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  1. Hello, I'm looking for some advice around making offers on properties which may be suitable for conversion. I'm interested in converting commercial properties to residential but I'd also be interested in what people with purely residential development have to say. I've not bought a commercial property before and I'm wondering about the following actions and whether they would normally be conducted before making an offer or after an offer is accepted: - Appointing a planning consultant to advise on permitted development for change of use. - Appointing an architect and having them advise on the potential reconfiguration. - Engaging with contractors/builders for quotes or full tender process. I may be 90% sure that permitted development would be granted, have a good idea of what configuration might work and have a reasonable idea of what the development costs would be, but still not quite be willing to committing to buy it without being more sure about the project's viability. If I did all of the above before offering, that could cost thousands of pounds only to have my offer rejected. If I did all the above after an offer is accepted and it emerges that permitted development is less likely that I thought or the development cost is going to be a lot more than I thought, is it normal for a developer simply to pull out of the deal at that point? Not having done the whole process before, I'm keen to know how people de-risk this process. Looking forward to hearing what you have to say. Thanks in advance!
  2. Greetings All, In the midst of planning my desired strategy I have come up with a curiosity - how do most property developers/landlords structure the financing for their own home? If you have enough capital, I suppose the optimal scenario is to buy a place in cash, but as most of us have limited capital, it is better to keep it 'working'.. I also don't want to be throwing money away on rent, so is the answer an interest only residential mortgage? Any tips, thoughts and opinions welcome. Thanks! Karl
  3. Hi all, So myself and 2 other friends (All aged 23) are looking to put our funds together to buy a 3 bedroom property (£180k-£210k) next year, that is in need of interior renovation/modernisation - A relatively easy flip in terms of work to the house. Once flipped, we ideally would like to rent this property out and use a letting agent, possibly with full property management, and split the profit . However, my questions are all mortgage related queries: - How easy is it to swap from a residential Mortgage onto a BTL? Bearing in mind 2 of us are in the RAF so receive several exceptions to common mortgage restrictions. - Is it better idea to split a mortgage 3 ways or have one of us put the mortgage in his name? - Any other advice around this strategy? Thanks S
  4. Hello Everyone, I'm a Development Manager (construction background) from North Wales and I happened across the podcast yesterday morning and have been hooked ever since, I've got so many episodes to catch up on! We are a bit unique as a developer and own and operate some of our large buildings in North wales, one being a wedding venue (large listed hall and grounds) one being a 40 room hotel and spa (currently managing the design process for this as we purchased it in April) and last year we purchased and renovated an abandoned listed public house and now operate it as a restaurant and bar (the renovation was circa 700k and we completed it in 3 months yes it nearly killed me). We also have numerous options on residential land and plan on building these out or selves once we achive planning for them. All of this has happened in 2 years of an intense focus on a town we feel has huge potential for growth, currently the county/town is going through the Local Development Plan process and we have a number of speculative sites put forward for residential development. I am keen to branch out and move out of our selected location and am hugely inspired when I speak to people and hear about their own property journeys, i would be particularly keen to speak to other people whom are property investing/developing in North Wales as I feel its potentially overlooked by people building in Cheshire and Manchester. The hammer fell hard in 2008 in North wales and many people who had agreed option agreements and had even gained planning saw their deal fall through due to the credit crunch leaving them to wait for the market to recover.... I work with a lot of professionals and I have a strong support network from Planning Consultants to Architects, Engineers and Solicitors I act as the middle man for everything and manage the entire process from acquisition, design and planning through to funding and construction so I have a good amount of experience at each stage and will happily pass any knowledge on that I have gained or a contact that is more specialized int hat field if needs be.
