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  1. I have a nice first floor one bed buy to let I've had for 11 years in W10. I would like to sell and I currently have it on with an estate agent. But it's over restaurant/commercial and makes mortgages harder to get. Having finally sold a different property last year to the fourth buyer after previous three buyers unable to continue, I don't want to go through all that again. Would going to auction be my best option on this harder to mortgage flat? Would appreciate your views! Thanks.
  2. Hi All, New to the forum and looking for some insight into what my chances may be of securing a btl mortgage in limited time, So to cut a long story short, I have purchased a flat in auction just on Friday 28/2/21, yes I know it's crazy but I haven't physically seen it. I was outbid on the actual auction, however it didn't meet the reserve so didn't sell. A week later I get a call, it's still available and being offered to me below the reserve before it's back in auction a week later, I make a lowball offer which was refused, I then offer to meet half way to the sellers asking price
  3. Hello all, I'm new to property investment and have recently been looking at property auctions. One of the stumbling blocks I have come across is that I'm not entirely sure what I'm looking at when it comes to any defects and potential problems which may cost me in the long run. I don't want to invest blind so have been looking at getting homebuyer reports done on each of the properties I'm interested in. However, these are going to cost me in the region of £400 per property, so in the end will cost me in the region of £2000 without any guarantee I will win the property come auction
  4. Hello All. I am a part time landlord with 2 HMO's as well as my home. I am interested in buying a commercial property which will come up for auction soon. It is a doctors surgery on a lease where the tenants maintains the property etc. The yield seems attractive (around 5%) and the land has potential for development in the future. Ideally I wish to convert mine and my wife's pensions into SIPP's, together with cash to purchase it. However since it is being sold at auction, preparing the SIPP will take too long and I would have to purchase it another way first. I am budgeting around 9
  5. Hi all, I've been doing my research on buying properties at auction. I have been reading the legal packs to familiarise myself with this information. Reading the special condition, Clause No.4 The seller sells with no title guarantee. Has anyone had any experience buying a property with this clause in the contract? What reasons would there be for a company or persons not guaranteeing the title to the property upon completion and monies transferred? Regards, Craig.
  6. Hi, I have seen so many interesting ground rent investments on action, but what are your obligations as the freeholder of the ground? Are you responsible for the insurance and maintenance of the full property? So if the roof or brickework had issues you need to fix/pay for it? All the best. Folkert
  7. Hi all, I'm relatively new to the UK property market but doing some research over the last few months as I'd like to invest in property here. My question is around 2 main themes Buying on auction - with lockdown and the unlocking of virtual way of working, there are many auctions that you can virtually attend which you may have previously physically had to attend. So much easier. Recently saw a nice looking property, recently renovated going on auction. Some tempted, but it's up in Liverpool and I'm in London. I really want to see it physically so think I'm holding off on thi
  8. Hello all. I am a first time buyer and could do with some advice regarding the special conditions in the legal pack please! I am extremely keen on it as of now and have a question about a particular clause as follows... 2.75% of purchase will be around £6460. So the higher of the two numbers is this figure. Does this language suggest a flat fee of £6460 or solely the sellers legal and agents costs up to this figure? Shouldn't the clause say "the buyer is liable for the sellers legal and agents costs up to 2.75% of the purchase price or £4750 etc etc." ??
  9. Hi All, New to this forum and starting out my property investing journey - Interested in professional B2Ls in Birmingham going with a BRRR strategy as well as looking at small ground up developments in London and SE for bespoke (think standalone garages, small plots of land with planning potential which I flip at auction once planning granted or develop myself). Keen to experience an auction so will get myself down to one after lockdown! Quick question about those who have purchased properties at auction - I note the benefit of having a survey done however the cost being potentially
  10. Has anyone successfully secured a purchase of property before the Auction? If so, how do you advice best to proceed? Do you go in at the guide price or higher? If so, how much higher? I appreciate there is no one rule to fit all - but a little steer on this subject would be great.
