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michael lebor

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About michael lebor

  • Rank
    Established member

Profile Information

  • Location
  • Property investment interests
    High quality 2 bed flats in central cities like Manchester, Birmingham and outskirts of London.
  • My skills
  • My goals
    To own 4 properties all over the UK and have an income of £2000 profit per month from my portfolio.
  • Interests outside property
    Filmmaking. Sport. Family.

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  1. In the end we got our money back. All contracts were torn up and we never got a penny of interest. I was owed a lot of money and it took me four years from paying the deposit to getting it back. I wouldn't touch them with a barge pole. I think the apartments are OK but they're very small. Look at the resale price for their development on Princess Street. Some have come back on the market. They don't look great to me but that's only my opinion. Service charge may also be high.
  2. Oh shit.. I didn't actually realise there was a confidentiality agreement. I can't see how that could possibly be enforceable even if it's in the contract. I understand that by signing we would waive the right to sue but I had come to terms with that. I completely agree with you. They have messed up at our expense and we've lost a lot of money. What I have heard if it makes you feel any better, I have been promised that the development will not go ahead in its current form... That may be BS. I have also heard that the developer has lost a lot of credibility and is in personal fina
  3. Hello, It's very complicated. Do you want to discuss on the phone? Basically the developer has totally screwed up. I am very annoyed but ultimately my solicitors (two different opinions) say take the money. Even though we have lost a lot in various ways, at least we get our money back.
  4. There seems to be very little I can do. Pulling out isn't possible because whoever drew up the contract made an error and buyers may not be entitled to their full deposit. You're right about the contract, unless it is more favourable to me I'm unlikely to agree to it. I'm going to ask they take what they owe me off the price of the unit and leave it at that. Thanks, Michael
  5. Julia I know your answer was directed at Rebecca, but when I'm looking at flats, the highest cost obviously is service charge, so I avoid concierge, swimming pools, gyms etc because the cost outweighs the benefits. GR is about a quarter of the service charge so it's not the deal breaker IMO. I make a good ROI and when the GR doubles in 10 years it will still be fine ROI. My concern is a legal issue, whether future buyers will be able to get mortgages.
  6. Hi Rebecca, I'm not going to help much but want to describe my situation too. I've bought in Birmingham through Seven Capital and was naive enough to ignore the fact that the ground rent doubles after ten years, which some have said is an issue getting a mortgage and re-selling. I'd be surprised if this is the case but I'm burying my head in the sand right now because I have no choice but to stick with it right now. I was able to get a mortgage and apart from the ground rent issue, I'm very happy with my purchase. Part of me just can't believe that a developer could get away with this...
  7. Dear all, I bought a 2 bed new build, conversion in 2016 and the build has not finished. The developer is Stephen Beech (Beech Design and Build/Beech Holdings) and the development is One Cross Street in Salford just outside Manchester city centre. The developer clearly ran into financial difficulties, one issue was that he had to rebuild the timber frame of the building, something they hadn't anticipated and took up a lot of cash. One of the contractors went bust during the build and 3 years later we still have no end in sight, the developer is completely refusing to honour the contr
  8. Thanks very much Phil, I don't want to fork out any capital at this point and although the 125 year lease is not very long, by the end of my 25 year mortgage, 100 years left should still be plenty to sell on the market at full price (if I choose to sell at that point). I wouldn't even know where to start and don't really need the hassle right now in terms of buying the freehold, as I have a busy full time job! I will definitely run it by a solicitor and check that the details of my contract aren't changing etc. Many thanks! Michael
  9. I invested in a 2 bed flat in Digbeth, Birmingham, which on the whole I'm very happy with, however Seven Capital have just sent me a Section 5A Offer Notice, through their lawyers. The original agreement to sell the freehold has been rescinded, so we as landlords are being given the opportunity to buy the freehold as a legal obligation. I personally have no desire whatsoever to own the freehold at this point, given that it's a hands off investment in a city I don't live in. Even if I did want to buy a share of the freehold, I would have to contact hundreds of other landlords to ask if they wan
  10. As previous poster said a weakening pound could and has already attracted foreign invetment, there's already been a rush of buys from abroad. Also to boost the market is a lowering of interest rates. I think the game has changed enormously but nothing will happen for two years if at all with regards to immigration and pressure on housing so I don't see a big change. London needs a correction but hopefully the rest of the UK will be fine.
  11. Certainly earnings in the higher tax band aren't going to be very tax efficient but the other way to look at it is that your real earnings from property can eventually be tax free by remortgaging properties that have gone up in value and living from the debt, which is comfortably being paid off by tenants. Also if you're earning enough from rental alone to be paying a lot of tax then you're probably earning enough to suit your needs...?
  12. I've signed up to two off plan new builds recently, one with interest in deposit money and one without. The one without is directly from Seven Capital in Birmingham. They are quite hard ass in their approach and use the take it or leave it approach. Seems a bit harsh not to pay interest on large sums of money they are essentially borrowing from you to pay for the development of the property. My other investment is with a very small developer in Manchester and because they are small maybe they need to add benefits to the deal to attract investors. I do think that guaranteed rents are probably
  13. Hello, I'm in the process of buying my first BTL and the searches have just come back. 1 - A medium risk of river flooding and a significant risk of surface water (pluvial) flooding within 25m of my property. 2 - The site is located in an area where some properties may be affected by natural ground subsidence. The property is a 1st floor 2 bed in a ten year old development and I seriously doubt the small stream/river is a major risk... but does anyone have any experience with this? Should I pay for further surveys? Check with insurance companies to see if this is an issue? Ch
  14. Hi Lawrence, I'm in the same boat - I also don't own a property. It's strange how lenders will only lend to you if you already have a large existing debt! My BTL is with Nat West, I think currently the only bank out there willing to lend to me. I completely agree with you about the unsustainable situation in London. Fortunately Gidea Park, although has seen big gains already is not unaffordable if it can be seen as an extension of London. For 250k (lucky to get that now) you can buy very nice two bed flat and for someone earning London wages I still think that's perfectly affordable. I was
  15. Hi Simon, The yield would be roughly 7.2%, which as you say, in terms of roi is relatively low but this is completely hands off and hassle free for five years (supposedly), which is the period of the contract. After that time the apartment could be sold on the open market or mortgaged to release equity. The location is superb and the flat is perfectly good as an AST proposition and I would think the yield would remain fairly high. I've spoken to the company who are subletting the flats and they intend to increase the rent they pay to landlords annually and there would be the possibilit
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