the internet and without your lease in front of me. But your freeholder can develop, improve or even destroy areas of their freehold asset that is not subject to lease terms to leaseholders. Its their hallway, unless its communal under your lease and plan If your freeholder is presenting plans to alter the lease plan then that's different. Very different You need someone to look at the wording of your lease. Collectively with the other leaseholders to share the costs if you like. If the area is described as communal in the lease, and shown on the plan as communal, then that's what it is. Your freeholder cannot exclude a leaseholder from a communal section of your block. He/she could build a new communal staircase for instance, next to an existing, but this would be deemed an improvement and therefore you, as a leaseholder, cannot be charged for this, nor its future maintenance. You are free to use the new staircase etc, Hope this helps If you're confused...I'm happy to chat more Conrad

Hi again, As director of your limited company, you are in charge of it's finances. You decide who and what to pay first. Unless you sell... Then this ^^ happens You and your 'new' solicitor probably have crossed wires somewhere. Dont worry too much about it, let's hope your 'old' solicitor gets back on the case. Conrad

Hi Bernhard, I know of property sourcers that claim to do just what you are after. Have I used them....? Do I trust them....? Can I recommend them....? No. You have to ask yourself, if these deal are so great, why are the sourcers selling them on? Just because someone is claiming a property is off market, BMV or both, doesnt mean it is. You should still check and research all the figures your sourcer is quoting you. Sorry I cannot help more Conrad

Hi mark I think your broker is being too vague..."most lenders" does not help you. "This lender will"..."this lender wont"... You have a choice of lending products "X Y Z" This ^^ is what your broker should be saying. In property, you are only as good as your team. I would take photos of the interior of this property, bathrooms, kitchens, lack of boiler etc etc...show them to your broker...and ask them! "Can you find me someone who can lend on this place?" If not...."what are my options given I have xxx £'s deposit" If you dont like the sounds coming out of your broker's mouth, then ask another broker. Fishing for finance and hoping a surveyor doesnt notice a missing boiler is not the right way to do it. Happy to recommend a broker or two that could help you. Conrad

Hi again, Mortgage company solicitor? Are you purchasing a BTL and need a solicitor on your lender's panel? Please tell us more

Hi Yes you did...just re-read your initial post. Financing a HMO can be tricky, particularly if this is your 1st, or only one. Your valuation would be dependant on occupancy rates/market rent and comparable 5 bed HMOs in the area. I doubt whether a valuer would be comparing your finished product to the 3 bed house down the street. But then....like I said....I'm not an HMO expert. I can ask my broker if you like...he sources lending on this sort of thing. Conrad

Love to help you Ben Conrad

Hi macdoug, Most Lenders dont like above commercial. I doubt if the figures stacked up you would not be able to finance this deal. Some lender somewhere would probably lend on it. I would make sure before you purchase it if I were you. You dont say how much this property is, or the likely rental income, or in fact anything else that could help us ascertain lending likelihood. Speak to a broker that specialises in this sort of deal. Conrad

Hi all, I wouldn't pay it unless the company can demonstrate a point of law that says I have to pay it. The police say this....blah..blah....we fixed that...blah blah is meaningless. Show me a signature on an instruction, written confirmation I'm happy to pay, or an act of parliament that says none of these are needed. If not ^^...I'd see them in court. Police have certain powers ...granted...put to go round spending other peoples money...I doubt is one of them. If it's all above board, ( sorry for the pun) the company in question will be able to immediately quote you the law that demands for you to pay. I've been threatened with court action many times...from some very big names...and I'm still waiting. This ^^ appears to be very wrong. Why would you pay the invoice for this? Hope my opinion helps someone. Conrad

Excess cash in the company is exactly that....excess. You can buy a Maserati with it, pay off your directors loan, pay off your mortgage, buy another property, hire staff....whatever you wish! Oh...forgot......or you can use it to instruct a different solicitor. The choice is yours. Conrad

Hi Mark, Depends on the lender. Some may consider lack of a boiler some wouldn't. Same with the condition of the kitchen and bathroom. It all depends on the lenders criteria, surveyors comments and whether you are applying for a residential or BTL mortgage product. Bridging or development finance is another option, so is bridge to let finance. I'm happy to recommend brokers that dont charge up front fees, for this is you need/want to chat to someone more qualified. Hope this helps Conrad

Hi Jonny, I'll answer your questions in the same order as you wrote them 1. Over a barrel? Read the terms of business on the instruction for your solicitor. I dont know the answer because I havent read it. 2.Avoiding in future: confirm with any solicitor or conveyancer that they are on the panel for your lender before you instruct them. Get this confirmation in email/writing. 3. See 1. 4. More common than you think. Depends on what lenders you use and how experienced you are at property purchasing. I've not heard of a solicitor doing 75% of the work and then realising that they cannot carry on though. Hope this helps Conrad

Hi Jonny, Depends on the circumstances. If you are intending to sell an encumbered property and then settle your directors loan from the proceeds, then your solicitor is correct. If you intend to settle a mortgage in cash, from bank funds, then I cant see why you cannot pay your directors loan off first. Hope this helps Conrad

Hi Sydney, Great ideas from Leon above ^^. Either way as long as you can prove where you got the money from to purchase your land/or your house/or both, and have an audit trail from the purchase gaining lending should not be too difficult. In situations like this, if there is money in the valuations and profit from costs, and you can prove it's all above board, then somewhere, someone will probably lend on it. Happy to chat more if it helps Conrad