conrad_paton

I'll send you a DM. Conrad

Is this roof overhanging into the garden of your property? Who had responsibility for the boundary wall? I'm struggling to visualise this sorry? Maybe upload a photo please? If love to help more Conrad

Buy, In 25 years will you still be renting waiting for prices to drop? Or will you have paid off your mortgage and wished you purchased sooner than you did? Conrad

Pay yourself enough to live on during the refurb. Pay yourself a wage from the profits/what's left.

Hi Richard, You have answered your own question..let me explain.. So you gain when prices you up. Yipee! Ok..so your gains are going to pay for your lifestyle, not your ever increasing debt. Put simply, when the market is against you and when prices drop, you may not be able to refinance and draw out extra cash. Your new lifestyle suffers due to a reduced pension top up. When your mortgage term ends, and if the market has dropped, and you have not paid down your debt (cos it's been topping up your pension), what is your stragergy for paying back the mortgage? Even if you can sell, will you have the cash spare to pay your CGT? Will it?? You mean you hope it will. Unless you intend to repay your increasing debt with rent payments and continue to do so even when the sales market is against you. Please base your investment strategy on an actual strategy, if you intend to pass on your legacy to your children, then take the steps nessesary to make this happen. Making short term tax free gains could ruin your long term goals. Hope this helps Conrad

Hi Jayha, Start with the freeholder's registered title and plan, contact them and see if you can get a copy of the lease and lease plan. If not you may need all the title registers and plans of all the leaseholders to gauge how many parties have rights/ownership of this land. Work out exactly who has what rights over this land before stirring up the pot and writing to leaseholders in the initial stage. Depending on the wording of the lease, I would contact a specialist leasehold solicitor to give you an idea of legal costs before you do anything else. You may have to alter 4 lease plans, 4 title plans, amend or create a new register and plan for the 3sq m plot and the conveyancing charge for this. These costs will not be insignificant. Plus factor in the time for surveyors and notices to go out and this transaction will not be swift. Remember also there may be 3 mortgage companies involved aswell. I hope this little plot is going to be worth this grief? Conrad

Hi Alex, I have much experience of this. How are you intending to convert your 1 bed? Move the kitchen into the lounge and convert existing kitchen into a bedroom? Do you have a lease plan? Are the rooms labeled on the plan? Or does it just show am outlined area for guidance as to your flats location. This matters. You also need to read and understand the definition of your property as written in your lease. What is included and what it doesn't contain. Asking the freeholders permission isn't a automatic rejection. It can take time and be quite expensive with insurances, surveyors, plans etc etc. Dont forget your freeholder should be insisting on your local Building control department being involved, so I suggest doing your homework and ensuring your conversation can be compliant before you begin. (Think part P, H, M, F, and A of the regs in particular). Below are a couple of photos for inspiration of a previous property of mine. One shows a bedroom where the kitchen used to be. The other the new kitchen in the lounge. If after reading this you still want to go ahead with your conversion, please let me know/reply here and I'll see if I have a copy of the letters I have sent to freeholders in the past Best wishes Conrad

Hi Dan, ROI is the way to go. Gross yield is pretty meaningless. But when considering multiple properties to purchase with a view of renting them out, I always choose the most fitting to the needs of most residents in the area. If I loose a little ROI but gain more certain tenancies with choice of tenants and little or no void periods then to me it's worth it. Remember gross yield assumes full occupancy and some people include voids etc into their ROI calcs and some don't. As long as you use the same formula for ROI on each property you are considering then you can compare them financilly. Just be mindful that there are other factors (beside the financial) to consider aswell. Conrad

Hi Alfie I'm very happy to chat to you about this. I'll send you a DM with my contact details on if you wish to contact me. Conrad

Hi all I Debbie was replying to this..

Hi Read your agreement with the agent. What does it say in regards to the time period of free fees? You say when the tenant moved in, but when did your agreement start and finish with the zero fees option? Conrad

Hi SB Not seen much on the Event front recently. The tab is now missing from the website index it appears aswell. Hopefully PH can get something organised? Conrad

Hi To clarify do you want convert a 3 bed to an HMO or R2R deal an existing HMO? Sorry your question implies both?? My answer assumes that you have secured a R2R deal on a licensed and compliant HMO: Will you generate enough cash flow from the occupancy of the HMO rooms to pay the Landlord, the utility bills, other running costs, maintenance, agents fees, accountancy and tax to make it worth your while? If your occupancy is lower than expected or you have tenant issues and/or late or missing rent payments, can you survive until these have been addressed? What happens to the tenants at the end of your R2R period? Do they stay or will the property be returned to the Landlord vacant? Again, if vacant how do you propose to achieve this, if tenants do not wish to leave? There's probably more aswell Conrad

Hi You never NEED to buy with a Ltd company or SPV. You choose to. As for pensions sorry I have no idea. Hopefully someone may shed some light on the subject. But, most people are on here because their pensions are inadaquate anyway. Conrad

Your very Welcome