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Found 14 results

  1. Hello, just want to know if anyone has done or thoroughly researched this? Long story short, I've got a couple of friends /Family that are wanting to learn more about what I do in property. Mainly because they want to earn some money, but I'm wary that a full 50/50 venture could be difficult. What I'm proposing is that I simply give them interest on a loan they give me that I use towards a deposit for a property purchase. The property would be solely in my name, I would just simply keep them informed of everything I do with the property for the first couple of years so it almost gives them a trial run before jumping in on their own, takes away their risk of repairs/voids (that risk falls to me, but I'm OK with that) and eliminates their need for a tax return (as the earnings will sit within their personal savings allowance) Am I missing anything on this? Seems a very good deal for them, and sits within my risk profile and cashflow requirements.
  2. Hi I am new here. I am a very small time landlord, we have just one BTL property in London. My daughter is a student in Manchester and as she seems likely to stay on for an MA I am thinking about making use of some money my mother has given me as the deposit for a property for her (daughter) to live in plus one or two friends paying rent. So I put this to my current lender today and they said they didn’t offer mortgages on such a basis as it’s a “family let” and therefore considered higher risk. My questions are: 1. Is this going to be the answer I get from every lender I contact? Or should I just give up now? 2. How do they work this out anyway - surely my own daughter is less of a risk? Sarah
  3. Hello everyone! I want to invest in property, but am at the early stages where I'm reading lots of books and learning learning learning! There are many black holes and areas I'm unsure of which I'm trying to work my way through. I'll make sure I post my other questions as seperate topics, so not to get too complicated and cluttered on one post! So, I want to set up a Limited Company and rent my first property to my mother. She's rented for years and I've seen what she does (she never stops decorating!) so not only will my mum have a landlord that actually cares (her current landlord took 8 years to replace badly blown windows - leaving her living in darkeness all that time) - I would also get the security knowing that, if anything, she'll add value to the property (and I can trust her to pay her rent because she's never missed a payment in her life) I am aware that as a individual you CAN rent a property to a member of your family who is on Housing Benefit as long as it's done properly (which it will be) with a contract, visible money coming in and the usual regs (safety certificates etc). But does anyone know if that's the case through a Ltd Co? Or are there rules (perhaps it's frowned upon to be letting to family through a company because, lets be honest, we'd probably charge a little less rent). I am dipping my toes in the water and the scariest part is trusting tennants - so what better way to start off than with someone you trust? (that's if it's allowed....) Any help is greatly appreciated! Many thanks Katy
  4. Hi, I Hope everyone is doing well! Im new to this community and i was hoping to gather some priceless advice from you Guys! Im completely new to the property adventure and i was hoping if you guys could answer a few of my questions. Five of my family members (including myself) are looking into investing in a property together, prefebly a BTL. Now as none of us currently own a property i want to find out what our best option is. 1. Would it be a better idea to form a ltd company as there is 5 of us and take out a BTL mortgage under the ltd company ? 2. If we decide to put two names on the BTL mortgage, what are the chances of us getting accepted, if the two individual's have never owned a property, and would this effect their first time buyer privileges. Im still learning so if any of that made much sense ill be looking forward to your replies. Thanks guys!
