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Seller sells property at historic purchased price. Why?
rot_dor_in_gmail_com posted a topic in Other
Hello Everyone. I am now in the process to purchase my first property. It's a 2 bed flat in Portsmouth. Offer accepted - working out details with solicitors now. While researching the property on the HM Land Registry I have found out that the property was on the market for the exact same price which the current owner purchased it in 2005. I even managed to lower it by 3K during the offer process. This puts me a bit on guard. Could there be something wrong with the property which I should consider? Now, I know as well that the time of purchase the current owner was living in the building adjacent to the flat I want to buy. He rented out the property since there were tenants when I viewed the flat. If anyone had similar case or could tell me other perspective I should consider- that will be much appreciated. ✌️ -
Hi Guys, I’m just in the process of purchasing my first property, it is a repossessed 2 bedroom flat so is in need of modernisation. I would say the flat needs a full refurb which would include a new kitchen, bathroom, redecorating, flooring and a new boiler. The surveyor said the electrics and plumbing seem to be fine but may need changing in the near future, so I was thinking to get this down whilst I’m changing everything else. I just wanted to know how much would something like this cost to be done at a good level. In my head I’ve budgeted for about £20k - £25k. Would be great to get some realistic cost from those who have done this type of work. Also if you know any good trades people that could do the job I would really appreciate it if you could forward me their details. I’m based in Croydon. I have attached the floor plan so you can get an idea of the size. You Thanks Charles
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Hi this is my first post , I am 23 years old and hoping to purchase my first property in the next 2 years however my question in the world of property investing is that as i am a first time buyer i have been contemplating buying a property with a residential mortgage and the 6/12 months later moving location and then notifying the bank and obtain different job elsewhere and putting the property on rent and moving back in with family. Has anyone else done this ? And if so how have you faired ? And what are peoples thoughts of this?
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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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Hi, im looking to begin my journey into real estate and have plenty of cash saved up to begin. I was looking for some advice on how to invest it and what is the best way in 2020? -
Hi My name's Rohail and I'm from Accrington, Lancashire. I'm currently residing in Melbourne, Australia. I want to get into property investment and have been trying to learn as much as possible through online resources. I'm a qualified solicitor so I have a good understanding of the legals and personal finances. I plan to make a move back to the UK before Christmas this year and buy my first property by July 2020. I hope to have £20,000 by then. I'm not sure what my strategy should be or where I should invest. I think I'd like to pursue a BTS strategy but I don't know anything about refurbishment! I'm not much of a handyman. I'd appreciate any advice you guys can give to me and, ideally, I hope to meet somebody who can act as my mentor. Look forward to speaking soon!
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Hi Everyone, I have made the decision to travel up to Leeds next weekend to carry out some viewings on property up to about £110,000. Only have 1 day and i want to make the most of the trip to get a feel and understanding of what and where is good new for a B2L and i don't want to waste any time doing it. can anyone advise me on some particular B2L hotspots in Leeds that i should make sure i go and see? I am split between going for a 1 or 2 bed apartment or a 2 bed terraced house that needs some TLC. any advise would be really welcome.
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Hi all Apologies if this has been covered previously, I have searched for it but could find anything specific. I have two questions, as follows: 1) I am resident in Guernsey - still part of the UK - does anyone know if this would be a problem for me in trying to obtain financing for a Ltd Co from a UK provider? 2) Do I need to be a homeowner in order to obtain a BTL mortgage through a Ltd Co? My partner and I are saving for a deposit on a BTL and would like to purchase this before we think about buying our own place (we have our reasons, many of them) but I want to know if this will prove to be an issue for lenders? Does anyone have any experience of this type of scenario? Thanks in advance!
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Hi Everyone, Im about to ask a question that i'm sure is posted on here on a daily basis but no matter how many pods i listen too or how many articles i read i find my head spinning and unable to make a decision.... maybe i'm suffering from analysis paralysis? The Facts: Im 25 and own my own house (with a mortgage) i have £35,000 ready to invest and could potentialy take some more equity out of my current home if i needed to about another £15K. I Live in Portsmouth and i know everyones stats and saying my area is probably the worst place to invest for capital growth right now. In an ideal world I want to by distressed property add value and Re finance / let out to try and build up to 2 BTL in 2 years but i am time poor and will be looking to get someone to do the work for me. I know if invest in an area away from me such as greater Manchester or Nottingham i would have better capital growth but the thought of investing far away stresses me out and if i'm honest scares me so i would like to invest locally in Portsmouth where i can be closer to the action and possible self manage. Should i be braver and invest further away or is there still room for some growth and opportunity locally in Portsmouth? im thinking the slow market may give me a chance to pick up a bargain in my area and give me the room for capital growth that way? has anyone on here started in a similar position to me and can you give me any advice? Thanks in advance! -
Hi team, Been sneaking around on this forum for a while now reading all the great content so would like to introduce myself. I'm currently based in Hong Kong and am looking to add to a 2 bed terrace I have in Plymouth (my hometown) which I own outright. My aim is to move back to the UK in around 3-5 years time. Currently I have around 100k good to go for deposit(s) and I'd like to invest that in some 2-4 100K BTL properties during the next 12 months before gradually adding more to that fledgling portfolio before I return. I have my eye on one more flat in Plymouth and am also open to investing through agents elsewhere. My long term goal is to buy a holiday let setup to move back to in around 3-5 years time (whether that be a campsite, hotel/B&B, or cottages), at which point I could also do some develop and flip investing at the same time (as I could take a more hands on approach). As many expats here have also found, a big snag to phase 1 is financing whilst not in the UK. As an expat so I'd love to hear the thoughts/tactics of any other expats who have managed to successfully finance whilst away. I'd also be interested to hear if any expats have created Ltd companies or anything of that type to help them buy. Finally, I'm also lucky enough to have my parents who could act as guarantor for me whilst away - does anyone know if that would help with finance? Really enjoying the forum and am planning to attend the HK meetups in future!
