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  1. Hi I'm new to the property hub and I am looking to start my first investment next year in Norwich. I just wanted to know if the majority of investors use interest only mortgages for buy to let property's? And also if I could get an example of how you would eventually pay off an interest only mortgage in a buy to let. Many thanks look forward to hearing from you! Scott
  2. Hi, I am a tenant and I have an assured short hold tenancy agreement due for renewal (12 months). Can someone please help me to understand this break clause? I cannot make sense of it. I would appreciate any help, thank you
  3. Hi, I'm Mike! I'm renting rooms, parking, music studios and developing commercial property, laying plans for BTLs in 2016. What you've done in property so far: Developed 2 Music studio spaces in Zone 1 London (Commercial Lease) Rent out 2 rooms in London Fields Rent out parking in London Fields What areas you invest in (or want to invest in): Elephant & Castle, Hackney, Acton What your plans are for the future: My 7 year interest only mortgage on my 2 bed flat on London Fields ends April 2016. Being Self employed, I am looking investigate all options, projected to owe £170k at this time and may be forced to sell. (Current Valuation £500k by Foxtons). At this time i'd like to move out of London, buying a home PLUS 1 or 2 BTL properties. I am starting now commercial viewings to develop (1500 sq ft) artists studios, which I plan to get a 25 year lease. Any skills or knowledge you've got that other members might benefit from: Setting up sound/music facilities . Good listener ;-)
  4. Hi all, I moved into a downstairs flat last year, and noticed after decorating that there’s a wet patch on the wall in the bedroom where the chimney breast is (it’s boarded up) I constantly leave the windows open in the bedroom as if I don’t it stinks of damp. After mentioning this to my landlord he keeps telling me that it’s the upstairs homeowners responsibility to have the roof and chimney looked at in case there’s water coming in and causing damp upstairs. However after speaking to my upstairs neighbour he’s had someone out to look at the roof and he said he wouldn’t touch the chimney as it’s my landlords responsibility. I’m really confused as to who is responsible to fix this, as I shouldn’t really have to live in a flat which is damp, not sure what I can do as a tenant, and don’t want to upset anybody either but I don’t want to put my health at risk. can anybody point me in the right direction or give me some information so I know who is responsible etc? thanks so much :)
  5. Hi during the really windy weather someone had left the front door of our block of flats open. It came off. So now we have no block front door. It has been like this since October! I have asked the landlord multiple times to fix this as rats keep coming into the block. (It’s a small 2 story block with 4 flats in he owns them all). Just wondering if there is anything I can do to make him fix this asap. thanks.
  6. I hope someone can help me with some advice. I've had an offer accepted on a house, on the Mersey Bank estate in Chorlton. It's around the Caldervale Road side. I like the house it meets my needs, neighbouring houses look like they have been taken care of. I love that I can walk down to the river in a couple of minutes. But the more I walk about the rest of the area the more I feel it's pretty rough. I don't know if it's just deprivation but ok or if it is actually rough. I know historically it's had its issues but can't tell where things have been better. My mortgage offer is based on five year fixed so I would have to wait it out if I didn't like it - not sure whether to pull out of the sale or not - baring in mind I'm currently in a difficult living situation and this is the first house I have managed to get an offer accepted on after 11 months of hunting. And I'm dangerously close to my forties and I'm first time buyer so running the risk of not being able to borrow beyond retirement age. I've spent ages looking around Stretford, Firswood, Withington sparingly so with Chorlton and Didsbury and now that I'm close to sealing a deal my experience walking around the area doesn't feel as great. Any advice to help me decide would be much appreciated!
