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Will B

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  1. Hello, Did no if anyone could help with this topic/situation!My mother currently has a block of flats that she’s debating selling, as she’s looking to get her hands on some cash, she owns the whole block/ freehold. It’s worth around £450,000 and she will get clobbered for CGT as it was purchased 10 plus years ago for £120,000. The other option is transferring the ownership of the property down to her children (not so young 27 & 30). Where we would look to when possible, remortgage and get the cash out for her. However, could that be difficult to remortgage with the 7 year threshold? Has anyone had any similar situations? Are there any implications? Such as how long it would take to get to transfer over & then remortgage?
  2. 2 years ago I sold my primary residence (to downsize) to a smaller property. I also own a BTL and my tenant unknowingly, had not being paying his electricity, he has now moved out of the property. As the bills weren't being paid Eon thought they had notified me and sent the bill to my previous address. I went back to my old house around 9 months ago to pick up post, I saw this bill, called Eon and sent them via letter a copy of the contract. So I thought the bill had been forwarded on to my old tenant and the case was closed. However, 9 months later.... (last week) I received a call from the person who lives in my current house and told me that bailiffs were at the door as I still hadn't paid the bill. I called Eon and the bailiffs to explain I had tried to change my address to the current through a phone call and a letter but they said they did not have any evidence it. We have one email from Eon confirming change of address which they can't seem to find in their system and when we ask why the email was sent, Eon has said its from a different matter. I have personally paid the outstanding bill as originally Eon said the bill would be set aside and the county court judgement would be dropped. But they are now saying the CCJ will not be dropped and I will have to go to court. My biggest concern from the is losing the court case and not being able to apply for any loans/mortgages for 6 years and of course my credit score. I personally believe and strong ally believe I'm not in the wrong and do think Eon are being unreasonable. Whats so frustrating is they have my contact details via my personal email, it would of taken them one email! Does anyone have recommendations for a good lawyer who specialises in dealing with this matter/CCJ's? Or been a similar position? Thanks, Will
  3. Hi Monica, Completely agree with Richard..... I fell into the trap of buying a BTL first of all and I'm currently buying a second as a house to live in and I'm feeling the effects £8,000 stamp duty! :S Plus the stamp duty I paid on my first house as a BTL. Look at it more as a free token.... Even if its not your 'forever' live in it for 2 years and then look to change the mortgage to a BTL. For me personally.... The only 2 reasons to not buy a 'house to live in' is if your located in central and it's very difficult to find a house within your price range..... Or if you are looking at investing in a city 100 miles away and it would be difficult to live in. Hope this helps Will
  4. I have just gone through my mortgage submission with Fox Davidson. Pete Loyd my mortgage broker was fantastic and worth every penny.... Quick to respond to emails and available within minutes when contacting via a phone call and personally I believe I have a great deal! Running the numbers.... Resident mortgage Mortgage broker fee: £495 LTV:15% Loan amount: £190,251 Interest (5 year fix): 2.14% Monthly payment of £647.00 £999 mortgage fee Would highly recommend!
  5. Hi Phil, Really appreciate the advice, after a walk round and some negotiation, I offered the full asking price and the deal was done and dusted. Funnily or not so funnily enough the estate who had the property on the market had done an extremely unprofessional job....... The person who owned the property was very elderly and unwell and the family added a couple of cameras around the house just incase he fell over and they could be straight over. He sadly passed away but the family had left the cameras on whilst they put the house on the market.... As the property was sold in such short time (within 12 hours) they new there was only a short window the agents could have taken a potential buyer round the house, in fact they even said a specific time...... And you can probably guess what happened.... the agency never showed anyone around the house! The agency definitely thought they were on for an inside deal with a rather large commission but fortunately putting a speculative letter through the homeowners door raised their suspicions and they have taken my offer (direct with vendor) and the agents have backed down.... knowing they have over stepped the mark. This has really made question the integrity of Estate Agency's. I fully understand not all agencies are like this but I would love to see a clamp down of this type of behaviour. 5 days ago this agency was for me, one of the best agencies in the area and now all trust is lost. Anyway.... I suppose some people could be calling me ludicrous as I offered the full asking price but......A 4 double bed Victorian Terrace 1 hour to London St Pancreas was simply to good to refuse.... Although, whilst I have invested in buy to lets, the property I'm purchasing is going to be my house to live in but I still see it as a huge investment with strong fundamentals in place, its a win-win for me. My next topic will definitely be a progress journal..... Once all is signed, sealed and delivered, I will updated you, exciting times ahead! Thanks, Will
  6. Hello, I've been desperate to buy a property in a specific area, the house finally came up on Rightmove at around 3pm last Wednesday. I called 9am Thursday morning and there had been an offer been put in overnight. I tried to reason with the agent and said I would be prepared to potentially pay the full price but sadly they said the owner had accepted the offer and it was sold before it went online and it was only advertised on Rightmove for legal purposes. I speculatively sent a letter through the door of the house and said I was disappointed the house wasn't on the market for more than 12 hours and my first bid was going to be the full asking price. I received a call back saying they would like me to view the property and they also said they were unaware of the fact that an offer had been put in before it was even advertised. My suspicions are, the agency has sold it to an investor at a very good price and probably received some healthy commission, without giving anyone a chance to look in. Property Hubbers.....! My question is, can the seller tell the agents it wasn't a fair contest to buy it? Can the seller pull out and say they've received a better offer? Can anyone recommend my next steps..... I'm going round this evening to view the property with the owner and I will probably put an offer in but where do I stand with the agency? Many Thanks, Will
