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Found 149 results

  1. Hi all New investor to the property market, wondering if I can use a BTL mortgage for a Holiday Let property? I have heard that technically you are not supposed to do that, and that in fact you should seek out a specific holiday let mortgage, but that they are then much harder to attain and at worse rates? Anyone brave enough to advise!? Many thanks in advance Dan
  2. Hello, Im currently on shared ownership and own 25% share of my property. Ive saved up some money and im keen to start my buy to let journey. My question is, am i allowed to own a buy to let property while im still on shared ownership? Do i have to ask the housing association permission for this? Many thanks
  3. Hi all, I am looking at getting my first buy to let property in the liverpool area for my newly formed LTD company. My dilemma is do i: A: purchase something similar to the below out right for cash which will give me about £3,500 per year profit (if what they say is correct and accurate) https://www.rightmove.co.uk/property-for-sale/property-71988603.html Or B: look at getting two 2-3 bed properties at about £80k and use the same money for the 25% deposits and rent both out with slightly lesser yield but benefit of both and the hope the value of the houses appreciate more than the value of a student flat? Dont know if anyone has had a similar dilemma or can offer any impartial advice Thanks in advance Joel
  4. Hello, I am currently in the process of purchasing my first buy-to-let under a limited company and Paragon (the mortgage provider that I am using) have requested that I have a "Certificate of Confirmation of Advice" provided by an independent solicitor which will end up costing £600 in legal fees (two hours work). I have brought this unexpected cost up with my mortgage broker and he assures me that this is a standard procedure for every mortgage under a private limited company and will have to be done whenever I move lender or for any future purchases, although I have personally never heard of it before. Is this something that anyone else has gone through? Many thanks for anyone that can give me some advice, it is greatly appreciated. Nick
  5. Hi all, I'm hoping someone out there with some experience can help me. This will be my third buy-to-let but my first leasehold property. I've run the figures and they add up well. It is a 1 bed top floor apartment with good transport links to the city. My offer is £125,000 and the rental estimate is £625-£650 pcm. However, my concerns are as follows: There is a £678 service charge per year. I have been told that this is £200 more than all the other apartments due to the need for the aqua system for fire safety. This seems a lot of money to me, and I asked if this extra £200 goes into a different pot since it is in place for the aqua system and should be used to fix that in the future? There is no ground rent and no building maintenance company. Each owner is a director of their own leasehold and meetings are held annually to determine upkeep of the building. Have people found that service charges go up a lot in a short time? I've been told the leasehold is 125 years by the estate agent. The term has only just begun (possibly six months in) as it's a new development. This seems a low amount of time. Is this normal? What are other people's experiences of growth on apartments. This isn't city centre (it's about a 20 minute bus ride out and 15 minute drive). Thank you in advance to the people that respond. It's nice to have support out there. Cheers Sally
  6. I currently have 2 buy to let’s on individual buy to let mortgages with the mortgage works. I plan to buy at least two or three more houses in the next year. It seems that most lenders offer portfolio products for landlords with 4 or more buy to let’s but I’m struggling to find out how these products would differ from individual mortgages and what the rates would be. Does anyone here have experience of such products that could offer some advice? Obviously I have asked my mortgage broker but I get the feeling he has not done a portfolio product before and isn’t offering much constructive information. Many thanks, Greg
  7. Good afternoon, We find ourselves in quite a bizarre situation and would really appreciate any advice that might be out there. - Today we placed bids on an online auction for a BTL property. We won the auction with a bid of £127,000. Once bidding went over £125,000 we received an email and on-screen prompt to confirm that our bid met the reserve price and the property would be sold to the highest bidder. - At the end of the auction we received an email to confirm that we were the highest bidders and that we had 'won'. - The email states that they would try to take our £5000 reservation fee. They appear to have been successful. - We subsequently received a call from the auctioneers telling us that in fact we had NOT met the reserve for the property, but that they were giving us the first opportunity to put in a bid of £134k to secure it. They said there had been a 'technical glitch.' Does anyone know what our legal rights are in this regard? We intend to hold the auctioneers to the contract. If the virtual hammer had fallen and we'd cited a technical glitch and tried to secure the property for £7k less, we'd be laughed out of town! Expecting to discuss this in detail with them tomorrow, so would love any advice or to hear from anyone with experience of this. Thanks, Chris