  5. Hey All, If I was to buy a building that was comprised of three units (Flats), and intended to live in one of the three and rent the other two out, what mortgage type would I need? I cant find clear guidance or the technicalities. Thanks
  6. Hi all, I currently have a residential mortgage on an apartment but I'm looking to move in with my partner, who owns a property, so I would like to rent my property out. I can currently do a consent to let with my mortgage provider but they've said they wouldn't be able to provide me with a buy to let mortgage after my 5 years fixed term mortgage is up as I'd need to own a residential property to be eligible for this type of mortgage. I've looked into it and I'm struggling to find a buy to let mortgage where I don't need to have a residential property. I will be moving in with my partner but my name won't be on the mortgage. We are thinking of buying together in the future but would like to live together in his place for at least a couple of years. Has anyone else had experience of this or have any advice on which lenders I could approach? I thought my circumstance would be fairly common so I'm surprised to find little on the subject. The only articles I can find on the subject tend to be referring to first-time buyers. Thank you in advance
  7. 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 hand over to the new owners? Or are we entitled to negotiate a fair price with them for any they want? This is my parents’ retirement money so if we can recoup some of the thousands we paid then I feel we should. Many of the reports were submitted to the council as part of the PD application and the council published them on their website along with our application form, their decision notice etc. Are there specific documents which have to be publicly available? I can’t find a list or details anywhere. I’ve emailed the council to ask them to remove any non-essential ones, no reply yet. The entry in the auction catalogue only referred to Prior Approval being granted, not to any specific reports etc, so I assume there’s no issue there. The buyer would have been sent the legal pack (contract etc) when registering interest before the auction so I assume that would’ve included everything which was legally required at that point. Thanks for your help! Lee
  8. Hello there I am having difficulty in deciding what the best plan is to flip and would be grateful to get people's opinions on it. My objective To flip residential properties to build a capital-base rapidly. Background I am able to devote a large % of my time to building this portfolio and have access to cheap finance (up to £750k) and plan to do this through a company. I am geographically agnostic, although having spent the last 10 years in London I know it pretty well, especially south-west London. I am new to the property development game so realise I have a lot to learn and mistakes will be made I have strong financial modelling skills so will be OK with the numbers Questions What do people think about flipping in London in the current environment? Are there other (geographical) areas I should be considering? I am thinking of converting houses into flats in emerging areas in London with all the usual boxes ticked to deliver something for first time buyers - is this sensible? Any pointers, or recommendations of what NOT to do would be greatly received. Thank you!
  9. I am looking for advice as I am sure there is a easy way around this. I have very recently split up with my partner and put our house up for sale. The house is for sale for £250k and last week I asked the bank for a settlement figure on our mortgage and we owe £59400. I want to stay in my house and basically buy out my x partner but to do this I would need about £140000 mortgage to pay the mortgage off and my X. I have been researching property for about six months and the split came out of the blue, so scuppered my plans, but I know this is an opportunity I can not miss to own the house out right as a investment. I am self employed and earn around £26000 a year. Any advice or recommendations welcome. James
  10. 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 with the sale ourselves or use an agent? We’ve had some direct contact from developers and we could advertise on websites, but is it worth paying for an agent to ensure we get the best price? • If using an agent how much should we expect to pay? I’ve contacted a few and the rates seem to vary widely! Some have suggested a flat fee but a percentage seems better as it gives them an incentive to get the best price. • In fact I’d prefer to offer a ‘staggered’ fee e.g. with a low percentage of the whole sale price, but a higher percentage of the amount achieved over (say) £350k. This would really incentivise the agent to get the best price possible. Has anyone done something similar before? • Should we expect to give the agent a set of keys and leave them to organise viewings etc, or should we be more involved? • Re: the sale process one agent’s recommended a small (£2k?) deposit and an exclusivity agreement with the chosen buyer in return for 28 days to exchange contracts, at which point the remainder of a 10% deposit would be payable with the rest of the money due in another 2 weeks. Does this all seem fine? • Obviously we’ll also need a solicitor to deal with the sale; again what sort of fees should we expect? Some background: We’ve now got Prior Approval under the Permitted Development regulations to convert the current 2 light commercial workshops into 4 small residential units. The site also includes a yard area. We could submit a planning application to knock the workshops down and make the best use of the whole site (using the PD scheme as a ‘fallback’ to negate any concerns the council may have re: change of use etc) but we’re not interested in developing the site ourselves and planning consultants have advised us that any buyer’s likely to want to develop their own plans anyway. We’ve no experience of development so we’re happy to get a slightly lower price and to leave the rest to someone else. The site’s in Catford, see my other 2 posts for a bit more information. Thanks! Lee
  11. I've been investing in single lets and now looking at moving into commercial to residential. It would be great to be able to get some advice from someone who does this to understand whats required and if its a suitable for me. I have some experience of converting houses into various configurations so it does seem this is the next step.