  7. Hello So my name is Jay Miles and I'm doing it. I'm doing the property thing. I'm a personal trainer working in London and living in Essex. But I'm getting older and although I love my job I dont want to have to do it in 10 years time. I want to give more, be there for my family and work for charities helping animals and all the great life fulfilling things that make life a joy. I'm quite honestly though.... bricking it (excuse the pun). I've no idea how I'm gunning to start this, despite having read, listened and strategised myself to death. Currently always looking for other "tasks" to do in order to learn more, other than actually getting off my frightened back side and actually attempting the nuts and bolts of purchasing an opportunity. Partially for financial reasons as I do need more capital, but mostly because reading another book gives me another hit of the old 'well-at-least-I've-done-something-property-related-today' dopamine release without having to take a chance. If you Googled paralysis by analysis I wouldn't be surprised if you saw a funny meme with my face on it. So I'm writing this firstly because I've read (not surprisingly) that it's a great idea to build a network of like minded people from a business and information sharing standpoint, but mostly just in the hope that I can discover that I'm not the only one who starts like this. Please feel free to write me a motivational comment, share a story to strengthen my resolve or connect in anyway with advice and support. I'd be super grateful. Thank you All the best. Jaay
  8. Hi all I am looking for some advice as I am on my first investment and want to play it safe until I get the hang of the game. I am in the course of purchasing a on bed flat in Liverpool city centre and I’ve already been declined by 2 big lender as the block is predominately investment units. The broker thinks I should look at other properties but with this market I’m not too keen on doing that. Should i look at other brokers (maybe try to renegotiate the purchase price) /or look for another property in a block with more owner occupiers. Any advice is welcomed. Thanks in advance
  9. Hi hubbers, my girlfriend and I are looking to invest in Liverpool and have viewed a couple of houses in Anfield that looked promising and would like some advice from locals or investors with Liverpool experience. We're researching into 2 or 3 bed houses around the 100k mark. We've heard about the Anfield regeneration taking place, but is Anfield potentially still an investment area to avoid? Looking forward to hearing any thoughts, cheers Hugh
  10. Heya, Researching for my first BTL - any chance you share which areas in Liverpool you think are good for investment now and why? Thanks!
  11. Looking for any advice/opinions about investing in Great Yarmouth and the coastal areas around it such as Gorleston- has anyone done this, and if so, what areas would you recommend, and how are you finding the rental market atm? This will be my 2nd BTL, my first is a one bed flat in Liverpool purchased through Property Hub. I'm a Norwich based investor, have looked into purchasing a BTL in Norwich and the returns just aren't as good as some coastal areas such as Yarmouth. As GY is known as a deprived area, I am of course concerned about the capital growth there, but there seems to be a lot of investment and regeneration happening in GY at the moment. This makes me wonder, is GY an up and coming town? Is it realistic to think these investments will result in a booming seaside town within the next 5-10 years, or would I be better off investing in the less deprived areas surrounding it such as Gorleston/ Bradwell etc? The regeneration projects currently planned for GY; A £120m bridge - the third river crossing - will link the town's marine and offshore industries with the A47 when it opens in 2023 The borough council's replacement £26m Golden Mile "anchor attraction", the Marina Centre leisure complex, is due to open next summer A £20.1m Town Funds grant will help create jobs and plans to turn the empty Palmers department store into a learning hub and university campus alongside the relocated Central Library Work should be completed in summer 2022 on an £18m operations and maintenance campus for the offshore renewables sector A £13.7m Future High Streets Fund will pay for the library move as well as a new heritage centre, more leisure venues and turn empty historic buildings into homes in the town centre The historic glass Winter Gardens has won a £10m lottery grant - part of a £16m restoration - and is due to reopen in 2026 as a heritage, arts and education venue The Market Place is undergoing a £4.6m revamp to help attract more shoppers A four-year £1.9m scheme to save the town centre's historic and at-risk buildings is also under way A new 'fire festival' this autumn has just been revealed in a bid to make the resort a year-round destination A London Eye-style wheel (pictured) is on a free summer loan, offering views for up to 10 miles Plans are under way to secure major festival slots next year for a film, titled Provisional Figures, shot in Great Yarmouth featuring Nuno Lopes
  12. Hi, i'm a first time BTL investor. I would really appreciate views on whether this is a good investment. 1 bed flat £150k in Saxton Lane, Leeds LS9. It's off plan development to be completed Q3 2022. Rental yield 6.5%. I'm interested to know if Leeds as a whole is worth while and particularly this area of LS9 which is a 17 min walk to the station. Plan is to keep the property for 5 to 10 years. I've heard growth in Leeds is expected to be 3.2% p.a is this correct?
