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About tom_r

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  1. Hi all, I am just in the process of completing on my first BTL. I plan to rent it out to students; however, at the moment there is an existing tenant in there. The existing tenant is paying a lower rent than I could get if I let it out to students. I'm willing to allow them to remain there until they wish to move on (a year or so); however, it would be better financially if I wasn't paying letting agent fees on the property (given the lower rent). I was wondering what I would need to think about if I were to self-manage. Given the tenant has been found and AST is already in place, ve
  2. Hi Conrad, yes that does make a lot of sense. I think you're approach is the one I will take. Many thanks! Tom
  3. Hi Conrad - thanks very much for your reply. The furniture is definitely needed as it will be a furnished student let but I was just wondering whether its better to leave less cash in the deal by not offsetting and just having the purchase price as 150k inclusive of furniture (and so the lender will cover more i.e. less cash needed upfront) or offset and have the purchase price as 145k, lower mortgage but higher upfront cash costs. Many thanks, Tom
  4. Hi all, I have agreed a purchase price of 150k for a property that includes furniture (the furniture is worth around 5k I reckon). Is it better to offset the purchase price to 145k and pay 5k for the furniture in cash - it will save around £350 on stamp duty and obviously a small amount in mortgage costs but it would also reduce my ROI (by having to use more of my cash) so I'm wondering what the best option is. Many thanks
  5. Hi all, Does anyone have any good recommendations for property solicitors in Derby? Will be purchasing a flat via an Ltd.
  6. Hi all, I am looking to have some minor refurb works done in a flat in Derby (new laminate flooring, re-painting and re-tiling the bathroom). Does anyone have any recommendations for someone who could do this? I would also like to change my thermostat to an electrical landlord style one - does anyone have an electrician recommendation? Many thanks!
  7. Does anyone know the student let market in Preston? Thinking of taking on a 3 bed in the Plungington area and sprucing it up a bit to let out.
  8. I am having trouble opening an account with Starling bank. They are asking for additional evidence of my business activities; however, it is an SPV that I have only just set up pending acquisition of my first property. Any advice on this would be greatly appreciated!
  9. Sure - I got it here: https://drive.google.com/file/d/1v6uk8IU6m2zGqqztJrRpfjwfeLxqfZQY/view?usp=sharing
  10. On the refurb costs as a revenue expense - any tips on the best way to ensure this can be recorded as such? (i.e. if you buy somewhere that is empty and needs some work before you rent it out - any tips for how this can be put in the revenue expenses bucket rather than capital expenses?)
  11. Thanks both. The area is Leeds city centre. The flat is a fairly new one (last 10/15 years) - service charge is quite high. I'm hoping for capital appreciation. I would be purchasing through an Ltd which is why the legals were higher than usual. The property is currently let out at 650pm although that tenant will be vacating. 595 might be more realistic. Perhaps I do need to try and shave some monthly costs off somewhere (probably the letting fees).
  12. Hi all, I have 100k that I am looking to invest into property. I have seen a first property which I like the look of and would be grateful for any thoughts/advice on my numbers as set forth below (thank you to the member who posted the spreadsheet link!) One of the things I am wondering is whether it is better to opt for a 5 year fix @ 3.5% or a 2 year at 3%. (I have assumed 5 year fix @ 3.5% for the purposes of the below and have just use the initial rate on the basis that I will remortgage at the end of the fix but maybe I should assume something higher than 3.5% to take account of
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