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charles d

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About charles d

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  1. Hi All, I'm back with another dilemma. In 2018 myself and wife had the Right To Buy (RTB) our flat from our local authority which we progressed with this. We opted for a 2 year residential mortgage. Shortly after completion we had found out we was expecting a child and we had to plan to purchase a larger property as our flat was not going to be big enough for our family. We asked our mortgage lender and local authority for permission to let which they did grant our request. We purchased a house and rented our flat. 2 years on our mortgage deal is coming to an end and we would like to re-mortgage our property but thought it would be better to switch to a Buy To Let mortgage. When we was exploring our options with our mortgage advisor he hit a snag because all the lenders have no products if you are still within the 5 year period of the initial RTB purchase. When we briefly looked at a product switch with our existing lender the option to do so was not available and a message had said it was currently being let. We are in a bit of limbo now because it seems that the option to remortgage on a residential would not be possible because we do not live in the property and not going to move back in. To move to a BTL mortgage is not an option because lenders do not lend to customer within the first 5 years of their purchase. If we knew this was the case we would've opted for a 5 year mortgage. Has anyone had any experience with this scenario or is there any mortgage advisor who know a way around this issue. Your advice would be greatly appreciated.
  2. This is useful information Stuart. Thank you for your help
  3. Thanks for your response Stuart. We have the leasehold for the property and in this case the local authority is the Freeholder. So there is no need for us to update the names on land registry documentation?
  4. Hi All, Myself and my wife have a joint mortgage for a flat purchased from a local authority, therefore it is a leasehold. It was purchased in her maiden name and she has recently updated her details to her married name. Our Mortgage 2 year fixed period is coming to an end. When applying for a re-mortgage do we need to inform the council to update any details in relation to the property as the mortgage application will be in her married name now. If anyone has any hints or tips in this area please let me know. Your help and advice is greatly appreciated
  5. Hi, Gareth, Thanks for replying and some food for thought. I will ask relevant questions regarding the cat. There is easy access via the window. But I'm guessing they would want to probably want to install a cat flap for the back door in the garden. The property has laminate flooring throughout and only a 3 steps that has carpeting so embedded fleas would be kept to a minimum risk coupled with the tenants assurances.
  6. My existing tenant has recently asked permission if they could have a cat in the property. They have given me assurances that the cat would have regular flea treatment and get the flat professionally pet cover the cost of a specialist pet cleaning service at the end of our tenancy. They're willing to pay a extra deposit also however I know the they're some changes in the law that may prevent me doing this. They're good tenants and have been there just over a year and haven't given me any trouble. What should I do to safe guard myself. I know I can possibly charge them extra per month but wouldn't want them to think about moving out anytime soon as long-time long term tenants are hard to find. If I opt for the deposit and professional clean should I get an inventory done at the cost of the tenant and addendum to the existing AST (Is this possible) I appreciate your feedback. Many Thanks
  7. Hi All, I've just recently had a leak into my kitchen on one of my properties from the tenant above. What steps should I take in getting this resolved since my tenants were not at fault but the tenants upstairs plumbing had leaked. There will need to be some repair works completed due to the damage it has caused. Do I take this issue up with the landlord or tenant? All answers on a post card please. Many Thanks Charles
  8. My weekend in Edinburgh was great. A Big Thank You to Ollie for meeting up with me for a quick chat but learned so much in such a short space of time. Great advice also from Kevin Dempsey. Gutted that I won't make the meet up this week with Rob D in attendance. Dalry is definitely a place worth investing as it has all the fundamentals. It's 5-8 min drive from the Centre of town. Close to the train station & transport hubs and 25 min drive to the airport. 2 bedroom flats are limited and hard to find 1 bedrooms go very quickly. Leith Walk is also great similar to Dalry on the other side of the centre of town. Great potential. Both areas will go up in capital growth in my opinion based on th investment that is happening in the area and the yield isn't bad either. I need to do some more research but I will definitely be looking into it more. Airbnb is definitely a interesting topic to watch which I'm certain the Government will look to clamp down on. Either way way it's a city I will certainly be visiting again and will be staying in touch with Ollie. Have a good meet up all in Edinburgh
  9. Top Tips Kevin, Thanks for sharing. Where do you invest in Scotland?
  10. Quality Rob. Thanks for for the heads up!
  11. Good Point Zeon, So many possibilities with all that is going on with Brexit
  12. Hi Ollie, Thanks for taking the time out to reply as you have definitely dropped some key knowledge and great that you know the place well. I'll definitely would be up for catching up. What at areas do you think are in Stealth mode at the moment that have the potential? Also out of the area I suggested also your local recommendation where do you think is good to invest?
  13. Hi Hubsters, I'm visiting Edinburgh on the Weekend 31st March for a Wedding with my wife and thought it would be a great opportunity to look at properties in the region as it is one of the possible regions I may invest in. Could anyone give me guidance on the following area's as I would like to do a little research beforehand. Edinburgh Glasgow Dundee Dunfermline Aberdeen We have a car and would like to view the best places to potentially invest in whether it is 2 x Bedroom flats or 3 Bedroom Houses. Happy to Meet up with people who have good knowledge of the area also. Many Thanks Charles
  14. Hi Phil, Apologies there was a typo for the 75% which is £187.5k as you stated. I'm looking to see my broker next week to ask him his view in what he could advise. By by going with a normal lender as you have suggested, how long would one have to wait to unlock the equity? As it sounds like it could possibly 2 mortgage applications if one is paid off without any early repayment l fees. This would also impact my credit rating?
  15. Hi All, I'm in a unique situation. My wife has been in her residence for sometime through a housing association and has the right to buy. I have lived in the property for 2 years now. We intend to purchase the property which we would get below market value (BMV) but I was thinking of ways to unlock the equity quicker than just waiting for the standard 2 years on a standard mortgage deal. So my question is can I use a Bridging Loan to purchase the property then on completion get a normal mortgage to unlock the equity on the property? Here are some indicative figures just to give you an rough idea of what i'm thinking Property Value £250k Right to Buy Discount: £104k Right to Buy Purchase price: £146k Bridging Loan 75% LTV: £120k (To Refrub flat) Remortgage property to true value: £250k Repay Bridging Loan and have liquid cash to reinvest I don't know all the figures but could use some help in this area. All answers on a postcard please