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Everything posted by nicholas_b

  1. Hopefully, this is OK to post under general chit-chat. Interested to see if anyone has invested in classic cars or 'future classics'. I recently purchased a new car, and rather than part-exing mine I decided to keep it and store it, as I think it will be a future classic (don't we all - I hear you say). Just wondered if anyone else invests in cars too? Cheers
  2. I agree with the above... have you heard of analysis paralysis? People are always trying to 'time' the market, but it is impossible. Prices will outstrip your options whilst you are waiting for them to come down. You also lose potential capital value increases whilst waiting, much like those from 2020 who are still waiting. Time in the market will always beat timing the market. If you see one you like, you can afford, then go for it
  3. Hi Barry, If I understand correctly what you're asking: Benefits don't have a standard allowance Benefits fall in to two categories - means tested and non means tested. If she is on means tested then income will impact benefits. If they are non means tested then her income doesn't matter. There are also rules around the maximum savings someone can have before their benefits are cut or stopped, this extends to assets and not just money in the bank. Hope this helps.
  4. Hi, Not sure if anyone can help me here, but I'd be interested to hear others experiences. I had 2 BTL fixed term mortgages come to an end and I was waiting on a remortgage of them both with the same lender, BM, and they decided not to move forward with them...after 2 months of jumping through hoops... I've been stung with paying 300% more on top of what I was paying before on each... My broker advised its hard for portfolio deals at the minute. I'd be interested to hear others experiences going through remortgaging as a portfolio landlord including LTV, range of options (or not), rates quoted etc. I'm also interested to hear what you are being quoted on LTD BTL deals, and if the property being below EPC E will hinder me. Thanks in advance Property Hub community.
  5. That's fantastic. I find it fascinating because I had pre conceived ideas, that were totally wrong, and it's also thrown up things I hadn't thought of. Very impressive occupation rate. Appreciate Covid would have been a key factor. I have been doing more and more research over the last few days. I think I would outsource it all based on the above. I hadn't heard of that company before so I just had a quick look at them. I don't live near anywhere that would be suitable for short term lets. Really appreciate all the help and advice. Fantastic insight.
  6. Thanks Ollie. That's incredibly valuable, especially around the varying options. May I ask a few questions? 1) Is it a similar process and expenditure in terms of getting a mortgage? 2) Do you notice a pattern in your lets I.e. 5 day lets during the week and then 2 day lets at weekends? 3) What's the occupancy average throughout the year? 4) Do you outsource any work?
  7. Thanks Hayley, that's brilliant. I'm a higher rate taxpayer so I'd opt for a ltd company, I was just thinking longer term or if my partner was to finish work and do that side of things. I've got 4 BTL at the minute and couldn't ask for better tenants, they're amazing. But I am interested in diversifying, plus having a potential holiday home would be good, especially as I can work from anywhere. Your input above is really helpful. How do you go about getting the work done, do you source cleaners etc or outsource the entire management of it?
  8. Thanks Caroline. Really insightful. I really am a airbnb invoice, but based on the above, do they take 3% of the value of every booking? And are there any other charges such? It sounds like it is profitable based on your projections. Do you do it full time? I'm mindful of the resource costs, and assumed it would be a full time job to run 2 or 3, either that or incur large costs for the above mentioned. Thanks, any help is really appreciated.
  9. Thanks for your comments guys. What's the current tax set up, does it work like a ltd company? Agree that there is likely to be new regulation and taxation, the govt see the pound signs, not to mention the PRS needs balancing too, which is appreciated. The yields look really strong, appreciate it is risk vs reward, and that's the reason it's a yield. Even at 30% occupancy it would collect a similar amount per annum to a BTL. Stuart, is it hard to get lending on something like that?
  10. Hi, I'm currently on staycation (cheesy word), and as you always do, started to look at the prices in the local area via rightmove (surely it isn't just me that is sad enough to do that?). We booked this through Airbnb...you can see where this is going can't you?! Has anyone or is anyone running one or more properties through airbnb? I've done bits and bobs in terms of research but nothing heavy, so I thought I would test my luck here, for some honest feedback.
  11. Big alarm bells here. I'm all for giving people chances but I think this would be a huge headache for you. For me, the reason you have checks is to give yourself an understanding of whether they are likely to pay or not going forward, if they have both failed it would be a no from me. 6 months upfront means nothing if they dont pay and it takes 18 months to evict. If they were to damage the property then this financial hassle would be compounded further.
  12. Excuse my ignorance around stocks, and also me side-tracking from the initial subject. Who do you invest via, is it direct, is it a bank, or is it through specialist organisations. My knowledge around S and S is limited at best. Do you effectively invest and trust it is going to increase and you can take money out yearly or something? If you invest 50k, get a 10% yield, so say for example 5k per annum, that wouldn't be greater than capital appreciation on a property would it? Or am I missing something?