  12. Hello everyone, I'm currently just starting on my property investment journey and am looking for some advice please. The story so far . . . I currently own my own home (mortgaged) . . . . the LTV is currently 68% with 96k o/s on my existing mortgage. I currently have around 30k equity in my home. Mortgage payments are currently around £450pcm, rental for my area is currently around £650 / £700pcm (there is currently hardly anything to rent in my area, rightmove currently comes up with 1 property) My partner does not currently live with me but is looking to get onto the property ladder. As he is based in the military its possible for him to apply for a Military Help to Buy loan which is interest free for 10 years. If successful in his application we were considering the option of me moving in with him and turning my current residential home into a BTL, this would become the first property in my portfolio. My question(s) . . . Could i switch from a residential to a BTL without losing the 30k equity in my home / can i release the equity to use to invest in my 2nd property? or would it be better to leave the equity in my home and treat it more as a long term investment and find a different route to finance my 2nd one. Sorry for all the questions but Thank you all in advance Lou
  13. Hi all I'm just about to complete my first new development (in June) - five flats converted from a single house. What a learning curve this has been! I’m going to write-up the ‘story' as a new post soon. A tale of planning nightmares, mortgage hell and runaway builders but now I’m almost there. As they say, when you’re going through hell, don’t stop. Anyway, my current priority… I’m living on the development site and now need to move out. I have found a good size house that would allow me to live-in part of it PLUS separate out the top floor as a BTL. I can buy the house on a residential mortgage initially - but need to get some cash out soon afterwards for further development projects. So my intention would be to: 1. Buy with residential mortgage (@45% LTV) - limited by the amount I can borrow 2. Within first three months, undertake some minor works to make the top floor a separate dwelling (it would be quite easy to provide separate external access) 3. Obtain planning permission, to legally split the property, creating a separate lease for top-floor 4. Take out a BTL on the top floor flat Of course, the key is getting the resi-mortgage company’s permission to do this… I may be being widely optimistic but I can think I can see the way through this. They would need to re-value the ‘remaining' part of the house. I anticipate it would lose about 22% of its purchased value, so the LTV would move to c.56% - not straying into problem territory, especially if I buy with an e.g. maximum 60% LTV mortgage. Are there any pitfalls that you can see? Reasons why a mainstream lender might not permit the change to their mortgage? If I buy with a tracker / no ERC, perhaps I could just re-mortgage if they won’t allow it. Any thoughts or watch-outs would be much appreciated. Thanks for your input! Jeremty
  14. Afternoon all, I am new to this site and wanted to introduce myself. I am a self employed "whole of market" mortgage broker. Specialise in residential and BTL mortgages. I have nearly 10 years experience in the finance sector and nearly 4 years experience in the Mortgage Industry.
  15. Dear Property Hub members, My name is Enrico and i am new to this site so i would appreciate some support. I am keen in investing on buy to let business in London. Finally after about 20 years of living here i am in a financial position to go for it i don't yet own any properties here in the UK as yet but have one in Italy on my name. I own it with no mortgage Do you know if this could count for me to get a better deal over here in the UK or if best to sell it there and use the funds over here? Please let me know Many thanks Enrico Sorbello
  16. Stamp duty will be abolished immediately for first-time buyers purchasing a home of up to £300,000, Chancellor Philip Hammond has announced In London, first-time buyers will be able to buy a house worth up to £500,000 and pay no stamp duty on the first £300,000, still means a stamp duty of £10,000 on the extra 200,000 for properties in London but for the average first-time buyer. This certainly helps reduce the costs and puts a little more money in your pocket.