  8. Hi I have set up a company/svp in order to start to build up a property portfolio. I was looking to do interest only (as landlords with a company will be able to continue to declare rental income after deducting the mortgage interest only payments) and make over-payments annually upto 10% so that i can pay the properties off. If i do the overpayments will that have any impact on the tax deductable nature of the calculation please ? or will these count like repayment mortgages and not be tax deductible. Any information here would be very useful. Thanks
  9. Hi all - nice to meet you via the forum. I’m Whitney and I’m based on London. I have 10 months left of my maternity leave and now have the opportunity dedicate time to put together a long term strategy on starting a limited company in property business. A bit of context: Seven years ago a relative asked for advise on how to get young professionals (like myself) interested in their rental property. On visiting, I advise him to renovate the property so it would appeal to his desired tenant. Surprisingly he asked me to run the project and then fill it with tenants. Six months later, after a slash of paint and adding in some new furniture, the property was filled and he was getting an increase of £800 a month. Since then I have continued to mange the property /tenants, I have fluffed and buffed two other rental properties (based on his recommendation) and currently working on another relatives rental property. All properties have been able to increase either rental income or the property values (one it has been both - it’s currently being valued at £475k). I realised about a year and a half ago that I have a bit of a knack for this and want to look into doing it for myself (as well as for others). So now I have some free time, I am very interested in setting up a Limited Company offers multiple services (starting with fluff and buff projects for landlords looking to increase their rental income or property value). However, the mid to long term goal own a portfolio investments/property alongside - mostly including renovations and developments to either sell or rent out. I would love some advise about how to start?, what I should be doing to build my network? And opinions on if this even do able in the current market? Or any opportunities to work with others. In a nut sell: How do you want to work in property? Offer a renovations service to landlords looking to increase value, with an aim my own property to fluff & buff so it can be sold or rented. How much do I have to invest? £2,500 - over five years experience of small renovations, finding and managing tenants and overall project management. What time to do I have? Currently twiddling my thumbs. However, back to work beginning of next year. I enjoy my demanding job, as an Event organiser within the music industry, so I am looking to use my property skills as an extra income for now. Plan for the next 3 years? To have a minimum of 2 buy-to-lets and a minimum of 3 fluff and buffs completed. Again really enjoy my job so interested in working collaboratively or working on projects that offer a quick turn around financial and time wise. I look forward to reading other threads on the forum. Please get in touch - I am open to advice, opinions and opportunities to work with others. Kind regards Whitney
  10. I will be moving to Wales in next 6 months. My plan is to stay for 4 to 5 years in Cardiff and then after that i will be moving out of UK. I am wondering if getting a mortgage in Wales would be a good idea and then letting it after 4 or 5 years? I am a first time buyer and need your kind advice as to whether issues of 1) Coverting to buy2let later would be economically feasible? 2) Would the benefits be worth the hassle of managing tenents, considering i wouldn't be in UK myself? 3) What would be more reasonable in this situation a flat or house? I know its a lot of questions, but these things are constantly on my mind and being a newbie I don't have much knowledge of mortgages etc so i would be grateful for your advice about this
  11. Hi all, My stepbrother and I currently jointly own one buy to let property which is slowly (!) building up funds for the next deposit. We are looking at finance for our next property and there's a possibility of an investment from a family member. (They would get a percentage back on their investment each year and at the end of the 5 year fix we would buy them out, returning their original investment). We have looked at setting up the investment as a charge on the property so as to protect the investors money but lenders aren't prepared to lend on this basis. The alternative is 'gifting' the investment but that doesn't protect the investor's money. Are there any other options?? Many thanks, Alex.
