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michael-a

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Everything posted by michael-a

  1. Hi, I am interested in buying a property in the North East (Newcastle, Tyne and Wear area). As I am living too far away and driving up is not really an option, I am looking for someone local who could, for a fee, view properties that I select on my behalf and send me photos of the properties. Appreciate any pointers if you are in this business or know someone who is. Thanks! Michael
  2. Hi, I am interested in purchasing my next property via an auction and have already come across a few lots that I'm considering. So far I don't have any auction experience, have never bid on any and only watched a few online (and a read a book on property auctions). Initially I'd be OK to have a few legal packs reviewed by a solicitor, but eventially this will be costly and I'll spend a lot of £ on solictiors for legal pack reviews if my auction hit ratio turns out to be low. So here's my question: I'd like to learn how to review legal packs myself. What's the best way of acquiring this knowledge? Are there any courses or training materials that you are aware of? Or are there any solictors who would be willing to share some of their knowledge on a few consultation calls ? Obviously no expectation of any of these coming for free. I have a bit of experience on property purchases and the conveyancing process and also a bit of experience in commercial law, but I'm completely new to auction packs. I'm fully aware that reviewing the auction pack myself comes with the risk of me missing important points and that the quality of my auction pack review will never be as good as the work of a professional solictior. And I'm happy to accept some residual risk here. What I'd be looking for is acquiring a decent understanding of the most common traps and issues to reduce the risk of me missing a material point is reduce by, say, 90%. Appreciate your advice on any relevant learning resources and your views on whether my plan makes sense. Thanks!
  3. Hi everyone, With SDLT cuts ongoing it seems conveyancers throughout the country continue to be extremely busy these days and it's getting harder to find a conveyancer/solicitor that is able to spend the time required to provide quality service. I'd very much appreciate your recommendations of conveyancers that you have worked with recently and that provided good service. Feel free to PM me, if you prefer. The deals I'm doing are simple: Purchasing freehold houses in my own name, sometimes with a mortgage, sometimes without. No specialist knowledge required, as a result. The things I'd be looking for in a conveyancer are: - does not take on an unrealistically high number of cases - is proactive in progressing the transaction - picks up the phone when called or at least reliably calls back - takes the time to discuss things over the phone and is ready to answer questions - reasonable level of fees (but appreciate that fees will be higher than what some of the conveyancing factories charge) Many thanks. Michael
  4. Thanks taxantics for the advice. For now, given it's just one property, the costs and complexity of e.g. setting up and maintaing a company likely exceeds the benefits. But I'll definitely consider other structures for further purchases.
  5. Good evening, My wife and I have bought a BTL property and we are looking to sign a declaration of trust which assigns at least 99% of the rental income to her and 1% to me, as she is in a lower tax bracket than me. The common way of splitting the rental income for tax purposes seems to be 99%/1%, but I was wondering if HMRC will also accept a 99.99%/0.01% split. I'm asking because we are planning to buy more BTL properties later on and over the years the tax difference on that 1% of rental income could actually have some impact over the years. So if possible I'd rather save that tax. I have tried out HMRC form 17 here and it seems to accept a 99.99% entry: https://public-online.hmrc.gov.uk/lc/content/xfaforms/profiles/forms.html?contentRoot=repository:///Applications/SpecPersTax_iForms/1.0/17&template=17.xdp Michael
  6. Good evening, I am currently buying a BTL property together with my wife. We will hold the property 50%/50% as tenants in common, but plan to use a Declaration Of Trust together with HMRC Form 17 to assign 99% of the rental income to my wife and 1% to myself, to benefit from my wife being in a lower tax bracket. The property is mortgaged and both my wife and I are named on the mortgage. My question is: Does it make a difference to HMRC (or to anyone else) in whose name the following things are? What names would you recommend and why? Bank account into which the tenant pays the rent (i.e. bank account in my wife's name or joint bank account) Name of landlord on the AST (i.e. only my wife's name or my name as well) Name of landlord on the agreement with the letting agent (i.e. only my wife's name or my name as well) Many thanks.