  11. So myself and my brother found this property and had an offer accepted only to lose the deal as the seller wasn't willing to take the property off the market. This wasn't the end of the world as since then we found another property which works for our target strategy. http://www.rightmove.co.uk/s6p/75657091 This was the one we lost, I'd like an opinion of how it stacks up, I believe the rental around that particular area would be between 625-650pcm and a max re-value once refurbed to a good condition of between 155-165. Oh and feel free to look into this yourselves, we cant af
  12. Hi, Could you recommend reliable Solicitor who could deal with auction purchase in Liverpool? I'm searching as well for trustworthy efficient building company/builder to make some refurbishment. For the future I'll probably need as well Mortgage Broker (can be based in Liverpool or London but I guess location in this case is not that important). Thanks a lot for advise, Regards, Joanna
  13. Hi Hubbers I am about to go to my first auction and have been reviewing the legal packs for the properties I like. I have noticed a disturbing these buried in the contracts: in addition to paying your own legal fees and auction admin fee, most sellers are requiring payment of a further auctioneers fee and substantial payment towards the seller's legal fees (ranging from £2500-£7000). Is payment of these fees by the buyer a standard feature of buying at auction? Also, why are the claims for seller's legal costs so high? (On a property less than £120k top city law firms don't charge tha
  14. Hi All, I need some advice / opinions regarding buying at Auction: I have never bought a property at Auction before, and I am interested in a property that I could buy Post-Auction which seems to be a really good deal. The property is currently tenanted, and according to the auction house there is an Assured Shorthold Tenancy Agreement in place, however this is not part of the Legal Pack. Tenants would also not grant access for a viewing and/or a surveyor to have a look. If I bought the property, what is the procedure to evict the current tenants? (Lets assu
  15. Hello, I have purchased a property in auction and am now looking at mortgage options in time for the completion of the purchase. This will be my first property. I am looking to understand the actions I need to take to secure a BTL mortgage on this property (if even possible), and how long it can all take as I have around 4wks to completion. I know I have done this in the wrong order but am hoping someone is able to advise me on how to proceed... Thank you in advance, Manny
  16. Hello everyone, Am I obliged to hand over reports and surveys to the new owner of a property? We got Prior Approval for change of use under the permitted development regulations, to convert a small, run-down commercial site into residential, and then sold it via auction recently. We assume the new owners will want to submit a full planning application to knock the current buildings down and develop flats from scratch. As part of the PD process we paid for various plans, surveys, reports etc. My question is: which, if any, of these plans, surveys etc are we obliged to
  17. Hi, Can anyone recommend a lawyer they have had a good experience with, for reviewing auction legal packs. Hopefully at a reasonable price, say £50-100. thanks, David.
  18. Hi All, We've just bought our second BTL property in Glasgow through Future Auctions (although outside auction). We purchased for £40k with Home Report being £60k, so quite a bargain (or not). We knew that the property would have some glitches we would need to take care of but one day before the deadline to complete, the seller's solicitor sent our solicitor all the documentation which had a surprise. A charging order on the property for £25k (£18k original amount plus £7k in interest because the seller did not pay). We were going to pull out but our solicitor, recommen
  19. Hi All, Been following The Property hub for a long time and an opportunity to purchase a property has come up that I would like some advice on, in short: A 3 bed mid terrace property is to be auctioned in a couple of weeks with the starting price around 100k BMV for area, I'm well aware this is likely to go higher. The property has been repossessed, has internal water damage and needs a complete refurb. The numbers seem to stack up from my calculations. I will be viewing it to have a proper inspection this week to get more of an idea on the work. My intention is to refurb pull money
  20. Hello everyone, Has anyone got any tips, opinions or comments on the best way to market and sell our small site? We’ve had some rough valuations and been told we can expect offers of over £350k. Any comments on any of these points would be appreciated! • Perhaps most importantly, auction? Or invite closed offers in a set (maybe 1 month?) timeframe? Which is likely to get us the best price for this sort of site in the current market? • If auction – any suggestions for the best firm, or any other tips? What sort of fees should we expect? • If closed offers – advertise it and deal wit
  21. Hi everyone, I am looking for any recommendations for solicitors that provide reliable auction Legal pack review service. I made a research, but not sure who to select really. Anyone had a good experience with this for a decent price and could recommend? It can be anywhere in the UK really. Any tips appreciated! Thanks
  22. Hi everyone, I would be interested in any advice or tips, or just opinions on spending 40K budget on buy to sell property. The budget is solely for the auction purchase, not including the refurb. Very small budget, so obviously limiting in options and locations. Mainly I am interested in tips on best locations. I am obviously looking north as the property prices are low and I would be able to get something there. I have been looking at Newcastle area, North and South Shields, Leeds area and also Glasgow in Scotland. I will be all in soon, in coming months an
  23. Greetings all! I thought I’d just drop a few lines here as to my current situation, strategy and goals to see how it stacks up on this forum. Basically I will be getting into property full time from May 2019 and will be around this forum regularly for advice, encouragement and comradeship! OK, so I’ve had a nice little flat in South London since the early 90’s which has done very well value wise over the years. But now the lease is about to drop to under 90 years so I’ve decided to sell it on. Obviously there’s also the option of extending the lease, however I want to increase my c
  24. Hi I am interested in buying at auction with an joint venture , i have 30,000 to invest, i would like to work with a experience buy at auction refurb and refinance , i will invest the money just looking for experience and knowledge partner Kind regards Brighton
  25. I currently have one residential mortgage but I would like to purchase another property to renovate and sell for a quick profit. Last year I decided to do some travelling and I am currently working a ski season in Europe. I rented out my house before I went travelling so the repayments are taking care of themselves (and I plan on leaving it that way). I will be returning to the UK in April and would like to invest in another property, but to buy and sell rather than rent out. I am a general builder by trade so (other than gas and electric) I can do most of the work myself.
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