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david thompson

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About david thompson

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  1. Hi all, Recently over the last fews years property investors have been targeted including the new stamp duty regulations on second homes, and changes in expenses relating to mortgages etc. This has reduced the number of BTL investors by 50% With an upcoming election my question is: if property was literally your sole purpose for voting, which party (so far) is offering the brightest future for investors and why? We're sure to hear a lot more as we approach June 8th but I thought i'd get the ball rolling. Also, the question will affect different investors (either small or large) differently so highlight this in your answer. For info, i develop single properties and have a small portfolio, adding either one or two BTLs a year. Thanks!
  2. Hi all, I currently rent out an HMO and one of the tenants is leaving the country for 3 months and have asked to sublet the room. They love the property and would like to carry on their tenancy once they return. They have asked if they can sublet the room to cover their rent. The house has a separate garage and they will store the majority of their belongings in there while they are away. I am happy to do this, but i'm unsure of the legalities involved. Am i right in thinking that the legal tenancy between myself (the landlord) and the original tenant carries on as normal (ie. I continue to receive rent by direct debit each month and their deposit remains in place). Then a new agreement is drawn up between the original tenant and new tenant (the original tenant now acting as the sub-tenants landlord). The original tenant will have to carry out an inventory for the new tenant before and after the sublet, and they will receive rent from the new tenant directly each month. Any damage to the property by the new tenant must be sorted by the original tenant or it is the original tenants deposit that is used to cover expenses. Has anyone been through this before? As a landlord what legal documents do I need to draw up? I guess i'll have to put in writing that I give permission for the tenant to sublet the room, that they must store their belongings at their own risk, carry on paying rent each month and their deposit remains in place, the original tenant will be liable to any damage to the property. Any help (or sample documents!) would be really appreciated. David
  3. Hi, I have a tenant in an HMO (which i manage privately) who has one month left of his contract before it goes to a monthly rolling basis. The tenant is happy with the property and wants to stay on. They have mentioned to me this morning that they plan on going back to their home country to undergo an operation and should be unable to work for 3 months. They plan on spending 3 months out of the country at home while they have physio before returning to the UK. The operation is through choice and they are taking 3 months unpaid leave from work. They have stated that because they won't be working they are going to struggle to cover the rent for 3 months and is there anything that can be done. Is there anything that I can offer to the tenant? Or any suggestions? I work full time as a landlord so obviously receiving full payment is priority number one. Maybe you have advice I could pass onto the tenant. Any advice would be much appreciated. Many thanks, Dave
  4. Hi Nicola, Many thanks for your response. Yes i've been debating the London vs Northern cities for a while now. I think the boom is certainly slowing in the London, and capital growth over the short term wont be anything like it has been recently. However there will still be plenty of gems down there and a smart investment will still get a great return over the longterm. Similarly to your strategy, i'm keen to invest in BTLs in London, could you advise on any areas you think could offer good growth over the next few years? My BTL portfolio is based in the city centre and the suburbs of Newcastle. There has been major construction of student accommodation in the city centre to foreign investment, but there is still plenty of demand from young professionals (who are my target market). Outside the city centre, jesmond certainly experienced its own micro-boom but I think this has maxed out now. It is still popular but expensive and quite rundown. Many students are looking elsewhere where rents arent so high. Fenham, Heaton, Sandyford (although this is going the same way as Jesmond). Gosforth will hold its value but are generally quite expensive. Longbenton has also become popular. Fortunately the city has a high percentage of students so there is a fairly high demand in a lot of areas. David
  5. Both of these are very useful - Many thanks for your help! David
  6. Hi Ashley, Many thanks for this. That's a great help!
  7. Thats great, Ashley - many thanks Makes things a lot easier!
  8. Hi folks, Thought i'd quickly introduce myself: I'm Dave, i'm born and bred in Northumberland and now live in Newcastle upon Tyne. I've been living here for the last 10 years after a brief spell at university in Leeds. I've been investing in property for the last 3 years; mainly flipping property, but have also renovated several HMOs which I now rent out. This allowed me to quit my job to work full time in property. I plan to carry on investing in Newcastle and the surrounding area, although I'd also be open to spreading my wings and looking elsewhere, particularly areas with good capital growth. I sometimes think just owning a property in London is more profitable than me working tirelessly up North trying to earn a living! I aim to keep adding to my BLT portfolio and improving my cashflow, but also to free up my time so I can flip more property. I previously worked as an M&E contractor (plumbing, heating and electrics) so like getting my hands dirty, although it sometimes makes more sense to get others in to speed things up! Would be great to get to know other investors from the area and build a network, especially anyone who can help finding great deals! Thanks for reading Dave
  9. Morning folks, Could anyone be kind enough to provide me with a formula to calculate the new stamp duty figures for second homes? My knowledge of excel stops at way before '=SUMPRODUCTS.....' Coiuld you assume the purchase price is A1 Many thanks in advance. David