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Adam Hosker

Established Member
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    235
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About Adam Hosker

  • Rank
    Established member

Contact Methods

  • Website URL
    https://bespokefinance.info

Profile Information

  • Location
    Leeds
  • Property investment interests
    HMO's, Standard Lets, Finance
  • My skills
    Finance, LHA Tenants
  • My goals
    Increase property portfolio and help others along that path.
  • Interests outside property
    Programming.

Recent Profile Visitors

1,382 profile views
  1. All you can do is contact the Estate Agent and evidence that you are a cash buyer. (A lot of people claim they are and are not). This will give the lender confidence that your offer will be less hassle for the vendor. No guarantee they will take your offer over a higher offer, but it does add weight to your offer.
  2. I would not recommend withholding Ground Rent. As you are a Leaseholder, aka "Tenant". That means that they can take measures to void your lease. Which may first involve contacting your Mortgage Lender, which will void your mortgage. It's not a nice situation to find yourself in. Though in your situation it sounds like you have paid £3,000 ground rent in advance (in absence of furniture packs). You may want to ask a solicitor, rather than the forum on how to proceed. As you say it seems weird to be paying someone whom owns you funds.
  3. It is a common issue Man2000. Your mortgage broker has recommended the wrong lender for your circumstances unfortunately. Some lenders have restrictions on what you can do with the equity that you release with them. Other lenders require an onward purchase as evidence, often only releasing the funds once the other is ready to exchange. Your broker can recommend other lenders though, without such tight restrictions. Hope this helps.
  4. The Term mainly comes into play when you are on a repayment mortgage. As that is the time in which you need to get the Mortgage Capital down to £0. If you are on interest only, as with most Buy-to-Let Mortgages. A longer term or shorter term does not make much difference. Except a short term could put you under pressure, if they are demanding you repay them (say after 5 years) but the economy has retreated or you have an accidental blemish on a credit file - preventing you from refinanceing.
  5. No, they do not like this kind of structure enmass. You will have a minority of lenders willing to lend but given the number of LTD Company Lenders is already low. It's not something we'd advise to do.
  6. Yes, deposit is in the equity. You do not have to have £25k in the company account. The limited company lenders that do this are very content with the process. In addition the amount of equity/deposit is typically noted on the Companies Book's as a Directors Loan. So it can be paid back in a tax efficient manor.
  7. It seems odd to do it in two conveyancing stages? The transfer (sale) and then later a mortgage. You would typically just have one Conveyancing event, as in the Company buys the property from you with a mortgage and its put in the companies name.
  8. I'm answering a different question to what Stuart answered but.... You can obtain bridging finance on the freehold block. This will give you funds, if required to do the conversion(s) and any works in the property. You can also then create the Leasehold Titles, the bridging finance will work with your conveyancer to ensure that the charge is also put on the Leasehold Units to protect themselves. Then you can either Sell or Refinance. When you sell or refinance, it will a act like a normal mortgage. They will release there charge(s) when the funds are repaid from the sa
  9. My question is how do I find a mortgage advisor I can trust? Peer recommendations or in absence of that perhaps reviews on TrustPilot or Google. Is there a database of accredited advisors I can search? Not really, there is a database of accredited mortgage firms. Other than that you can check Unbiased for example. Do I need someone specialising in LISA's? I'd not say that ISA's is something you need a mortgage adviser to specialise in. How much can I expect to pay for initial advise? At a maximum £495. There are a lot of firms that charge more or a % of the b
  10. It is a place to live, just for someone else. Who is not able to obtain finance, your helping them out. In your shoes id look to do (2) or (3). You can do (4) if you don't think house prices will go up. As otherwise its a wasted opportunity. Well with (5) maybe you should get ready to have a partner, somewhere to move into once you get to that point. Maybe investing now gives you an asset to sell later, so you can get a better first home with a partner.
  11. Welcome, *waves* let me tell you about a seminar im putting on. 🤣 You could do that but it will reduce the amount of Buy-to-Let Lenders available to you. They prefer to offer finance to Homeowners, as it gives them more security. If you are renting it will reduce the amount of lenders therefore mortgage products that are available to you. It remains an option though, just a FYI. Yes it is possible. You can release equity from your home to use for "any legal purpose". If that is to re-invest into Buy-to-Lets then you can do that. Another FYI you can not go to any lende
  12. Total guess @DerekT is that its a repossession of some kind. Administrators may have an offer they want to take. Though they have an obligation to put it "on the market". Hence why its up, but "Sold STC". Perhaps they therefore put the photos up to avoid silly offers and silly viewings. To be fully transparent and limit timewasters who cant or wont put in the effort in.
  13. Do you intend to obtain a mortgage? As complex ownership schemes will hinder this. Mortgage Lenders want it clear and simple, with people owning the shares. Your Complex Ownership they would not like as if either of your companies get into trouble, the administrator will take control and try and sell the stake in the property company. That's a headache the lender does not want. This is why like "Special Purpose Vehicles (SPV)" it keeps everything simple. You may still be able to get mortgages but lenders available to you will be severely limited.
  14. It's not illegal though if you have a mortgage it is very-likely to be against the Terms and Conditions. Buy-to-Let Mortgages are mostly unregulated but if you reside in the property it is a regulated transaction. It's fine for lenders to go from regulated-to-unregulated but the regulator is not happy with "consent" just been given from going from unregulated-to-regulated. If that makes sense. You don't want to break the T&C of a mortgage contract as they will demand immediate repayment and at best blacklist you internally and at worst externally with CIFAS. This can mean
  15. This is the most common route we see landlords using. Starling Bank is great, but I do prefer Revolut.
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