  13. You are over thinking it a little, but you are right to question how it is determined. Your assessment was spot on...previously it may have been 100k, and it may now be 105k, that is part spec but also part inflation, it just doesn't seem like inflation because the previous one at 100k sold relatively recently... but inflation isnt yearly in property, it is constant. The house price growth is inflation in it's own right, so property inflation could be 5% swing month to month, rather than 5% per annum. If there has been no change in the housing market then the ceiling is the ceiling, but if the market is increasing like it is now, then the ceiling will increase on a regular basis. Ceilings generally increase when asset classes increase which is what we are seeing now. Quantitative easing drives asset prices, and when you compound the amount of this QE that has gone to savings (because nobody could spend it) then there is more available for houses...to make it grow further you have immense demand pent up and a low stream of supply... so again this will contribute to an increase Lots of factors as you can see. But if you do your calcs based on the current ceiling at least your figures will be safe, and the calculations will give a clear indicator as to whether it is feasible as a deal.
  14. There was a guardian article about something similar to this, today. Where you recieved a form of govt support, any mortgage or remortgage application was rejected. It will probably differ from lender to lender and person to person because all circs are different. You may be able to get one but there are definitely restrictions because you took govt support, its deemed a risk, because their perception is that your susceptible to changes and will face difficulties if you encounter a problem or change in your circs. Banks are very risk averse.
  15. Hi, Ceiling prices are different to how prices go up through inflation over time, like your dad's would have. Ceiling prices reflect what you can get at the current time. It is always possible to go beyond the ceiling price, spec dependent, but the reason there is usually a ceiling price is due to matters not related to the house I.e. location, demographic of potential buyers, what is nearby etc. The ceiling price is a good indicator of your max return, if you spec it so it is 10/10... and if yours is the one that goes beyond the ceiling then great stuff, but base it on ceiling and if it is above then great stuff, it is extra you didn't account for. Ps you definitely make your money when you buy... even in a hot market.
  16. Not too complicated. Having a tenant we know will definitely look after it and maintain the payments, because they've been a tenant for X amount of years, and fill the one they left with another tenant, so no void. It just minimises the risk in the high end value property.
  17. Thanks David. Good advice as always. I'm a higher rate tax payer and my JV is a basic rate tax payer (he has a few in his name and one in a limited company). By sitter I mean taking one of our existing tenants and allow them to move in to this proposed property for the same rent, so they get a bigger and better house but for the same value. Obviously we would do the AST and make them aware it is for a specific purpose and we would move them back to another one after that period. I'm not familiar with ATED? The value of the property would be under 500k both purchase and future sale. We are aware of all the stamp duty requirements.
  18. Have an end goal and work backwards. Understand where you want to be at the point of finishing your journey and understand what property types, yields, structure etc you require and start doing your research. Make the most of free online resources available. Make sure you have a clear strategy to ensure you are focussing on what moves you one step closer to your goal
  19. Hi all, I see the term SPV used a lot, I've done a quick online search to understand it (broad strokes) and I wonder if anyone could me identify if it is suitable for this idea... I'm just completing on a property to move in to and I've decided to sell my old resi. Rather than just keep in line with previous investment types I am contemplating doing something different, with the equity released. My friend (who is also an investor) and I are considering a JV 50 50 on a high end property with the specific purpose of holding (get a sitter) and then sell in 5 years. We think we can make 50k each over the 5 years. Would a SPV be suitable here or just a standard ltd?
  20. Hi, I'm looking for some advice please on how easy it is to switch from repayment to interest only. I have a resi on a repayment, which I'm looking to keep as a rental when I move in June. How easy is it to switch to interest only? LTV is around 60% I was also thinking of converting one of the BTLs from repayment to interest only too. Would this be a problem? LTV is around 50%. Also would it be possible to release extra borrowing say 5k against either? Thank you
  21. @david slater is this one youd be able to help with mate?
  22. I have been trying to find the link to the conversation on this topic from previous posts but I have been unable to find it. Qn 1) in 2019 I bought my first residential property (I had 2 BTLs at the time). I paid Sdlt on this property even though it was my main home. Is that correct? Qn 2) I am moving home. I was intending to rent my current residential out. I know this means I am paying sdlt again on the new one. If I sold my resi would that mean I dont have to pay sdlt on my new resi?
  23. Interesting piece in the financial times about how much savings as a percentage of GDP per country has increased too. The UK being second highest with around 10%... in on year... crazy. No wonder assets are increasing in value.
  24. You just need to increase it by giving written confirmation of the new amount like you would anyone else. It's the DWP who pay UC not the Council. The tenant will need to report a change in circumstances on their journal/portal with the new amount and the date it is effective from. They can take a picture of the letter and upload it. Theyll pay in line with local housing allowance rates. They may ask you to verify the costs submitted and would likely to do so via email.
  25. Has anyone noticed the amount of information being written on why the property market won't crash this time? I've no idea why people always say it will be different this time: it can't bust, the government won't let, interest rates and QE mean it can't fail. Is this not worth using the infamous "be fearful when others are greedy, and greedy when others are fearful". I'm thinking it will last 2 to 3 years before it goes pop. The valuations and sales agreed prices have just gone through the roof, why would anyone think this is a sustainable?
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