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Loose Chippings Property

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  • Location
    North London
  • Property investment interests
    In the last 12 months sold three houses, bought another, then bought 2 flats.

    Property investments been in North Finchley, London - but now considering moving out of London, maybe Newcastle
  • My skills
    I've re furbished 2 houses & 2 flats in the past & project managed some extensions.
  • My goals
    £5K gross pcm
  • Interests outside property
    Film & television: making & enjoying.

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  1. Anyone seen these reports?| Labour could force landlords to sell homes to tenants at ‘reasonable’ prices in bid to end buy-to-let property profiteering https://www.independent.co.uk/news/uk/politics/labour-right-buy-scheme-houses-landlords-tenants-john-mcdonnell-corbyn-a9088211.html Should we be worried? Peter
  2. Thanks Andy - It's only an extension. But, quite a pricey one. Pete
  3. I'm about to embark on a build project & it's been suggested the builders work under a JCT - joint contract tribunal documentation. Anyone had any thoughts / recommendations / advice?
  4. Dear All, I’ve noticed a number of companies providing numerous 3-day courses and one-year courses. There are photos of the people that run those courses in many property magazines. I also notice that no one criticises them nor compares the merits of those competing courses. I also also notice that many editorial spokespeople are extremely coy, and avoid criticising too, often advertising their own products in the same magazines. As you can see, I’m also being coy with not naming those companies too. If the property industry wants to be taken seriously and be seen to offer proper education, then maybe it should clean itself up. Advertise it’s syllabus and it’s costs - like real education establishments. Allow those courses to be compared against each other out in the open. They all claim to want to “help people”. So I put this challenge to them: if you want to help - then be transparent!
  5. Dear Hubbers, I’ve just had a chance to see up coming movie: The Founder staring Michael Keaton. It’s the true story of how Ray Kroc (Michael Keaton) a salesman back in 1953, met the two MacDonald brothers who were having success with their first speedy burger restaurant. It chronicles how he took that concept and made it an American success story. While all that’s interesting to any prospective entrepreneur with lots of business lessons, dressed up as a fun film, it has a particular resonance to our industry. SPOILER ALERT. Actually, I don’t feel too guilty about this as I already knew this and many reviewers will spill the beans anyway: Kroc discovers something: McDonald’s isn’t a restaurant business, or a burger business or a milk shake business, it’s a property business. Insomuch, they buy prime real estate and lease it along with the restaurant franchise. Thereby keeping control of costs and quality. Surely something that any Rich Dad, Poor Dad aficionado would endorse? Anyway, it’s a great film, and Michael Keaton is fantastic too - although I suspect, without scantily clad ladies, guns, explosions and super heroes, it won’t break box office records. Arrives in cinemas in Feb 2017. Enjoy. Pete
  6. I think your deal is fantastic for London. Where is it? The thing about London is the value of property prices actually go up. (Well, historically that is. Brexit might change that!) Some investors take a much lower yield, safe in the knowledge that after 7-8 years etc the property will double in price & that's the benefit they get. While some other areas of the UK, rentals produce fantastic yields but the capital hasn't actually risen for over 10 years. Alas, there isn't one model that fits all. Peter
  7. Hi All I thought I'd share this - just got an email from an auction house. Fancy 102 flats in a tower block? Asking £2.6m. You gotta be braver than I am. Stamp duty alone would be mouthwatering. (Maybe open a forum thread as to the maximum number any one landlord offloads?) Property DescriptionA 17 storey tower block consisting of studio and one bedroom apartments. There are two lifts, communal lobby, security office and secondary office. There is a tarmac surfaced car parking area to the front of the building. The building has 24 hour CCTV and has electric heating to reduce costs. FeaturesA superb portfolio of 102 flats in total, consisting of 52 studio flats and 50 one bedroom flats An ideal-buy-to let investment with 75 flats currently let, generating an income of approximately £340,000 per annum, with a further 27 vacant Potential when fully let to generate approximately £465,000 per annum A 17 storey tower block built in 1965 The site has a total area of approximately 0.045 hectares (0.112 acres) LocationCaradoc Hall is located in Coventry which is approximately 20 miles east of Birmingham and 25 miles south west of Leicester. Coventry City Centre is 3 miles to the south west of the property. For the commuter the A4600 leads to the M6 at junction 2. Located within a residential neighbourhood with Henley Green Primary School close by, the local area benefits from open amenity space including a children's play area as well as shops and recreational facilities. The University of Coventry and Warwickshire lies around 3 1/2 miles to the south west. http://www.countrywidepropertyauctions.co.uk/property_details.php?current=1&lot_number=103&id=53724
  8. Thanks chrisaaaaa, you don't need a company to hold a freehold. So, no. Not yet! After more research, there seems some mortgage companies that will entertain 1) and many who won't. It does seem to be a market that seems to change week on week though. Onwards.
  9. I bought a flat in a covered house last year. I own half the freehold and have a 999 year lease on the flat. There's a possibility of purchasing the remaining flat, also with a 999 year lease, which has the other half of the freehold. I'll need a mortgage on the new flat - but have been warned that mortgage companies don't like owners to have both the freeholds and the leases. Is the solution to: 1) Set up a limited company & put both the freeholds in there with 2 shares? Then incorporate into each lease a requirement of any subsequent flat owner to take up membership of the freehold company? 2) Alternatively, could I get a relative to be a freeholder? - or something else? Many thanks.
  10. Hi All I see there's a lot of ads (in North London) trying to persuade landlords to rent to councils through a nationwide scheme called Let 2 Barnet. Does anyone have any experience of this - and - experience of renting out through councils in general? Many thanks Pete
  11. I saw it & thought it was fantastic. Loved the way they explained some of the complicated technical aspects with actor vignettes - but, I occasionally got bamboozled with too much tech speak near the end. Maybe I should see it again. Maybe that was the intention: make people see it more than once!
  12. Thanks Tim. No other landlords in the block appear to pass the charge on. I can only assume they've hit on the skepticism issues & steered clear. The management co are very bullish, even citing: "I hate BTL here". Curiously the flat hasn't sold yet..... (I'm also moving on, methinks I've got a better deal elsewhere!)
  13. Thanks for that. There's quite a potential. 2 bed ground floor flat. Might just squeeze two doubles out of it. (or 1 double, one single). It's a private block. North London. Not sure on age of building. Looks 1930's (art deco) but estate agent thinks 60/s/70's. Probate deal. Cost maybe £340K, 999 yer lease. Rental when refurbished £1300-1400 pcm. The flat would have to be refurbished throughout. It's got new UPVC windows and there's a sink fund of about £115K & they're collecting another 80K, all to be split across 140 units. Until I get into the deal, I can't tell if I'll be asked to replace the outgoing vendor's contribution or not. Meanwhile, Hot water is included in the £1600 service charge (as in buildings insurance), but the hot water wouldn't be able to power a central heating system, only one radiator in it's hallway. So I'll have to put in electric storage heaters & a shower. The estate agents have suggested charging one fee for the rental and being upfront with "an additional" fee for the water.
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