  7. Hi all, Background: I am planning to proceed with my first BTL property and, after having read a lot, I'd like to start with Liverpool. A bit more information on my background is in this posting here. Research done so far: I have already read the previous threads on Liverpool area advice, some of them are a few years old. Also read the recent Liverpool article in the Property Hub Magazine. Now I'm looking to narrow down the choices and focus my search on specific areas and postcodes in Liverpool. Would appreciate your advice on areas in Liverpool which would fit my search criteria. Search criteria: Property: 1 or 2 beds. No refurb preferred. Could do minor refurbs if discounts are good. Should be mortgageable. Freehold terraced preferred, but willing to consider flats in case they yield better. Budget: £60-110k range (but could do up to £150k in case investments in that price range are more attractive) Looking for at least 8% gross rental yield (hope that's realistic?) Tenants: Targeting young professionals or families in decent employment (so looking for relatively trouble free tenants). Area should have with good rental demand from targeted group of tenants, limited voids. Capital growth potential is nice to have, but I'm more focused on yield. (The way I see it is that high yield = low price = potentially better capital growth potential?) Not interested (for now at least) in off-plan investments, student lets, DSS, multi-lets. Many thanks! Michael
  8. Hi James, Many thanks for your advice! Leeds sounds also very interesting and it's pretty high on my city ist (#2 after Liverpool). Appreciate if I could contact you in the future and have a chat about Leeds, once I have done more research on it. Definitely planning to diversify across 2-3 cities over time. Michael
  9. Hi Maxine, Many thanks for reaching out. I'm currently reading up on a several topics in this forum and the Property Hub website. Looking forward to getting in touch with you. Michael
  10. Hi Property Hub members Having recently joined Property Hub I wanted to take this opportunity to introduce myself. I live and work in London and have had a keen interest in property and property investments for several years now. So far much of my attention was on purchasing and refurbishing my own home in London. Now that this is done, I would like to take the next step and invest some of my savings and recurring job income into BTL property. In terms of strategy, I am looking for BTL investments with a yield above 5%. That rules out most of Southern England. So I am planning to invest into BTL properties in some of the larger cities in the North. For me the 2 main constraining factors are limited local knowledge and time: While I know the London property market well, that isn't the case for Liverpool, Manchester, Leeds, Sheffield, Sunderland and other places in Northern England. To bridge that gap I am planning work with local people and to establish good working relationships which are win-win for both sides. Time is my other constraint. I am working in a demanding office job in London which keeps me very busy Monday to Friday. That leaves me with around an hour each weekday to spend on property management and investments. On a typical weekend I can spend around 8 hours on it. Hence I am looking for property investments which are largely hands-off and don't require a lot of attention during regular working hours. I could travel to Northern England from time to time, especially for important things such as meeting local business partners to work with and for final viewings. But my plan is to limit the number of trips to 5-10 per year. Here's how I intend to gradually progress on this: First, I am looking to learn more by reading many of the very good postings here on the forum. I will also have a number of specific questions that I hope people in this forum will know the answers to. Then, the next step is to complete my first property investment. For this, I am looking for a project with low complexity and low execution risk to start with. I am happy to accept a lower yield for my first project if this helps to reducing complexity and risk. For example, this could be a room in a purpose-built student block or a single let which doesn't require any meaningful renovation work. In this process I am hoping to learn more and to establish contacts with business partners in the North. Finally, with the acquired knowledge, experience and established business contacts I would like take on more complex projects with the potential of higher yields (or capital appreciation) such as larger renovations or multi lets. Via this forum I hope to exchange thoughts with you and to meet potential business partners in Northern England, for example good and reliable property viewers, property sourcers, property management companies and renovation project managers, to build successful long term business relationships with them. Please don't hesitate to send me a PM if you are working in any of these areas, I'd be interested in hearing from you. Looking forward to discussing with you in this forum. Michael
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