  13. Is there something you wish you had known when you first started? What piece of wisdom changed the way you work? Was there a big mistake you made that you've learned a lot from? It would be interesting to hear any thoughts. Thanks!
  14. Hi all, I have just started out on my first business venture with a friend of 7 years, we have currently set up a limited company which will house our property portfolio and are in the middle of purchasing our first 2 properties one in Sheffield and the other in Doncaster. Our short term goals at the moment are to be able to focus on this as a full time career and leave our current jobs. We both have a fair bit of experience in construction so hoping this should help us on our way. Any tips would be appreciated and anyone investing in these areas please feel free to get in contact.
  15. Hi all, Looking for some advice! Completely lost and have a long term (almost terminal) case of analysis paralysis! Situation Mortgage on a flat valued at £215k. £66k left to pay on the mortgage. £30k in savings. We'd like to move up the ladder to a house, but keep the flat as a long term investment. Strategy Move the flat to a LTB, buy a house with our savings and the equity released from the flat. As individuals our mortgage in principle figure is £261k. The max we can release from the flat is £161k. We are trying to understand what is the most tax efficient option, convert the LTB as a company or as individuals? Is the above even achievable?! Thank you in advance! Goose
  16. Im an accountant who deals with a lot of individuals who are investing in BTL and those who have a property portfolio. Dealing with the tax compliance and advice. If anyone would like any advice please do not hesitate to contact me.
  17. So I currently own my own home where I have been living for 4.5 years which I was lucky enough to buy myself (saved by living with parents). My long term partner (not married) has just agreed to buy a new home for us to move into which will be an upgrade for us both and this will be in her name (until married). I now have the fortunate option of what to do with my property (Paid 178k now worth approx 210k - 2 bedroom on South coast). My first thoughts is to rent out my property but given my circumstances obviously the property is not within a limited company and I am just on the edge of the higher tax band 40% with my full time job. I guess I am trying to figure out the most cost effect / tax effective way to let out my property given these circumstances. Should I try to transfer to ltd company or just keep it private ? Be interested to hear your thoughts. Long term I would like to save up for another deposit on another property. I can’t release capital from my current property to do this as have to have 25% LTV for a buy to let mortgage (Just over 50K currently). Thanks in advance
  18. Hello I set up a boiler cover with 247 home rescue! I can't stress enough how bad they are. The day before the tenants moved in my cleaner noticed the boiler was leaking, they turned it off and contacted me. I called to make a claim with the cover plan and the rejected it as I could give them the pressure of the boiler. I explained to them I was 140miles of the east coast on an oil rig and they didn't care. I then had to get an other engineer out who I paid £120 but he couldn't sort jt. So I then called up to make a claim again as there were tenants that could give the pressure and whatever other info they need. The declined this offer claim as a third party went to it. I explained that I had to do that because my property was going to flood because they wouldn't come out. so they have left the property with no heating or hot water. I had to contact British Gas and pay £100 and take out a years cover! Leason learned! £100 to British gas £42 to home rescue £120 to the plumber who couldn't fix it In future I will always go with British gas. They came out the next morning.
  19. Hello all. I’m 22 and have just started my property investment journey. Although I have not actually invested yet, I have begun reading and researching as well as focusing on saving as much money as possible for when the time comes to finally make that first investment. As you will all know, there is a lot to learn and so I am eager to speak to people who are further into their journey than I am. One of the main areas I wish to further my knowledge in at this stage is the amount of money I realistically need to start investing. I earn an average wage working a 9-5 job and currently do not have a huge amount saved. To anyone willing to respond and offer their advice, thank you in advance.