  5. Hello all I would love your views on my situation: My mother was a full time carer for my dad. When he passed away she needed to go on Housing Benefits in order to rent a house in Rochdale (she gets roughly £360 a month HB then puts £160 of her own money in leaving her with what is left of her Pension). Her landlord has been terrible. A leak in her kitchen that he ignored for years resulted in the roof collapsing (while She was in there), her blown windows were not replaced for 6 years so she was living in darkness all that time, he's never done a gas safety check (yes, I know - illegal! We'll be reporting him when she moves out!) He's also benefited from a new boiler and other things (thanks to my mum being entitiled via her benefits). I'm sure your blood is boiling by now.... So you can probably see why I'm thinking "Why don't I become her landlord?" So.... fast forward weeks of research; the lender list seemed to narrow down when I stated "I'm renting to family" and once the word "Housing Benefit" comes into the equation I was (unsurprisingly) left with 1 lender! Because of the situation I have to get a repayment mortgage - with 25% deposit. However, this is for my mum, not for profit. I want her to move closer to me (near Holmfirth - Kirklees) where I can look after her and take her shopping etc. Luckily the mortgage is a great deal (despite the £32,500 deposit and nearly 4k stamp duty I've got to pay due to the new rules ) it's 2.18% fixed for 5 years (better rates because it's a repayment mortgage and not a BTL). On the Shelter website (re: Housing Benefits) it states: You can get housing benefit if you rent a property from a member of your close family who lives elsewhere. You can only get housing benefit in this situation if the council treat your tenancy as a commercial one rather than an informal family arrangement. The council will want to see proof of your tenancy, such as a contract or evidence of rent payments. The council may also want to see other evidence of a genuine landlord-tenant relationship. They might ask whether your relative took a security deposit or provided you with a gas safety certificate before you moved in. The council will refuse your housing benefit claim if it believes that your relative would not evict you even if you can't pay the rent. So, since I'm doing a tenancy agreement and all the other relevant official procedures - I thought that getting Housing Benefits for rent shouldn't be an issue. I told my mother to ring Kirklees council to check (she informed them that she gets HB in Rochdale and wants to move to Huddersfield and rent from her daughter - all done officially - and asked if that's OK in terms of Housing Benefits). Kirklees council said "It's seen as contrived so the answer is no. End of story. Too many people have been taking advantage so we don't do it anymore." I'm still going ahead with the purchase. As a result I'll get no rent, I'm forking out 38k (deposit, stamp duty and other fees) and will have mortgage interest to pay each month. I know it's ALOT of money, but it's my mother and she is worth it! You can guess what my question is.... If we are sticking to the rules - as stated on the shelter website - can Kirklees really do this? Surely if she's claiming HB already but then moving house and still claiming HB - there's no change to her circumstances - how is that contrived? We will do it all above board and I can prove it - so how the is this fair? Any input would be greatly appreciated. Thank you Katy
  6. My Mother is looking to sell one of her properties and asked if I was interested in buying it. On the surface, the deal looks pretty good and I am purchasing through my limited company. The main part of my question is - is there any way to structure the deal, to maximise the tax efficiency of this? The sorts of things I am thinking are; Paying in instalments to reduce her capital gain tax or make better use of the allowance Any ways to transfer property between family members. Different stamp duty rules for certain purchase options. Any tips for anyone that has done similar. Would be really interested to know peoples thoughts.
  7. Hi everyone - I'm Bianca from London. To be honest I haven't really done anything yet in the way of investing, just getting life back on track after having a little cutie (first and last)! But I've always wanted to own a portfolio, and have just about enough for a deposit on a very small property, somewhere more North, like Leeds or Liverpool. So now the nerves come in: I guess reading and thinking and planning don't really prepare you for this! My aim in joining is to get some of the more practical advice and skills, so that hopefully I can be of some use to a future me! Anyone who has experience of the Leeds or Liverpool markets, I would love a chat as well. A slightly more specific question, if anyone has any experience they can share... what is it like investing with family? My sister-in-law and her husband have moved to Leeds and I was thinking it might serve both our purposes if we (hubby and I) bought the house for them to live in and potentially tenant one room. That way they could save up for a deposit on their own place, and we would have them basically pay the mortgage leaving us cash-neutral until they move out or get a tenant. I was thinking that we could get an ordinary first time buyer mortgage because we haven't owned any property before, so could take advantage of attractive rates and higher LTVs. Then hubby and I keep it flexible by either making overpayments with our own cash, to be used to remortgage and get a second property in a year or two; or simply saving the cash for another down payment. The key questions I'm considering are: 1. Is it likely that we could get a normal mortgage if we're so far away from the house location? Do lenders look at that when lending? To put it another way: even though it's family, will lenders still see this as buy to let? 2. Investing with family: clearly were not aiming to make money from family, so it is not going to be a money spinner. Has anyone had experience (good or bad) where the help of family was needed to invest? 