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Found 14 results

  1. Hi all, I’m looking to exchange next week. Will this latest lockdown stop that? I'm wondering, will the morgage provider be open to transfer the money, will the solicitors be open to complete, will the estate agent be open to hand keys over and will the rental agent be able to do viewings? Thoughts welcome?
  2. I'm new to property hub and have been learning alot about the 18 yr property cycle. As I understand we have just come out of.a mid-cycle wobble. In this youtube https://www.youtube.com/watch?v=070uJ0IyAww I listened to, it seems Rob & rob believe we are moving into a boom followed by a bust which pretty much lines up with the 18 yr property cycle. I wanted to ask your thoughts, do you think the bust will come sooner than usual because of COVID?
  3. Hi I've lived in this flat since January and have never even met the landlord let alone live with him though he is claiming I'm a lodger so he can evict me with shorter notice dodging the covid 19 legislation. What can I do. The contract is called a lodgers agreement but he doesn't love in the building I live in Bristol he lives in London. Help
  4. Hubbers, Just after listening to the Chancellors Cuts on Stamp duty and its pretty positive news. I still have a few questions that hopefully can be answered in the coming days but ill leave them here to see what response i get. 1 - Does this apply to all of the UK (England/Scotland/Wales/NI)? 2 - Does this apply to Buy-to-Let property purchases too? 3 - Does this apply to Commercial property? 4 - Stamp Duty holiday? Does this mean after 31st March 2021 the Stamp duty that wasn't paid will then need to be paid back over time? 5 - Do you get a Stamp duty rebate if you purchased a property from the start of COVID -19 and between March and 8th July 2020 paid Stamp duty? Hope we find out the answers to above and feel free to add anymore you have? Cheers, Eamon
  5. 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!
  6. Hi I've lived in this flat since January and have never even met the landlord let alone live with him though he is claiming I'm a lodger so he can evict me with shorter notice dodging the covid 19 legislation. What can I do. The contract is called a lodgers agreement but he doesn't love in the building I live in Bristol he lives in London. Help
  7. Hi, I was at Uni the last time when we had the big 2007 recession so I wasn't aware fully of the impact it was having on house prices other than the fact they decreased. I had no real knowledge of how much they were decreasing buy, whether there was still a steady flow of properties coming on the market, what discounts people were getting etc My question is, does this feel similar to the 2007 recession? I'm conscious we are all waiting for a house price drop, but with the support measures in place for people, the 300bn plus invested by the govt, the fact nothing seems to be coming on to the market (I know lockdown is the biggest reason) do we feel it will be the same scale as before and trigger a recession? Obviously it will have an impact, I'm just warying of the stocks comparison because they don't seem to be tightly linked from what I can see. I'm just interested to hear thoughts on how things developed previously and whether there are any similarities. I often think history repeats itself, I'm always more interested in peoples thoughts who experienced similar events that those purely making predictions (like myself).
  8. With COVID-19 cases increasing day by day our fear of earning income also increases. In such kind of confused state, everybody is bound to pay their residential property taxes. I hope this article would help you out in reduction of residential property tax: https://www.biggerpockets.com/member-blogs/12978/89996-top-3-ways-to-reduce-your-residential-property-taxes?created=1
  9. Hello! I have exchanged last year on an off-plan deal (completion estimated Q1 2021), 10% deposit paid in escrow. I am conscious that buying off-plan is especially profitable in a rising market. I have 2 questions if anyone can help: 1. I am concerned that I will struggle to get a mortgage next year if property price take a dive and the property is valued less than the agreed price. Is this likely and if so, what would happen then? 2. My solicitor has suggested to include a rider to “mitigate the consequences of being unable to complete the transaction due to covid-19”. Is this worth it? Thanks in advance! Helene
  10. Hi this is my first post on here so excuse me if this has been covered at all. I tried to find the information before posting but couldn’t see much. We are in the process of refinancing a property through a limited company and have kind of ground to a complete halt since the lockdown. Our mortgage was approved we were just waiting on the valuation which we payed for initially only to have a call to say they’ve refunded our payment and no valuations can take place. Is the true for all lenders that no valuations are happening? The property is empty it’s just been refurbished we could place the keys in a lockbox for a contactless transaction and the valuer could peruse are their pleasure alone. Now I’m not sure how it works with the valuers if we can find one that is willing do they have to be approved by the mortgage company etc? Any help would be appreciated
  11. Hi there If anyone is able to give me some advice I'd be really grateful. I have a flat with a tenancy ending May 5th. 2 tenants who are friends. One is moving out. The other doesn't want to move out due to concerns over Covdi19 and wants to stay put and continue to pay his half of the rent. He also doesn't want to have someone new coming into the flat at this time. I have sympathy with his situation plus, it's unlikely I will be able to get new tenants, so having some income would be helpful. I'd like to be able to find a way to help him stay in the short-term, but where we are both still protected by a contract. 1. My understanding is that the AST cannot become a periodic tenancy since one tenant is moving and therefore the contract as it exists effectively ends. What kind of contract would I need to have in place for him to be able to stay for a couple of months, or until the lockdown is lifted, whichever comes sooner? 2. I am currently working through an agent who have been terrible and under normal circumstances my agreement with them would also have been ending on 5th May. I have asked them for help on this so that we can help the tenant, and because I am trying to abide by the terms of my agreement with the agent. However they have suggested the period tenancy or an extension to the existing tenancy - both I think cannot be done because one tenant is leaving, therefore the contract cannot remain the same. I can't get a response from them to move this situation forward. What options do I have to end the relationship with them but still help the tenant? Thanks in advance. Esther
  12. Hello, I'm currently selling house and the completion was set to this week. The Buyers solicitor requested the money from lender, but the lender declined mortgage application because buyer has just been furloughed. Is there any lender who still gives mortgage to furloughed people? Should I wait until buyer is put back onto full time? Thanks,
  13. I’m brand new to property investing it’s my understanding that because of covid 19 their may be more opportunities to get good deals. I know I can get a standard buy to let mortgage for my first property but with so many deals can I buy 2 or 3 In one go. i have set up a ltd company i have enough money for deposits
  14. Hi all, Boris said earlier today he expects the Covid-19 Pandemic to last around 12 weeks. I understand it’s early days yet but what (if any) effect do you think it will have on the property sell market? I’m in the process of purchasing a property to move into, renovate over a period of 12-18 months and then sell on. Also I’m purchasing through a 2Year fixed rate mortgage. The application was submitted the day before the BBR fell to 0.25%. Is it worth re-applying/seeing what (cheaper?) products are now available or will lenders be more restrictive of who they lend to? Thanks in advance for any advice! Rich
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