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lee lintern

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About lee lintern

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    Established member

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  • My goals
    Financial freedom by age 40!
  • Interests outside property
    Running, football,
  1. Hi All, I was wondering how everyone in this thread is getting on with this issue? I am also faced with the same. Interestingly, my landlord is also Ishguard Limited and they approached me with the £5k amendment offer and £795 costs - though only a month before their letter I had been informed there was an issue with our lease (not highlighted by solicitor at point of sale - a separate topic!) The £5k premium converts the "doubling every 10yrs" to "linked to RPI every 10yrs", and the ground rent remains the same at £349pa. I'm actually keen to sell my property in the n
  2. Hi, I would be very grateful for some experienced advice on an apartment purchase, which has hit a problem at the lenders survey stage. The property was purchased off-plan - terms of the contract were 5% upfront, then remaining 5% upon completion. I am pleased with the build quality, however, i have now hit a snag in that the lender will not lend on the property citing "high risk" and "unsuitable security". In fact, after discussion with my broker, it appears a number of lenders are not willing to lend on the building. I'm trying to locate the exact problem, but
  3. Hi Richard, Thanks for your messages and apologies for not replying sooner. The link above regarding Taylor Wimpey is encouraging! For our case, it turns out the owner of the lease of day of purchase sold the freehold to another company, but did not offer right of first refusal to us, the landlords in the block. We have since made a claim via a solicitor to insist on right of first refusal (apparently this is a legal claim under "Section 12B of the Landlord and Tenant Act 1987"), so fingers crossed. Im confident we can now club together to purchase the freehold and eliminate
  4. Hi Richard, thank you for your response. I have learnt from this one! Hopefully we have caught this early. the lease was sold after completion, without and 'right of first refusal' to us, the tenants. Apparently this is illegal, so we are pursuing this to see if we can force the new owners to sell the free-hold to us. Have you heard of this also? And, form your experience, would you know what kind of bad-park cost it might be to purchase the freehold? Thanks Lee
  5. Hi, I made my first BTL purchase last year on a 1bed flat that is part of 4 flats in a block. The block is a leasehold with 125yrs remaining. One of the other investors in the block has recently contacted me saying we may all have an issue with one of the clauses stated in the lease. Being new, I'm not sure if this is a problem and would appreciate some experienced advice. The clause appears to be a "doubling of the ground rent every 10years" (the actual wording is incredibly cryptic, but this is my understanding). According to the other investor, this may become a problem f
  6. Hi, A property i own has a slight damp issue. No problem, i have obtained a quote to repair, however, my question is on who should pay? The property is leasehold and is 1 of 4 in the same block. Should the "Landlord" of the lease cover the costs of repair? (would this be something the 'service costs' would cover?). And if so, what is the best way to contact them? - via a solicitor or direct to the management company? Thanks! Lee p.s. Post repairs, is there any specific advice on how to properly clean up/refurb the mould that is now visible on the inside of t
  7. Hi Richard, Thanks again for the excellent advice. Really nicely summed up, and very helpful. I will indeed look into some of your recommendations to help recycle my deposit! I'm enjoying catching up on your podcasts, another excellent resource! Thanks! Lee
  8. Hi Richard, Thanks very much for taking the time to reply with the above. It is good to hear honest advise and will indeed help manage my expectations with this and future projects. I am keen to grow my portfolio, so will be looking into option 1 initially. From your experience, do you have any particular advice for what improvements are most successful in adding value in the eyes of a surveyor? Also great to listen to your podcast, sounds like there is a lot of good content there also! Thanks! Lee
  9. Hi, I am about to complete on my first BTL property which i have managed to purchase around BMV (around £26k under). I will be looking to refinance after 6months to release my deposit, but, my qu is: should i try and add value to the property before refinancing, or as i have bought BMV, is that enough to pull out all of my deposit money after a refinance? The property is already tenanted, and is in reasonable condition. Plus, i don't really want to disturb the tenants too much as they are reliable and have even signed for a 2yr AST. Thanks! I look forward to the replies! Lee
  10. Hi All, I'm new to property investing and would be very grateful for some advice on a deal i have come across in Great Yarmouth from a sourcing agent. There are a number of questions i have, but firstly the summary is: - 3bed (relatively) new build, town-house which looks in good order - 1 of 6 similar builds on the same street - available at £20k BMV - currently let at £585pcm My questions/concerns are with the valuation and the area itself (Gt. Yarmouth). Firstly, i have been shown a RICS valuation which does indeed prove the property is available at a discount. In fact,
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