3. Is now a good time to be investing up North? Should we wait and see what happens with Brexit? Any other help or advice would be much appreciated: is there anything else I should consider? Thanks very much in advance! Looking forward to getting stuck into the community! B x
  8. Evening, My mother, my wife and I have been discussing ways to start a property company. We will each put in the same amount of money to start it. Our desire is to structure the company to reduce future exposure to Inheritance tax. Is it possible to set up a company where my mother would be a controlling director but only have a minimal, say 2% owning share of the company so that her value is reduced but her influence within the company is not. I'm sure Rob has talked about something similar in the past but I cannot find reference to it. I would like help if anybody has done something similar or ha a good solicitor or accountant who can assist with the setting up of a company and any reference to the ball park costs of setting up and running a company. Regards Matt
  9. Hi Guys, Am pretty new to the hub and had a quick question with regards to JV's. I do not tick many of the boxes to get a buy to let mortgage, being 20 years old, earning under 25K and not being a homeowner. However, I am looking at the possibility of a JV with my mum as she does tick all of the boxes, I would most likely only have a 25%-33% stake if I did this however. Firstly, I would be interested in opinions on a joint mortgages in this situation, would it be possible to get one, or would I present too much of a liability to get one approved? I was also wondering if you guys thought that it would be worth it? The reason I am questioning this is that I could just save until I have enough to invest fully and get 100% of the rewards, but it is going to take me some time and as the podcast tells us (or at least new people like me), time in the market is more important than timing the market. Any advice or help would be great. Cheers, Sam
  10. Hi All, I've got a quick and (at the moment) largely hypothetical question. At some stage in the future, my Mum has suggested that she'd like to change ownership of her home into the names of her children (me and my brother). It avoids any challenges when the time comes, etc. So that's that. My question then is: Would the banks accept a request for equity release given that there is a non-paying tenant, or even take that property into account when mortgaging against other properties? It's unlikely it could count as BTL (without a payment of sorts anyway), but I'm curious to know if there are any possible ways to use the value there to your advantage. To be clear, I think the idea of ramming a load of debt onto your elderly mother's house is a bad one in case of difficulty, but small mortgages to release equity for auction flips, etc would be a more financially efficient equivalent of a bridging loan? Or am I way off track here? Just curious - thanks, Jamie
  11. Hello, I am refurbishing a house to be ready to be marketed by mid-July. This is a 4 bedroom end terrace home ideal for a family of which I intend to let unfurnished. It is an ex-local authority property. I want it to stand out and make it desirable and ideally fetch a healthy monthly rent. My questions to all you existing landlords are as follow: 1. Do you stage your properties for rental? 2. if yes - how much furniture to you stage the house with? 3. If yes do you have a company stage it for you (rent furniture for a few weeks?)? Do you buy the furniture and bring them around from one property to another? Do you do both - furniture staging company for large items and smaller items you supply yourself? Here are a few ideas on items for some not all of the rooms: Kitchen table & chairs + a few decorative items on the counter, Master bedroom (bed + side tables + lamps + wall art), Single room - set up one single room with bed & side table (?) Living room - reading chair with side table + lamp (do I need to set it up with sofa, bookcase & TV stand?) Outside - a few colourful planted pots, bistro table and chairs The above are just a few ideas that may seem too much. Would appreciate your feedback and let me know what has worked for you in the past. Regards, Roxane
