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onkar

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About onkar

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  1. In addition to Julia's comments above, if a HMO will be your first investment property then I would certainly check your lending options if you are planning on borrowing. Some lenders require you to have an existing BTL property or Landlord experience before being granted a HMO mortgage.
  2. onkar

    Stamp Duty Query

    If replacing your main home with a new residential residence, you will not be liable for the higher stamp duty.
  3. This has been brought up a few times and technically it's possible! Bear in mind that the point of bounce back loans is to help businesses that are affected by the Corona virus... So with this in mind, it would be down to your morals if you wanted to go down this path.
  4. I would tread carefully in this area. If you took out a bounce back loan of let's say 50k, this will show in your transactions/statements. Even if you took out the bounce back loan from a trading company, then loaned it to the SPV, this transaction will be queried and most likely sourced back to the loan. If a lender sees that you are using a loan to fund your deposit for a property, then I think I know what their reaction would be...! It's all speculation at the moment as I have not come across anyone experiencing this scenario, so who knows! If you try it, let me know the result.
  5. Hi, This makes sense. But if you sell the property to your company, this will be treated as a normal transaction. E.g. It will come with your normal costs such as Broker fees, Solicitor fees, Stamp Duty etc. What you need to do is calculate how much this will all cost and compare it with the savings you would make from a personal tax savings perspective. Then see if it is worth doing. Personally, I ended up selling my 2 personally owned BTL's and starting fresh with my Ltd company!
  6. Hi, This is quite a common requirement with off plan purchases, especially where a % of the purchase price is required as a deposit at exchange of contracts. I am also in this position for a few purchases that are coming to practical completion over the next few months. This is one area that you particularly need to focus on during the reservation stage before putting down any money. Usually, it involves an initial discussion with your broker and identifying lenders that should lend based on your personal circumstances and also taking into account the specifics of the off plan property. Purchasers will usually start a mortgage application around 4 months (can vary) before practical completion is anticipated. This gives enough time to secure a mortgage offer and deal with issues that may have been encountered, such as having to start a new application with another lender for whatever reason. What date is exchange of contracts expected? And what date is Completion of the property expected?
  7. Ah I see, that's good to know!!
  8. Hi Lynn, You would only have to satifsy tenancy requirements and provide a tenancy agreement IF you was remortgaging across to a different lender. As you are buying the property, there are no such limits as to how quickly you should get a tenant in. The renovation could take a week, or it could take 3 months. As long as you are able to repay the monthly mortgage, it shouldn't be an issue.
  9. I think he meant something like "I will buy my first property and I am worried about it because of the fact that I will be renting a couple of properties, but for the banks it might stand as an expense which will affect my mortgage availability."
  10. @DerekT That's a beautiful and valuable table you have there! Did you create it yourself?
  11. Hi Paul, I haven't had any experience with the typical one man band "property sourcers". There are plenty of them out there and I if you considered using one, make sure you do your background checks and proper due dilligence. I have used Property Hub's sourcing services for 2 properties and I am in the middle of the transactions. Based on what I have seen, the opportunities are great, they have had a tonne of research / background due diligence performed on them, which makes the opportunity itself very reliable and stack up over the long term. Based on this alone, I feel it makes up for the £4995 fee. It depends on exactly how hands on you want to be. I feel you want to do a bit of both. Depending on your available budget - you could get a BTL sourced, experience the transaction end to end and get it up and running. Then next time, consider sourcing something yourself in one of the North West locations. This way you'll have a bit more confidence rather than dealing with the unknown for the first time, especially if you're living in London!
  12. Hi Paul, Sure no problem! Not sure if there are any more units left but I will put you in touch with the Estate Agent Consultant. Can you message me your email address?
  13. Not sure on any specific legislation. But if you are going to let it out and there are potential children, then I would 'child proof' it.
  14. If it's a good deal as it stands, then plough ahead. Do you want to risk losing the deal? If prices do dip, remember that property prices will continue to increase over the long term! In terms of the existing tenants' situation, perhaps you can try and find out if they are still paying their rents as expected. Or if they have been impacted etc. This would help with your decision.
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