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  1. Hi, I'm looking at purchasing a house tomorrow at auction. I have had a good look at all the searches and deeds etc and am happy with the majority. The only issue is that there is one charge in the title deeds which I don't quite understand, mainly because it is legal language. Could anyone translate the following for me, please. Many thanks indeed, Jim "Except rights of light air or otherwise which would restrict or interfere with the free use of the adjoining messuage of the Vendor being <<ADDRESS OF NEXT DOOR NEIGHBOUR HERE>> aforesaid for building or other purposes EXCEPT and RESERVING unto the Vendor and her successors in title the owner or owners for the time being of the said adjoining property <<ADDRESS OF NEXT DOOR NEIGHBOUR HERE>> aforesaid all easements quasi easements rights and privileges now or heretofore occupied or enjoyed therewith over or in relation to the property hereby transferred."
  2. Hi, Can anyone help, looking to make what will be our first purchase from auction, bid on a few in the past but not been successful. I'll be using bridging finance which shouldn't be a problem but its the legals I'm not sure on. The property in question isn't totally straightforward as its been added to over the years. I have access to all the legal docs but to the untrained eye it doesn't mean an awful lot. What I need to be sure of, before I purchase, is that the property legals are in order and it will be fully mortgage-able when developed and good for immediate short term bridging finance. Is it just a case of approaching a solicitor and asking them for some advice, maybe paying up front with a view to using them if the purchase is successful? I'd be interested to know how others approach this. The bidding will be competitive so I'm keen not to spend a fortune before I even know if I'm going to be successful. TIA...
  3. Hi, I have seen this detached house in Gorsgoch SA40 9TE on John Francis website for auction, and I have seen this house, my question is that I haven't bought a house in Wales before are there any different rules? I know they don't have stamp duty but have a cheaper land tax but apart from that are there any restrictions? The house has a new roof and plans for a loft conversion (2 extra beds and a bathroom). Any advice? Thanks JL https://www.johnfrancis.co.uk/pages/auction_property?lid=160083
  4. Dear frinds , Me and my frind would want to buy a property in an Auction - in Liverpool. We would appreciate understanding which is the best Auction house to look for? and which are the biggest auction houses? Many thanks of any informaion you have (:.
  5. Hi all, We all hear on TV, on the radio, in the papers and on property podcast about buying at auction, but, where are all of these auctions taking place and how do we get hold of the catalogues? I have searched many times on the web and never seem to find anything more than a few small sales, and barely any have any decent online catalogues. The best I have found and always refer back to is Clive Emson http://www.cliveemson.co.uk/ , but I am keen to find others. So, if any other members know of other sites that have a good online catalogue or catalogues that are easy to get hold of then please comment and share below. Many thanks. David.
  6. 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.
  7. 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 and I would make a deal today (Friday). A couple hours later I get a call and the seller has accepted! It's local, I know the area and market value, and it's got enough of a margin to cover potential issues, although I'm confident it's a straightforward renovation (new bathroom, kitchen decoration, possibly new boiler), so I FOMO'd and paid the deposit to secure it without viewing, and yes I studied the legal pack and all is good. To cut to the chase it will be a buy-to-let investment, and it is still sold under auction conditions with a 6 week completion date, and my intention is to renovate to a good standard before letting. I want to try to secure a buy-to-let mortgage in time to avoid extra costs of bridge loan. The property does look to be in 'habitable condition' , but my question is is it in 'lettable' condition? The only hurdle I can see that could delay the mortgage application is if the survey may regard it as not in 'lettable' condition before renovation. I know the property was being lived in by the owner/occupiers until recently, from the pictures it obviously needs renovating/modernising, but assuming it has a working kitchen, bathroom, electrics, heating and no holes in the roof, would lenders consider it unlettable just on the basis it needs updating? I want get some idea if this is doable from anyone with experience in getting a buy-to-let mortgage for auction property, and what hurdles you had with it. Pictures are attached. Appreciate your help members. Mohsin.
  8. 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 day.I'd like advice on how people overcome this. Do you know what you're looking for yourself? Do you have a surveyor you use on a regular basis who gives you a good price for regular work? Or do you simply not bother getting a survey taken out and risk it? Is there a current service out there where you can meet a surveyor at the property for a much reduced price for advice, rather than get a relatively expensive homebuyers report done?It's put me off from going down the auction route altogether, so hopefully there is a way around this which I haven't come across.Any advice will be greatly appreciated.
  9. 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." ??