  12. Hi All, My name is Tyrone and I am new to the Forum. I am looking to invest in a Buy-to-Let in Telford by the end of this year. Can anyone recommend a decent letting agency who could manage the property for me? I am looking for either fully managed or collecting rent and repairs. Many Thanks, Tyrone
  13. Evening All, I'm after some advice on how to set up an SPV Limited Company for Investing in property Myself and 5 friends want to set up an investment scheme whereby we invest a set amount each month into the company until we buy a property. We will each have equal shares/rights in the company and equal voting rights, I just want some advice on the best way to go about it, how we can pay into the company legitimately each month, what type of account we would require and the best company structure. Any help will be much appreciated. Jamie
  14. Hi Everyone, I am new to the forum and this is my first post. I wanted to ask for some advice when setting up and structuring a limited company. Let me explain my position so far... I currently own 1 buy to let property in my own name on a personal buy to let. This has been ticking over nicely the past few years and I am still very proud of this achievement. I have now set up a limited company SPV to buy investment property as we are all aware of the changes made which effect what you can claim as expenses versus what you now can't. Earlier this year this was all in place and I began the process of buying my first property through the Ltd company. All was well until I got to the end stages and I was required to sign a document in the presence of a solicitor that wasn't my own at the request of the mortgage company. At this point I was out of the country working (which is very frequent in my line of work) and couldn't complete this, therefore the deal fell through and I lost money through legal fees. The company is now dormant and I would like to appoint my father as someone who has the authority to sign paperwork on behalf of the company so I can make sure all is sorted and airtight in terms of the setup and structure to prevent this happening again. Is there a way to do this? If so how do I go about setting this up. I don't want to put any risk on my dad or rather I like to be able to explain to him what this would mean if he became associated before going ahead. Thank you in advance for taking the time to read this and any information, even a point in the right direction, would be greatly appreciated. Cheers! Stephen
  15. Hi, I am aiming to transfer two properties which are currently in my name into a ltd company. I don't have the funds in the ltd company to put down a 25% deposit on both properties. I would effectively want to use the money released from the sale as a director's loan to buy the properties. Is this possible? Or is there any way to transfer the properties without saving up a whole new deposit? Furthermore, does any property bought by a ltd company incur the extra 3% stamp duty, or is a ltd company exempt from additional stamp duty for its first purchase? Thanks
  16. Hi all, Newbie poster here (...go easy on me). I have one property (3 bed house) that I rent 2 rooms in with consent to let from my lender (residential mortgage).I moved away with work, so rent the rooms out whilst I'm away. Consent to let was granted based on this property being my only/main residence. As a result I hope to get tax relief in the form of the Rent a Room Scheme. I will probably switch this onto a BTL when the fixed period ends, and I'll rent the entire property out. I would now like to step further into property investment. My Mum and I wish to go 50/50 on a 2 bed flat, buy to let mortgage. Haven't worked out whether I'd prefer interest only or capital repayment mortgage yet...advice welcomed! I want to ensure I set up this correctly from the start. As soon as I declare income from a 2nd property will I no longer be eligible for the Rent a Room Scheme? How will the 50/50 ownership on a BTL mortgage work, should I set up a LTD company, will the tax changes make the venture unviable...plus many other questions! The Rob's speak a lot about the importance of setting a clear strategy, and being set up 'right' from the beginning. General advice on how to achieve this in my circumstances would be great! James
  17. My partner and I (both 30 years old) have some savings and are looking to start investing in property for the long term cash flow to eventually replace our income. We currently own no property and are tenants ourselves. We want to skip buying our own house and get straight into investing. Q1) would we still benefit from First Time Buyer stamp duty deductions if we were to; A) buy to let? B ) buy through a limited company? Q2) I’m assuming we would need a first time buyer, first time landlord mortgage - can we get this through a limited company? What you've done in property so far Nothing just yet. Just been building a foundation of knowledge and learning all I can through podcasts, reading, and a few meet ups. Q3) I have spoken to lots of people who have found value in paid for courses - are there any you’d recommend? What areas you invest in (or want to invest in? Currently living in Hertfordshire where property prices are out of our budget so looking further north. (Manchester, Leeds, Sheffield, Nottingham) My next steps in my education is to pinpoint one of these cities, learn it well (online research, visiting), and then target 1 city for investment. I know they say invest in an area you know, but we want to get started, and having property at least in 1 city further afield seems easier than having multiple properties over numerous cities. Thoughts? What your plans are for the future Looking at BTL to put my learning into practice for the first few and then moving on to HMO’s as I build confidence. We want to have a portfolio in 10 years which will allow us to retire from our jobs (currently 30 years old). Thanks for reading. If anyone has any advise or input on anything, it would be great to learn from your input. I look forward to reading your responses. Ben
