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  1. Hi all, First time self managing a property and dawned on me I need to arrange a tenancy deposit scheme!! So people just use the free one where they hold your deposit or do you pay for the insure and hold it yourself? thanks
  2. Anyone heard of this? I spotted it on a listing recently. From what I can gather it seems like an insurance based alternative to taking a 6 week deposit, where the tenant pays a non-refundable 1 week rent (insurance premium), in return for not having to put down a refundable (at risk) 6 week deposit. Meanwhile the landlord gets free rental/damage insurance cover for up to 8 weeks rent (where they previously only had 6 weeks and had to deal with deposit protection and arbitration etc.), and the agent takes a commission. In the event of a claim the company takes the role of final arbiter be
  3. Hi all, I just listened to The DPS (Deposit Protection Service) webinar and they gave a list of common mistakes when submitting a claim for a deposit. My notes below if anyone is interested. Common Mistakes: 1. Missing Evidence. Missed documents when submitting the claim. To counter this they suggest writing a list of all documents submitted with the claim so the adjudicator can request from you if its missing. If it is not mentioned in the list/notes the adjudicator is not allowed to request it. 2. Check In/Out Inventory. Hand written Inventories.
  4. Hello all, I hope I've posted this question in the right place. An exciting opportunity has arisen for me to purchase a property with a friend. We currently rent a flat in London but my friend is fortunate enough to have a significant amount of money to invest. I am not quite so fortunate and would need to obtain a mortgage. We are both first time buyers and my questions are as follows.. Does this type of mortgage exist? Would the availability of 70% cash of the property value count towards the deposit of my mortgage or would I need have my own deposit ie 10% of the amount bo
  5. Hello, I am looking into doing flips to build capital faster. I already own a property though a limited company. The problems with using savings only to acquire property are that it takes time to save, months, and you can only do one property at a time. I do not own any personal property or have any other avenue to extract cash to used as deposit. I know a few friends who would be fine to lend me some money for a year. As a starting point, I am looking for suggestions on how to structure the financing with the people. They will only provide the money and not do anything in
  6. Hello everyone, This is my first post ever here so sorry if it's not correct in any way. i have signed an tenancy agreement with a tenant and they paid the deposit. Then a day later they said if they can delay the tenancy for a week then move in as they were having issues finding someone to rent their place... Now they don't want to move in a week later after their original move in date.. I have lost money and potential others tenants. Can I keep their deposit ? I have put this in their contract that If the tenant does not move in on the date stated then I will not be returnin
  7. Hi, I recently purchased my first property and currently choosing a letting agent. I’ve found one I like but for the deposit pretentiousness scheme they use Let Alliance. When I look on the government website they are not one of the 3 listed. Does anyone know if this is an issue or if different companies have scheme that are covered under the 3 government ones? Any thoughts/clarifications would be appreciated! Thanks, Jack
  8. Hi, any insights would be much appreciated: I own a house jointly with a friend, the fixed term is due to end at the end of October. My friend will be buying me out and I should have about 22k My partner owns a house with her friend, which is currently for sale, she should get around 120k We are looking to buy a place together (~290), with 90% ltv, however we need to put an offer in asap (this week) Is there anyway we could access our properties equity now (given that they are for sale) to use as a deposit for the new purchase? We would only need around 45k total released (deposi
  9. Hi everyone, I live in London and the rent I pay at the moment is much lower than the mortgage I would pay to buy the same kind of property here (like 40% cheaper). So, I'm thinking to invest my money in a buy-to-let somewhere else and keep renting in London. But I cannot find enough information online to understand if it's a good idea: Will lenders allow me to do buy-to-let as a first investment? Will I lose the the ability of using only the 10% deposit when I will buy my own house in the future? How will the Stamp Duty work? Will I pay less in the first buy-to-l
  10. My student tenants have vacated 3 months before the end of their tenancy. The property has been left in need of cleaning and redecoration, which would be claimable from their deposit. As the tenancy is still running, I haven't yet done a check out report to validate a deposit claim. However, I also cannot conduct viewings for future prospective tenants due to the condition of the property. The property needs to be redecorated and cleaned professionally before anyone will sign up. The concern is that if the redecorating and cleaning are started before the tenancy ends, then this will f
  11. My student tenants have vacated 3 months before the end of their tenancy. The property has been left in need of cleaning and redecoration, which would be claimable from their deposit. As the tenancy is still running, I haven't yet done a check out report to validate a deposit claim. However, I also cannot conduct viewings for future prospective tenants due to the condition of the property. The property needs to be redecorated and cleaned professionally before anyone will sign up. The concern is that if the redecorating and cleaning are started before the tenancy ends, then this will f
  12. Hello, just want to know if anyone has done or thoroughly researched this? Long story short, I've got a couple of friends /Family that are wanting to learn more about what I do in property. Mainly because they want to earn some money, but I'm wary that a full 50/50 venture could be difficult. What I'm proposing is that I simply give them interest on a loan they give me that I use towards a deposit for a property purchase. The property would be solely in my name, I would just simply keep them informed of everything I do with the property for the first couple of years so it
  13. Well, here's something I've not come across previously. Tenant has caused damage on Day one of the tenancy. Friday I had professional photos taken of a staged flat, to use in future adverts. Friday evening and Saturday morning staging removed and flat cleaned. 12pm Saturday the inventory was done and at 2pm I check the tenant in. 5pm tenants tells me they've damaged the floor. I have a look and it's half a 5 pence piece gouge out of the brand new (good quality) laminate floor in the middle of the room. Credit where credit is due she did own up right away and tell me. She t
  14. Hi guys, just a quick few questions on tax that come up less often. BTL insurance claim, if you claim on your insurance for damage to a BTL property, do you claim the insurance payout as income and claim any contractor repair costs as expenses or do you claim neither as its an insurance payout rather than earned income? If you withhold some or all of the deposit due to losses of time, work, rent, damage or whatever, either for actual contractor costs or for your own time and hard work to clean and repair etc, does this need to be claimed as income or not as the deposit
  15. Me and my partner are desperate to move out of my mums house but also I want to save up for a deposit for a flat. What's the best way to go about this?