  10. 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 950k for the purchase. But I only have around 150k in cash. So I was considering raising around 400k against my home as a 'back to back' loan. My home is worth around 870k and I have an existing residential mortgage for 208k. Hence I would have 150k + 400k = 550k deposit. Then I would seek a commercial loan for around 450k or whatever is necessary to pay the remainder including SDLT too etc. Then when feasible, sell the property to my SIPP and pay off my additional borrowing etc. I don't have any SPV or company and don't have much knowledge about tax. I am employed full time and pay income tax at the 40% rate. It is possible that other family members may also make the purchase with me. Questions: 1) Should I setup a SPV or "close company" or other company to somehow save on tax or make the ownership easier to share? I have read a bit about lending money to a SPV and getting the SPV to repay the loan to myself after paying 20% withholding tax. Then I would somehow need to reclaim that withholding tax personally? I wonder how I can extract money from the SPV so I can pay the instalments on my mortgage in an efficient way. This article explains how to pay the loan instalments on a personal residence mortgage without a tax charge, presumably because a "close company" is paying the loan. https://www.fyldetaxaccountants.co.uk/property-articles/ypn/how-to-fund-your-new-property-investment-company-tax-efficiently-using-borrowed-funds/ 2) Should I attempt to purchase the property as an individual? I suppose that I will have to pay tax at 40% on any profits. Assuming that I use a repayment mortgage, I understand that I will be paying tax on the capital repayments and this could be considerable. 3) Would I pay SDLT on any transfer into a SIPP? I read something that implied that no SDLT is payable if the original owner and the ultimate beneficiary of the SIPP is the same entity. Would this be complicated if other people were involved too? I would be grateful for any advice. Best regards Tony
  11. 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.
  12. 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
  13. 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 this one. Which leads to the next point - having a tenant who is on universal credit (or benefits? Not sure if these are the same) is a bad/risky thing from investment perspective ? In doing my research on the auction property above, I found that the tenant was on universal credit, and in slight arrears (something like the council was going to pay the difference). What has been your experience on having tenants on universal credit? Is it safer in some way in that you can get the payment directly rather than it going into the tenants hands first? Back to auction, how have ppls experiences been? Will you recommend for first time UK buyer? BTW I'm looking for something in the 50 to 90k mark, cash. Ideally net return over 7% with good potential capital appreciation long term. Would appreciate sharing your experience. Thanks!
  14. 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 prohibitive to 1st time investors. Do you think there is scope for a service where auction bidders could share the cost of a building survey? Surely it would help with price discovery and also lower the barriers to investing at auction. Interested to know the forum's thoughts. Thanks
  15. 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.
  16. 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 afford to go for both. We were looking at it for a buy refurb, refinance and let. Thanks for any advice
  17. 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
  18. 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 that much for a conveyance!!!). Any clues on what is going on here would be very much appreciated. Thanks all! Claire
  19. 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 assume the worst case scenario: there is no Tenancy Agreement or Proof of a deposit in place) I'd love to hear your thoughts.... Thanks
  20. 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
  21. 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
  22. 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.
  23. 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, recommended by Future Auctions, said that we would most likely get sued if we did so as the auction purchase was considered "as seen". So we have gone ahead with the transaction. My questions to anybody who has experienced something similar are: 1. Is the charging order something we, as buyers, need to pay? All posts I've read online say that the seller must pay from the proceeds of the sale. 2. Does it make a difference if the purchase was made via auction? 3. Is it legal for the seller and auction house not to disclose this? 4. Any suggestions on what we should do? It's not a great situation to be in if you have to pay over 50% your original purchase price. So any help on this wpuld be much appreciated. Thanks!
  24. 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 out and convert into 4 bed HMO as its outside article 4 and in a good area. My questions: I had always intended to start a ltd company to buy properties in as I intend to be in it for the long term and I could save the 1st time buyers stamp duty relief for a bigger purchase but after reading different threads on here and considering the time constraints I am questioning if this is a good idea/possible? I will be speaking to mortgage broker early next week, but would I need bridging finance for the refurb or could I buy on a residential, live there during refurb and then convert to HMO BTL once complete? (taking into consideration early redemption fees).Finally does anyone have any experience with water damage properties, what specifically I should look for when viewing the property specifically for water damage and HMO compliance other than room size? For context I am a 1st time buyer living with my parents. I work as a civil engineer earning 27-28k so have saved up enough for 20ish% deposit on this house. I am aware it is a big job and hoping this will put most people off. My parents have two BTL properties which have given them good returns and I've lived in properties being renovated for as long as I can remember where my dad has carried out most of the work himself and I have helped. Assuming I could get this property for the price I anticipate, there is nothing on the market even close in terms of value. As I mentioned before I always intended to be in this in the long term, and while my ambitions have been tempered by some threads on here, I still intend to build a portfolio income that I could not achieve by career progression alone. Any advice would be greatly appreciated, Many thanks Jordan
  25. 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
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