  7. Some really interesting comments regarding the Northants area, especially Wellingborough. I'm born an bred from Wellingborough and I couldn't agree much more with Linda's comments. I picked up a 3 double bedroom in St Barnabus Street in 2013 for 100k i did a 12k refurb .... it needed tlc!, new kitchen, double glazed windows, boiler. On the same street now smaller houses having been selling for 150k this year. As Linda has rightly said, it is one of the few places in the U.K. With realistic house prices where you can commute to London but I personally from 2014 have been priced out the area, the yeilds made it very difficult to borrow from the bank, although I still firmly believe there is still enormous capital growth to be made in the near future. in 2014 I invested in 2 terraces houses in Kettering, Mill Road and although the rent was slightly less (600 a month) for a 100k house. purely from being priced out of Wellingborough and Kettering logically seemed like the next town to be effected by the ripple. Again it's been a similar story the capital growth has been huge. Similarly i did look at the houses in Northampton specifically in The Abington area but the prices are very inflated, rent returns are not massive and quite a few of the houses I saw were HMO's or rented, causing congestion for parking and the streets felt very busy it may of been because the roads were narrorower, I could be wrong! One town i still ponder is Corby, the houses are rediculously cheap even though I know there was a big write up in a national newspaper about Corby having the biggest capital increase over the last 10 years. When you compare the house prices to its local counterparts its hugely undervalued and I know the town has really improved with regeneration projects. Who knows where Wellingborough will be in 5 years time.... personally I'm going to throw it out there and suggest within 5 years you will struggle to purchase a terraced in Wellingborough for under 200k. Correct me if I'm wrong !!
  8. Hi Amber, Apologies for the late response! Northampton is a growing city, with some huge investment going into its University campus and a nice looking train station! (A brand new Uni campus is being built on the other side of the city). I'm not gonna stick my hand and say I'm an expert in Northampton so I can't give you a lot of specific advice. However, it is a thriving town with areas such as Sixfields (new builds) and also Weston Favell being places close to Northampton I would recommend to invest in. If your looking for a hassle free tenancy, find a nice residential area, either detached or semi, which is for a family who want to stay long term. There are endless families looking for long term rents because they are simply being priced out. However, you may struggle to find a house like that within the 120-160K budget, I would definitely recommend looking at a house in Wellingborough..... The rents are rocketing and there is constant demand for properties close to the town. Any more questions, give me a shout, I will try and respond a little faster next time!
  9. Hi Runju, I'm based in Wellingborough, with a family business owning both commercial and residential property. Going back to your first post with regard to commercial properties in the town centre, there are currently many vacant shops. One of the main reasons for this is the amount of retail parks being built around Wellingborough. Such as the retail park on London Road, furthermore there is also significant development at Rushden Lakes Retail Park with some big retailers already signed up going into the shops, which shops in the town centre just can't compete with. Which has left a lot of people thinking it is going to suck the business out the centre. House prices have gone up a lot over the last couple of years and specifically over the last 12 months, council houses have really been pushed up. Depending on how much you are looking will heavily influence where you want to invest in Wellingborough. Give me a shout if you have any other questions about Wellingborough. Thanks Will
  10. Hi Andrew, Haven't invested in property for over 2 years due to prices rocketing in the local. However, always keeping an eye on Rightmove and managing the current properties. Are you still investing in property? Thanks, Will
  11. Hello Property Hubbers! For the last 4/5 years I have been sourcing properties in Northamptonshire, specifically Wellingborough for our family business. Wellingborough is a great place to invest being a 50 minute journey into London St Pancreas. Due to the increase in property prices, it is highly unlikely we will be purchasing too many more as a decent sized 2 double bedroom terrace near the town centre is likely to be a minimum of 110K and we are ultimately being priced out the market! Is there any experienced property hubbers who specialise in a basic 2/3 bed houses possibly up North which you feel your town/city has bags of potential for growth/fundamentals/redevelopment and houses are from the region of 50K-80K? If anyone is interested who has experience in BTL (Possibly up North) to meet up to share some knowledge on their town/ specific areas to buy and places not go anywhere near I would be extremely grateful. Ideally, someone who has an interest in the Northampton/ Wellingborough/Kettering area would be great as knowledge could be shared! I look forward to hearing any responses!
  12. Will B

    Surveyors!

    Hello all! I am just going through the final stages in purchasing 3 BTL terraced houses. I have had 3 surveys done by one surveyor and one of the properties we were aware when we looked at it, that the roof was curved. However, when receiving the survey back it was noted that the roof of the property was fine. I then decided to get a 2nd opinion from a well known/respected builder from the local area who agreed that it wasn't in a fantastic condition. Does anyone have any suggestions in how I go about approaching the surveyor? I am also contemplating getting them re-surveyed as this has made me question the other 2 he did! Or any story similar to the above? I would be very grateful for the advise, Many Thanks.
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