  16. I have originally posted it to Contractor advice. So, please use this topic for answers. I think legal advice is more what I am after. Link to my other post (I don't know how I can delete previous post): I need your advice - I am having a difficult time with a contractor. I will keep my story very brief (as much as I can). So, the status is that: I have paid deposit £1000 (bank transfer) for stuff which hasn't been clearly specified on Friday. We discussed number of issues, however not in detail. I said my priorities are: boiler replacement, consumer unit replacem
  17. Please use this topic to reply: @Admin - please delete this topic, as Legal Advice is more appropriate ( I believe ). I need your advice - I am having a difficult time with a contractor. I will keep my story very brief (as much as I can). So, the status is that: I have paid deposit £1000 (bank transfer) for stuff which hasn't been clearly specified on Friday. We discussed number of issues, however not in detail. I said my priorities are: boiler replacement, consumer unit replacement and roof maintenance. I understood that we would continue discussion on Monday, what
  18. Hi, I am thinking about starting a limited company SPV for my next and subsequent purchases, so that their tax treatment is more favourable. I am thinking about affordability criteria for mortgage lenders. Clearly there will be affordability criteria and rent : mortgage standards of a similar nature to the personal mortgages market and I get that interest rate and set up costs are likely to be higher. However in order to get the company started I will clearly have to fund it in order for there to be money there for deposits, legal fees etc. Here
  19. Hi all, Looking at two developments up north where the developers are asking for 25% and 35% deposit respectively. Is this standard for a development? Lawyers have said developers shouldn't require more than 10%... Pretty much everything I'm seeing on the market is 25%+ however. Sincerely, Confused member
  20. Hello Everyone, I am planning to embark on a BTL journey via the SPV company route. I have got enough funds in my limited company to cash buy 1-2 properties but am a bit unsure about the best possible way to transfer the same into the new SPV. Any advice would be highly appreciated. Thanks in advance, Arunjay
  21. Hi guys could really do with some advice and guidance on the below! Developer gave me the below response when I asked how my deposit would be protected. Your thoughts? Thanks in advance! "With regards to the protection, upon exchange of Contracts you become a shareholder within the LTD company that the development is under. The developer has to be working in arrears at all times on the build meaning that if they was to go bust you would have a development part completed but the building would be worth far greater than what your initial 25% along with whatever funds was still
  22. Hello, I am a new investor to property, but have many friends who are in the game. I have a cash fund however, my strategy was going to be 25% LTV buy to Lets, aim to negotiate a good price, in 1 years time refinance. My strategy would have been to use a mortgage, at fixed rate for longest erm possible, 10 years if possible and go interest only. Now my question is what happens to my strategy when interest rates start to rise. Historically in 1989 they were as high as 13.5%. When I come to remortgage what if I'm in a slump. What if interest rates are 8-10%, what would be the exit strategy, as w
  23. Hi all, Anyone here know much about the MCOL / small claims court process? I've got as far as "Notice of Judgement Entered" but not sure what happens next.. The situation follows a deposit deductions dispute, couldn't reach agreement on deductions directly with the tenant so had to refer to TDS. However due to various things happening in my life I only managed to get round to submitting the dispute to them online on the last day - and it took WAY longer than expected spending many hours on this, I ended up finishing the process and submitting an hour after midnight.. which TDS
  24. Halifax state they will accept a gifted deposit from the partner of a mortgage applicant on the basis they are cohabiting / common law. Does anyone know if they would accept it from the partners parents? Similarly Natwest state they would accept a gifted deposit from "Third Parties" subject to a letter stating they dont require reimbursement or have any interest in the property. Does anyone know what constitutes as a third party in this instance? If anyone works / has worked at either bank or has dealt with them in the past or is dealing with them currently I would greatly appreciate you
  25. Hi I have a small number of BTL houses and so far I have managed to add value and pull out most of my cash as I have gone along. I'm attracted to investing in apartments as the maintenance requirements seem generally lower and I have found some deals that seem to offer good returns. However my concern is how I can uplift the value in order to refinance and get my deposit back out. I can see it could be done with reconfiguring a 1 bed to 2 or extending the lease but with a newer build property even buying BMV I presume I would be waiting for the uplift in the general market? Am
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