  20. Hi Everyone, I came across this site from researching on google. I am looking to educate myself on property and see if property investment is for me. Looking forward to engaging with you all.
  21. We are in the process of buying a btl with a little added bonus - a small building plot for 2 small houses on a derelict plot of land that comes with the house. The intention is to build, refinance and let. We are full of good intentions and need to keep momentum. We are not expecting to complete for another 2 - 3 months (probate, covid etc). We want to use this time to educate ourselves on building houses - we won't be doing much of the work ourselves but know that we want to project manage rather than have a turnkey build. We've had a general google - does anyone have any recommendations for books and websites that will help us in building our knowledge? Also if anyone has any experience of doing similar, we would be really grateful for you to share any tips or pitfalls. Many thanks Helen (and Steve)
  22. Anyone got any experience of setting up a declaration of trust, or currently have this set up..with an understanding of how this effects your borrowing abilities? want to set up declaration of trust in favour of my wife 99vs1%. Can we still have joint mortgage or not? Thanks
  23. Hi, We have just completed on out first new build property. I just wondered if anyone could give a list of key documents we should insure we get from the developer. I imagine Gas safety certificates. Do we need FENSA certs? Are there any other important documents or things to be aware of? Any advice on this would be greatly appreciated. Thanks in advance. Chris
  24. Hello all! I am looking to start a property investment journey. I haven't bought any properties yet, and am busy learning about the strategies and practicalities still. At the moment I am leaning towards professional let's, managed by an agent. I would like to keep my investments in the UK but other than that I will be taking professional advice, and will likely use a property sourcer for the majority of my searching. My goal to build my portfolio to the point it can support myself and my family. I'm pretty ambitious, so I will try to invest as much as I can as fast as I can, though I don't expect the process to be fast. My fiancée and I love our jobs anyway, so I'm not worried. I do have one initial question though. If I establish a limited company for our BTL investments, and use that to buy our very first property, can we still use our LISAs when purchasing our first personal property to live in? Thanks for reading, if you made it this far. I look forward to becoming a part of this community. Ceros
  25. Hi All,I'm just after a bit of advice really. My partner and I had reserved a new build prior to COVID using the HTB scheme and had a mortgage offer ready to go for exchange but the pandemic struck. The build was then stopped and completion window moved from initially Aug-Sep 20 to Jan-Feb 21. Unfortunately my partner has been furloughed and this mortgage offer has since expired. We therefore haven't exchanged and will be unable to do so without a mortgage offer. We are trying to arrange for another mortgage offer but despite being way under the possible affordability threshold of our mortgage (even taking into account my partner's furlough salary) our lender is insisting on a letter from their company to explicitly state that they will be returning to work after the furlough scheme ends in October. Apparently they are viewing the furlough scheme as a 'temporary employment' and therefore need evidence of that they will be bringing people back to work when the scheme finishes. The company is in events which has been very badly hit by the virus and have given very little indication as to whether they will bring back staff in October or start making redundancies. Apparently even if we were to reapply with another lender, they would also require this letter of confirmation. This is despite one salary able to cover the mortgage payments and even the possibility of putting down more than a 5% deposit. I am doubtful that my partner will be able to get this letter because the company doesn't appear to have made many decisions r.e. their staff and the furlough scheme as of yet and therefore without this we are currently unable to get a mortgage offer. Without this we are unable to exchange contracts. So the new build we have been waiting for over a year to be ready and which was delayed because of the virus, is now apparently in danger of falling through completely? Are there any lenders who are offering mortgages without requirement for this return to work letter?I wondered if anyone might be in a similar position and had any advice on how to proceed? Thanks for your help!
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