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Everything posted by gary-n

  1. Hi Ollie I agree with Derek regarding the potential to be blacklisted. Pre COVID there was a refurb to let product on the market which is essentially bridging finance and a BTL all rolled into one product. I believe fees are a bit higher and not sure if still available in the current climate but a product like this would be suitable for your plan. I would speak to a specialist broker for the correct product advice and there are a few good ones on here. Can any brokers on here confirm if the product is still available and/or offer alternate funding suggestions? Hope this hel
  2. Thanks for sharing this Darren, really helpful schedule for those of us just setting out on the journey. Really like reading your posts and blogs keep up the good work. Thanks Gary
  3. Hi Rishi-p service charge accounts should be completed in reasonable time after the end of the service charge period / financial year. I would recommend looking at https://www.lease-advice.org/advice-guide/service-charges-other-issues/ section 4.1 of the link will be of particular interest as it states that demands must be made within 18 months which may enable you to avoid a proportion of the bill. They also have an advice line where they could advise on your specific situation and they are an independent body, I am not qualified to give advice but it looks like the guys are. h
  4. Hi Misha in your post when you reference council tax do you mean of a property owned in the SPV? If yes then this would be an allowable expense as it is a necessary expense to carry out the business of the SPV. hope this helps Gary
  5. Hi JC I would agree with ayns, that a good approach could be to remortgage you property and then use the released equity to invest in further buy to let properties. in your post you mention profit of c£110-£120k, but is that the current value over the price you paid for it? Or is that the equity that you have in the property now? In the remortgage scenario it will be the amount of equity that you can release from the property that will be key to your opportunities for future investment. As ayns says you can release 75% possibly 80% (probably not during the lockdown though) of current
  6. Hi TN We have also just set up a new ltd company to purchase BTL’s, with our first company purchase part way through but now on hold due to the situation. We have set up our company bank account through Starling and found the set up process extremely simple with all documentation provided electronically and was all done in a day. This was done before the crisis really kicked in so I can’t comment if service levels have been impacted since but my guess is the majority is automated so hopefully you won’t see a huge difference in set up time. Also because the purchase hasn’t c
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