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About ranjanx

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  1. Hi Andy, Otake did you guys anywhere with this? I have some experience with both excel and sql databases to take it forward. Im also interested in using such a tool to draw out summaries for areas I’m interested in.
  2. Thanks Haf1963 and Kylie. That's definitely useful information. I'll try your recommendations. Haf1963 - do let us know how it goes with N&P please.
  3. Hi All I know this is not exactly the thread for it but I'm now trying to find a lender for my first investment through a limited company. I have three in personal name so have the necessary 'experience ' if you can call it that. So far I've only spoken to metro bank. While they are willing and have a product for it, here's what I found a bit restrictive - - minimum lending £250k ( I am waiting for them to confirm if this can be negotiated) - stress test of 125% rent ( of interest only) at 5.5% rate. While first is something that just means I need To target a bigger property and more deposit, second is a bigger constraint. On one hand it ensures that if the property qualifies, it's a great yield. In effect you are targeting the rent to be 125% of a higher monthly interest only payment when for the time being you might be paying it at 3.5 or near about. And that's what makes finding such a property difficult. Anyone has any other lenders with better terms to share or even any experience with Metro bank on this product ?
  4. Just started going through the quote process. While I was pondering over some of the dropdowns on the second page, they called me ! It did help with the quote in this instance but that's too quick !
  5. Thanks for the link and your thoughts Tim.To be honest I genuinely did not want to increase the rent right now as its just a marginal increase that doesn't mean as much to me. However I am now in the process of remortgaging and would like to borrow more on the property. The increased rent just about gets me eligible for the additional amount that I would like to borrow on the property. Thanks again.
  6. Hi All I have verbally agreed for a rental increase with my tenant and would like to document this agreement in a legitimate manner. The original Short term tenancy agreement is already more than a year old. My understanding is that we do not necessarily need to have a new one as it can continue on a rolling basis. Moreover, the tenant consistently delays the rent and I have warned him that any delays from here on would mean me serving a notice for eviction. Therefore , I would like to not have a new agreement in place to avoid locking myself into a break clause all over again. Instead, I would like to go for an addendum of sort for the original agreement just confirming the agreement on the new rental figure. Questions - am I missing anything ? What could be the simplest format to get that in writing and make it legally binding ? Thanks in advance.
  7. Hi All I have received the latest statement from my lettings agents (Carsons) and they have added £18 for providing "Gross Rental information to HMRC" inclusive of VAT. I can understand that they would have provided that information on HMRC's request but I fail to see how that is a service they could charge me for. I see that as a part of the job they would do anyways and the effort would be a one time report for all their clients rather than an effort worth £15 + taxes for each of us. I have sent them an email asking the same question but just wanted to check if anyone in the forum has had any experience with this or would know if HMRC has even allowed the agents to charge landlords for such a thing ?
  8. Hi Steve A belated welcome to Basingstoke. Yes, its a great time for the area. As you would know already, besides other criterion on location, it is also about to get a new John Lewis and Waitrose in very near future. So well done ! Limes Park - From what I remember, it is a new development, right ? I think £245k is a decent price for that size within Basingstoke proper with the current market conditions but wouldn't know any more than that. Article 4 - I wasnt aware of it until you mentioned and a little google suggests you are right. But then yes I do let the whole property out and am not into HMOs as of now.
  9. Hi Ben My impression is that Basingstoke is not as expensive as Reading. However my 3 bed mid-terrace does come up with a 220-240 valuation. I am sure you could still get some 3 beds for around or even less that 200. I believe the difference between Reading and Basingstoke would be in the size of property and the potential of a price appreciation. Basingstoke is about to get its own Waitrose and John Lewis and that confirms my belief
  10. Thanks a lot for the detailed response Robert. Thats really useful. Whichever way this oarticular property goes, i'll keep that in mind for future transactions. Thanka again.
  11. Hi All Here's the background - The Agent called up last week to tell me that they had three prospective buyers in the fray, including me and we all had similar offers on the property. The Agent wanted to avoid a bidding war situation and therefore I had time till 3:00pm same day to make my best and final offer. They will submit all offers to the seller and let him decide. I adjusted my offer and was told the next day that it had been accepted. The conversation moved on to identification documents, mortgage etc. Yesterday (a week later) I got a call from the agent to inform me that one of the prospective buyers had made a higher offer and they were legally required to take it to teh seller to let him make the decision. While I didn't like the overall approach etc and I have had an argument with the branch manager, Here's my question for the forum - Is there legally such a requirement for the agent to take every offer to the seller even after it has been agreed ? The second part is ignoring the legal aspect but more on ethical and practical grounds - Since my expectation was set for the offer to be best, final and accepted, what else could both of us - Agent and me - done to avoid such a situation? Or would this always be the case ? I understand the transaction is nowhere binding until its actually completed but I don't see it as one of the seller or buyer pulling out but to me its the case of the agent going back on their word and chasing the highest paying bidder. Thanks in advance.
  12. Hi Graham I think I'm lucky to have landed into Basingstoke. I've lived here for the last 8 years now and it provides me enough flexibility to travel and work in London, Southampton, Reading etc The first experience has been good so far - I managed to avoid an agent and therefore the returns are better than what I expected. I am looking at it with a simplistic formula of (rental - expenses & interest only mortgage) / deposit and take it to be about 9.5% If you could help me with a more refined industry standard formula you would want me to use, I'll be glad to respond with that.
  13. Hi P hub-ers Is anyone into / has researched the business proposition of service apartments? I know there are companies doing that in the apartment block that I am eyeing. At some point I would want t have a discussion with them about my options, which could be - Let out my apartment directly and bear the costs as normal Let out the apartment to a service apartment management company and save some costs in exchange for a fixed rental yield Start my own service apartment business with some paid help in the management Would anyone have any thoughts on these concepts like taxation, regulatory aspects etc ? Apologies if this has been covered. I did try searching but could get anything within the forum.
  14. Hi ! I've been a member of the hub since early days but couldn't get around to introducing myself. I'm a Service Design professional with some background in IT I have recently moved into a bigger property and let out the old one within Basingstoke. Now I am looking to invest in another BTL. I think Basingstoke is a great place to invest some more but would be looking into other alternatives as well.