  12. Hi folks Just dropping-by to say "hi" and introduce myself, I've come here via the excellent podcast (after browsing Itunes for Property Development Podcasts) I trained as an architect and have been working in the industry now for 5-6 years or so... Lots of experience with planning approvals, project development, pricing, technical specifications etc... and plenty of on-site experience too, but never for myself (typical eh?) I've completed projects for friends in the past and remain on good terms with all my former clients, and have managed to realise incredible wealth and value for many clients in the past - more than a few of them have been pretty-darn good-looking too! - the buildings, not (necessarily) the clients!........, although a few of them ... My father sadly passed-away in May last year and I have realised quite a few changes in my life since then, one of which is the earnest enthusiasm and pressing desire to get my finances in order and establish a long-term durable wealth foundation for myself and my family that will allow us all to have more free time to realise creative projects and make the world a more beautiful place. (unfortunately despite the hype / media bias, architecture does not a wealthy-man-make, not as a pure career in any case, hence property developmetn and landlording too!) I have recently been looking to investing in some buy-to-let properties in Hereford, and will be going into business with my mother to buy out first property to rent to professionals / students (depending on location). My local knowledge of Hereford is excellent, but my knowledge about the ins-and-outs of real-life property investment is limited but growing every-single-day. At the moment I am just keen to lurk around the forums here and maybe pick-up a few tips and bits and bobs of advice / wisdom from the more experienced members etc... (and if anyone needs some planning / architectural advice in return, I am friendly, chatty and willing to help!) Just finished reading 'Rich Dad, Poor Dad" and the "The One Minute Manager" and "How to Win Friends and Influence People" and have been listening to the property podcast too (of course) - all fascinating and totally useful! Looking at a 5 bed house currently on the market at £350k - I have viewed the property and drafted-up some rough plans with costings to convert the place into a 4 bed main-house letting, with 2 Annexe accomodation units with dedicated living accomodation and off-street parking for all 6 tenants - the two annexe's would make great professional accomodation (or perhaps a place for my mum to live as a live-in landlord) - the rest of the main house is a 18th century villa that would act as a dedicated HMO, with very high quality accomodation for the tenants (each one would have an en-suite, and they would all share a generous ground floor kitchen, lounge and laundry room, all would have parking and a decent sized garden space with secure cellar storage). My question is: Does this sound like a sensible propositon at £350k, my instinct tells me to offer at below £300k (the place has been on the market for 18 months) and is perfectly situatued at the bottom of the college hill here in Hereford, 3 minutes walk from the bus & train station, supermarkets (morrisons) and sits opposite a light industrial trading estate and in an affluent, leafy area of town. Thoughts? Advice? I'd love to hear from some of you.... (I've attached my rough plans for some 'visual glue' for you all to pore over)
  13. My nephew has just started his PhD I England and needs to find accommodation for the next 3 years. My mother is 80 and has cashed i some shares from when my father passed away but it is sitting in a bank earning almost no interest. I live abroad Europe on a good salary, and have just started a seemingly successful student buy-to-let portfolio where I live. I also have my old home in the UK with the mortgage fully paid off letting to DSS family , as I am unable to get an HMO license from the local council, due to living abroad. This property has a value similar to the amount I would consider spending on a property for my nephew. I spoke to the council where my nephew is studying and they were open to a joint HMO license if my nephew was living in the property. My hope is that my mother would pay say 25% deposit on the property, I would take the rest as a mortgage, and my nephew would choose the property, find the students and manage the lettings as far as could done by a non-professional, and hire specialist help where needed. Yields on buy-to-lets offered by estate agents are up to 10%. My nephew is enthusiastic about this and a capable and honest young man, as well as being quite handy at DIY. My mother is looking for a safe investment with some access in case of say needing to go into a care home, so I offered her 10% return on the deposit guaranteed in return for keeping her money there for 10 years with a sliding scale for divesting, and some index linking of return where possible. I have asked about mortgages and a mortgage broker suggested there was one company that offered ex-pat student buy-to-lets but wanted several thousands pounds for set-up fee. My questions: 1) I did not mention my mother would be paying the deposit with me taking the loan and the risk on emergency repairs, but I expect she would want her name on the deeds. Would this complicate getting a mortgage? 2) Should I instead re-mortgage my DSS let house and use that to fund my nephew's student property or base the mortgage on the house I am about to buy, or do a mix of both? 3) Are there more suitable mortgage prospects? 4) Any advice on what professional help I should provide for my nephew, I presume I would need lawyers to draw up contracts both between family members and students, and an accountant to prepare data for tax returns. Are there other services I should consider employing? 5) Any advice for my nephew on being landlord's agent and co-tenant? 6) Any advice for me as absentee landlord?
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