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ashley sole

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About ashley sole

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    Established member

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  • Location
  • Property investment interests
    Flipping and BTLs for capital growth
  • My skills
    Software Engineering - anything computer related!
    Love numbers - good financial background!
  • My goals
    Earn £10k a month from property before i'm 40

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  1. Hey everyone, I've recently moved up to Scotland and working on my first flip. Got what I think was a great deal on a property, added value and done what has worked for me down in England before where i'm positive I can sell for profit. The problem is, in Scotland (for those that don't know) it's the sellers responsibility to instruct a surveyor and get a home report (with valuation) before you market the property. This value significantly effects the eventual price the property sells for as lenders will only lend up to this value. So in short, has anyone go
  2. Hey Sue & Pez, I'm in exactly the same situation and the good news is there is something that can be done. I suggest you buy the properties jointly but with an unequal share of ownership. The rules are slightly different between England and Scotland, so i'll assume you're based in England. This works by purchasing the property and applying for the mortgage jointly. For the mortgage, the lender will consider lending based on your joint situation (i.e. your combined income). When it comes to the legal ownership, you will need to instruct your solicitor to
  3. I'm very interested to see what others think on this topic as I've been having the same debate with myself for many years... I attended a property investment summit a while ago, and the opinion of the speaker at the time was "why ever pay off a mortgage?". It was an interesting concept and something I had never really considered... The idea is that you can just keep passing your property (along with the loan) down through the generations. As you get towards the end of the mortgage term, you can add children to be part owners of the property and they can start to re-finance on their behalf.
  4. Hi Lisa, The short answer is, no they are not liable for the whole of September, only until the 4th of September. You can calculate how much the tenant owes once you know their intended leaving date. It's also worth understanding, that one could argue they've already given "notice to vacate the property", it's just the case that neither party has decided on a final date yet. My advice? Be flexible. If they've been there 4 years and always paid the rent then let them leave whenever they like. Now you know their intentions you can always start marketing the property now (with the ten
  5. Hi guys, I need some advice from the community! I have a property that's currently being rented to 4 tenants on one tenancy agreement (two couples, all as joint tenants). One of the couples have now said they are moving out because due to job commitments, but the other couple would like to remain in the property and pay the full rent due. The tenants have been good and are currently in a periodic tenancy after the original 12 month AST ran out. The questions I have are: - Do I need to end the existing tenancy agreement, release the deposit, and create a new tenancy agreeme
  6. http://www.thisismoney.co.uk/money/buytolet/article-3565329/Nationwide-cracks-buy-let-mortgage-lending-sees-landlords-struggling-Osborne-tax-raid.html I see this as huge news! The maximum amount that can be borrowed against a property can go down massively. Thoughts?
  7. Hey David Just take the existing stamp duty calculation and add 0.03*PRICE, like the following: =SUMPRODUCT(--(A1>{125000;250000;925000;1500000}), (A1-{125000;250000;925000;1500000}), {0.02;0.03;0.05;0.02})+(A1*0.03) Hope that helps!
  8. Hi Tom, I would say a few things... 1. How important is it that this property sale goes through? If you feel your property was hard to sell and want it to go through, just move into rented accommodation, pocket the money and take your time over finding a property. You can also take your time with finding a lender that is more helpful in your situation. You may have to pay early repayment charges, but it might just be a bitter pill to swallow. 2. I actually got declined for the 123 current account with reasons cited as "credit score", even though I have about 30k in savings, no cred
  9. Hi Martin, I've had experience with this with a couple of lenders and it is possible, it just depends on your circumstances and the particular lender. You just need to ask the lender about "consent to let" and what their conditions are. For example, I let my property out on a residential mortgage with First Direct, they didn't charge me anything to do this but only allowed it for 12 months. After which I had to switch to a BTL mortgage. Another lender I have done this with is Chelsea Building Society and they charge a flat fee of £90 for applying, then if successful they at 1% interes
  10. Hey guys, I wrote a blog article recently about ways to get a deposit and I'm keen to hear people's thoughts. There's a link to the article at the bottom of this page, but in short the ways I have for getting a deposit are: Saving - Setting saving goals, prioritising saving over other bills 0% Credit Cards - Spending on them for monthly expenses instead of using your wages Loans - Getting a loan for some purchase (say a car) but then just save the money and buy a cheaper car Bank of Mum and Dad - Using them as guarantor's or setting up a loan agreement with them. Anyone else got any innov
  11. Well, I must admit I'm no expert in this matter and I'm currently trying to find an accountant to clarify the details! My understanding however is that: - Property owned as joint tenants cannot be apportioned anything other than 50/50. This is because the term "joint tenants" assumes both parties equally own the whole property. - In the case of joint tenants, 50% of the rental income will be taxed at the bracket of the first individual, and 50% at the bracket of the second (after deductible expenses) - Whether there is a mortgage on the property is irrelevant My understanding is
  12. Further to this, I found this blog article that I think clarifies the point... http://www.rita4rent.co.uk/blog/2014/09/23/form-17/
  13. Hi Stevek, The way I understand it is you still need the split to be legally changed to 99/1 (or whichever split you choose) as well by way of an addition in the deed or a declaration of trust - the form is just to notify HMRC of an unequal split in the property ownership. As it states on the form page: "Use this form if you want to change the split of income to your actual share of ownership. You’ll also need to provide evidence that your beneficial interests in the property are unequal, for example a declaration or deed." I currently have a property in which me and my wife are "j
  14. I find this topic very useful! I am currently a higher rate tax payer but my wife is a lower rate tax payer, soon to be not working at all. We are currently in the process of buying a new property and have instructed our solicitor to setup the deed in such a way that she owns 99% of the property, and I own 1%. We also have an existing property that we will intend to do the same with. My solicitor explained it in an email, his words were: "For the new purchase we can specify the percentage ownership in the transfer. For the existing property we would need to sever the joint tenancy (if
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