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christuc

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  1. Well my first forray into a property flip is about to go Pete tong! Basically my bridging lender stipulates building insurance with £1k excess on subsidence, I can get cover but excess of £2.5k, they won't budge and I've tried 4 brokers (although 2 are still looking for me). The terraced property has a historical settlement crack in the ginnal of the flying freehold which has been repaired with no sign of movement. This is something I hadn't even considered being an issue or read up on in all the research I'd done, and I've done a lot. Lesson learnt, and it's an expensive one!
  2. Thanks Dennis, this being my first flip I just wanted to make sure my lender wasn't asking for something out of the norm, I would always look to get insurance. What prompted my question was a specialist broker wouldn't quote based on the property condition for an all risks policy on a property which is ten times better than some of the auction properties I've viewed, I'm trying other avenues.
  3. Is it common practice for a bridging lender to request comprehensive buildings insurance on a refurb property?
  4. I'm using a light refurb bridging loan to fund a flip, I've been asked to provide a comprehensive buildings insurance quote prior to completion that asks for rebuild cost, subsidence cover and flood cover. Easy I thought, first broker wouldn't insure based on the property condition, which although in poor condition is far far better than many properties I've viewed at auction. I'm trying elsewhere as seen in the forum, but my question is that level of insurance common for a light refurb? Thanks
  5. Hi all, I'm starting to wonder if I have my sums right for a flip (I believe they are sound) or if other investors are willing to pay more for property when going for a renting option? Heres why I'm thinking this... I've been outbid through an estate agent on the first renovation I wanted, 2 more offers on other properties rejected as too low so increased slightly to my nr maximum and left on the table as vendors hoping for more (I'm following up each week). So I've been looking at auction. The fourth recent example is a 3 bed terraced auction property which had a guide of £30k+ but which needed major refurb, electrics, heating, windows, rear water damage repair to wooden wall plates/lintels/joists/floor/brickwork/plaster etc,...so you get the picture. My estimate of a realistic sale price was £105k, less purchase / holding / financing / sale costs of £10.5k for 8mths, cost of refurb £24k inc 20% contingency, profit £10k min giving a max bid price of £60.5k. Now this went at auction for £75k! This isn't the first Ive seen do this & wont be the last, just wondering if a BRR investor would pay more? Rental in the area would be £600pmth giving a 5% yield at hammer price or if converted to 2 flats £750-800pmth (conversion costs would be a bit more) so est 7-8% yield.
  6. Thanks for the reply Conrad, I agree with your thoughts having been thinking about this last night, I have researched prices along with the other works required and will make an informed decision which will be reflected in my offer, Thanks again!
  7. Hi all, A property I viewed yesterday for a flip has perfectly serviceable double glazing, but it's old. Ie it's thinner than modern stuff and has exposed rubber lip inside/out where the glazing unit is held in place. Now I would knock through the kitchen to diner which would require the wooden back door removing and bricking up with a d/g window taking its place, so a modern one. Also the sliding patio door I'd replace with French doors which both open out on to the garden. What's the consensus on replacing the old double glazing as it adds a chunk of cash to the refurb?
  8. Hi all, A property I viewed yesterday for a flip has perfectly serviceable double glazing, but it's old. Ie it's thinner than modern stuff and has exposed rubber lip inside/out where the glazing unit is held in place. Now I would knock through the kitchen to diner which would require the wooden back door removing and bricking up with a d/g window taking its place, so a modern one. Also the sliding patio door I'd replace with French doors which both open out on to the garden. What's the consensus on replacing the old double glazing as it adds a chunk of cash to the refurb?
  9. Hi, try housewow.co.uk, they should have a rep up nr Glasgow if you've not sorted it already.
  10. Hi, I viewed a property yesterday and the estate agent told me it was leasehold with the remainder of 999yr lease to go. However, when I did a search on the land registry it only comes back as Freehold, registered to an investment firm, no leasehold listed. Most properties in the area are leasehold and have 2 listing. So, before I go ahead with an offer is there a definite way to tell either way or do I have to wait for the solicitors to get involved? Could the investment firm, on proceeding with a sale, register a new 999yr lease? Why wouldn't a leasehold be registered if the previous occupants family is selling it? A bit confused! Chris
  11. Just thought I'd pop by and say Hi! I'm in the North West (Fylde Coast) looking for properties to renovate and sell on, recently started I'm looking at 2\3 bed terraced or semis as a start. I've been outbid on one property already but it went above what I was prepared to pay and stuck to my limit. I have 3 potentials in the offing. This could be tough! I'm quite handy and would do most work myself, and get trades in when required. I'm only looking for 2 per year to tide me over for a few years but will consider letting if properties won't sell after refurb for whatever reason. Cheers Chris
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