  18. Hi, As the title suggests, I am completely new to the property world. However, I recently inherited some money and am considering investing some of it in to property. An initial idea has been to purchase a student house using a buy-to-let mortgage. My short term goal is to gather as much advice and knowledge from you guys on this forum on all things property investment, particularly student buy to lets, and how to get things started. I have been looking into student buy to lets in Sheffield - 4 beds around £250,000. I appreciate that property can be a complicated and challenging investment which is why I want to learn as much as I can before I officially decide whether it is something I have both the time and money to continue with. Thanks so much and I look forward to hearing from you Matt
  19. Hello, I’m after some advise on my strategy. I have 2 options. I currently rent out one property and have done for 5 years. I am currently living in rented accommodation at the moment. What would be the best option without going into too much detail I have summarised the two options below: Option 1: > Continue renting out my rental property. > Continue living in rented accommodation. > Buy another investment rental property for around £100k (add money by renovating) and rent out. Option 2: > Continue renting out my rental property. > Buy a house to move into and live in for around £250k (add money by renovating). I would base the return percentage as being the same for both new properties within the options. Any advice on the above would help. Thanks
  20. Hi! I own a residential property but want to convert it to a Buy-to-let and buy a home with my wife (first time buyer) to be our residential main residence. Do we pay the 2nd home/buy to let SDLT rate on the main residence we are purchasing? Thanks for the help
  21. Hello, as I am investigating into buying up north, I plan to mange it while I am over seas. I will be looking to network for local plumbers, carpenters, etc when I buy to help manage issues should they come. However I want to know if anyone can advise for reliable letting agencies to look after the property and rent it out as it requires... I understand there is a percentage on the rent for this, but what is the best way to do this, or who should I look to go with. My current interest is looking around Warrington, Wakefield, maybe Crewe and Doncaster. Thank you
  22. Hello, I'm in my first buy to let situation, after a loss on my first property I learnt a lot from here. I am now looking to get a house before I leave the country this year, so I wanted to know if there are suggestions of where to look. From the 2017 podcast ASK97, does this still stand? I have seen Wigan, and Stockport, baring in mind the transport nearby. But this is my first, so risk is a consideration. Where do you suggest I should be looking at this time and since I am from the south, can anyone tell me of upcoming transport that I should be aware of as my research isn't conclusive. If it helps to know, I don't have a lot to invest with currently 20K and I need to have some for my move abroad too, I can look into those capital options myself. I appreciate the help and will look forward to your opinions.
  23. Dear all I'm new on this so I will try to explain my query as clear as possible. I would like to buy and renovate properties, maybe starting with small spaces as a studio or similar, and then to sell them again for profits. I'm thinking to do it trough my Ltd so I can invest the money directly from my ltd account (I'm the director - no employees) I got some basics questions on the above.: A- is to buy and sell properties trough my ltd legal? Even if my ltd has been settled as a consultants company. I'm a project manager working on constructions B- are the money used to buy and renovate the properties considered as expenses so they could be deducted from the turnover. C- as above, the money that the ltd will get from selling will be considered as a normal money earned by my Ltd D- Do you think would be better set up a new ltd dedicated for the activity of buy to let/sell properties? E - Any particular suggestion? I'm good to find the properties I know how to work on that and the potencial they might could have...what I missing is all the legal process, taxes etc etc Many thanks to all will spend a bit of time to answer Ciao Simone
  24. Buy to let Ltd company. I'd be really gratedul if any one could offer some advice as I've tried countless local accountants and cannot seem to find one to give me the exact answers I need. I'm at the beginnings of setting up a ltd (spv) company to hold my current main residence, which isn't mortgaged and wholly owned valued at around £150k. Once it's tenanted I want to release some equity/mortgage from the property and start purchasing buy to let's. I'm a higher rate tax payer and also buying a new property with my partner. I've worked out it would make more sense to use the ltd company for tax efficiency purposes. I.e. no additional stamp duty on the new purchase with my partner that would be our first time buy. And also savings on paying at 40% tax with regards to rental income. My question is if my new company were to buy the property off me (which I would sell as a director's loan) would it be subject to any stamp duty,? (Or Land transaction tax, as the property is in Wales). If I do have to pay then it doesn't make much sense to transfer it in terms of additional stamp duty savings associated with me buying the new property with my partner as an 'additonal' rather than 'first buy' My other question is whether someone can recommend a good national accountants or solicitors which specialise in this type of area that I can use? As I'd rather pay a fee and use someone to set it up for me than do the accounts myself . Apologies for any confusion or misunderstandings I may have as I'm rather green to this at present. Thanks in advance, Kind regards, Darren.
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