  17. Good morning folks. I'm new here and I've come to ask quite a complex question I think. So here we go...... I am in the process of sorting a mortgage AIP. I have decent credit and a 12% deposit so far. However... I've found the "perfect" property. It is a lovely old house (victorian ish) in dreadful condition! Perfect little doer upper. Decent price. Vendor will come down a bit. Splendid!! Then I do a little digging. They have had offers on the property before, as it has been on since last year. But no applicants proceeded. Hmm..... It turns out that although the vendor tells us that the planning office changed the use to residential... He didn't. In fact, there has been no planning application in anyway since 1987. But... he wants to sell. Desperately. So my question is... how? According to the deeds it is a freehold with no covenant. I can't get the funds together for a commercial and don't want the high interest of a semi. So is it possible? The vendor is talking about splitting the deeds as the shop has a completely separate door. Then selling me the shop for cash. Also in discussion is a Lease? Either on the shop or the house. It looks like a minefield but I'm really interested to see if it can be done. My solicitor is brilliant, but I don't want to start paying out just yet in case it is a no go. Any advice (however limited) would be gratefully received. Thanks guys Dave
  18. Hello all, I'm interested to know what particular challenges established, new and prospective property investors are facing and any solutions you may think would help. Thanks, Jo
  19. Good morning all, I'd like to hear from anyone who knows about title splitting concerning commercial properties that has residential on top. If an investor bought a freehold commercial unit with a flat then decided to sell each unit separately how you deal the title on the flat? I believe there are few options on how you deal with unit depending on whether you want to keep the freehold or not. In this scenario it would be if you want to sell all the units with the freeholds as well. The commercial unit would simply be sold as a freehold unit. Concerning the flat would you say it's best to create a lease then sell the lease and freehold separately? Of course I know a good solicitor will be needed to ensure the titles are prepared adequately. Just looking to hear from any here who may have knowledge and experience of this. Thanks
  20. Hi All, I am currently looking to buy my first residential property, however being conscious of my plans of the future I will want to buy further properties down the line. It is my preference to begin buying properties via a limited company, however what are the implications if I buy my residential company via limited company i.e. terms of LTV Mortgages available. Would I only be able to get 85% LTV mortgage (Buy to Let) rather than a 90% LTV mortgage if I were to buy the residential house in my name? Many thanks in advance!
  21. Hey everyone! Could anyone recommend me a good mortgage broker for residential mortgage in Milton Keynes or Ware? Thanks!
  22. Hi all, Been listening to Rob & Rob on the podcast for a while but haven't spent much time on here until now - so much helpful content! Anyway, I'm seeking some advice as I'm not a homeowner but desperately wish to invest in property. My salary is above £25K and I'll soon have enough deposit to invest in the North East, but the main obstacle I foresee is convincing a lender to help me out given that I'm currently renting. A little about my situation: living and working in London but originally from Yorkshire. I really don't fancy putting 5% down and getting a 200 year residential mortgage here in London (despite the almost inevitable capital growth) so I plan to begin my property investment journey with buy-to-lets in high-yielding areas in Yorkshire. Am I deluded or can I realistically put 25% down on a £80K property (yes, won't be the nicest area to begin with but will look out for fundamentals) and expect a lender to help me out when I don't own a property? From my research it appears as though this is possible but not easy. I understand that Natwest lend to people like me? When I met with a Natwest mortgage adviser I was told that if I added my name to my parents' mortgage this would fulfill this criteria...? I clearly wouldn't be living in the property as I live/work 200 miles away but I'm assuming lenders wouldn't just take my word for it. Sorry for the very incoherent jumble of questions but I can't seem to get a straight answer on this so would massively appreciate any of your thoughts. I'd go to a mortgage broker but feel that as I don't have the deposit yet I'd be escorted outside! Thanks very much, Jack P.S. Is mortgageable a word?
  23. Could anyone provide any good recommendations for solicitors based in or close to the below locations who could take on conveyancing work for low value properties? Ealing Brent Cross Lambeth Wandsworth Hackney I run a growing company where we expect to refer approximately 70-80 sales per year onto solicitors. Our clients like the personal touch of being able to visit their solicitor so whilst I'm sure there are plenty of good firms in areas further away who could undertake duties by phone, e-mail etc, we do need firms who are based close to our clients. Sales are all on Compulsory Purchase terms where solicitors fees are paid by the buyer. If recommending a particular firm, please let me know whether you've just used them once or whether you repeatedly use them. If the firm of solicitors can also help Landlords with Section 21 notices etc, then even better. thanks Dan
  24. Could anyone provide any good recommendations for solicitors based in or close to the below locations who could take on conveyancing work for low value properties? Ealing Brent Cross Lambeth Wandsworth Hackney I run a growing company where we expect to refer approximately 70-80 sales per year onto solicitors. Our clients like the personal touch of being able to visit their solicitor so whilst I'm sure there are plenty of good firms in areas further away who could undertake duties by phone, e-mail etc, we do need firms who are based close to our clients. Sales are all on Compulsory Purchase terms where solicitors fees are paid by the buyer. If recommending a particular firm, please let me know whether you've just used them once or whether you repeatedly use them. If the firm of solicitors can also help Landlords with Section 21 notices etc, then even better. thanks Dan
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