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Hi, I was looking for the best advice on how to approach on offering less on a property and how much less I could do. The property was first listed for £100k on 19th July 2017 it was then lowered by 5k to 95k on the 4th October. So in less than 3 months it has been lowered and now we are in March 2018. I am a first time buyer into buy to let so looking to get it as low as possible. 75-80k would be where I want to be buying. What is the best approach when speaking with the estate agents and do you think this type of discount is reasonable considering time on the market? Thanks!
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Hi everyone, Newbie to the market and looking to do a buy 2 let property which will be my first property purchase. My mortgage advisor told me there is no stamp duty to pay on the property im looking at (valued at 140k) because im a first time buyer. I've read mixed messages online about this, does anyone have any first hand experience with this? I don't own a residential mortgage for lifestyle reasons, so looking to buy my first property as a buy 2 let. Any advice would be amazing Thank you
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Hi All, I'm looking to invest in the Stoke on Trent area and would like to connect with anyone that is doing the same or has already invested here. As I am based in London, I have no idea about the area however I heard that investment close to the hospital and university would be good (Penkhull / Hartshill) If anyone out there is willing to give me any advice it would be greatly appreciated. Im looking to come up on the 12 August 2017 and would like to connect with estate agents and hopefully view some properties, thus if anyone could recommend any good agents then that would be a bonus. Thanks in advance. Jas
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I am a first time buyer - and have my deposit and everything set up to purchase my first home - however I am concerned there will be a potential crash/drop in property value as article 50 (brexit) is due to be signed this spring. Should I hold fire and wait to see what will happen to prices and not rush to buy now? Personally it is a good time for me to buy now but I dont want to make a massive mistake as it has taken me a lifetime to earn my first deposit. Thanks all -
Hi all, My name is Tom, my partner and I are in the process of buying a second flat to live in whilst transferring our current property on to a BTL mortgage. Firstly the remortgage of our existing property is going to raise the funds for the purchase of the second property. Secondly both of these properties will be owned by my partner and I personally. It is our intention over the next few years to grow this portfolio as much as possible. My questions are: 1. What are the benefits of setting up a limited company to buy the second property? 2. What are the benefits of setting up a limited company to sub-let our original property, whilst owning the property personally? Thanks for your time! Looking forward to understanding more about the industry, Tom
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Hi there Looking for some advice from anyone with knowledge/experience in investing in commercial property, please? As a bit of background info on me, I own a small business and have been buying residential houses to "do-up" and sell on for the past couple of years now (in Scotland). I also personally own a residential property that I let out. The opportunity has arisen to possibly buy a commercial property with a view to letting it out for the long-term to generate some income and take advantage of any capital growth. However, I have absolutely no knowledge of or experience in the commercial property world! The property has Class 2 consent which I understand means that it can be used for retail and office. However, that's about all I understand(!) so if anyone can offer some advice on some or all of the below questions I'd very much appreciate it. 1.) I'd be looking to buy the property cash - when I've done this with Residential properties I've been able to negotiate a good price. However, in order to allow me to continue to buy Residential Properties I'd like to subsequently take out a mortgage on the commercial property - how difficult is it to do this? I have 4 years of Accounts, and when buying Residentials Mortgage providers generally ask for 2 or 3 years of Accounts - Is this the same when buying through a Business? Do I need to have owned the property for some time before applying for a Mortgage? What LTV mortgages are generally offered for commercial properties? 2.) I'm not sure how commercial properties are valued? With Residential properties in Scotland, the buyer commissions a Home Report to be produced by a Surveyor in which they Value the property, possibly assess the rental income, and assess it's condition. This doesn't seem to be required for commercial properties - Do I, as the buyer, instruct a Surveyor to value it, assess the rental potential, and assess the condition of the property? 3.) Are there any costs associated with commercial properties that aren't applicable to Residentials? 4.) What's the best way to go about securing a Tenant? Advertise through an Estate Agent? 5.) Is it the Tenant who pays for fitting out the shop to meet their requirements? i.e. if the property was being used as as office but the new Tenant will be using it for retail, will they be responsible for paying for and carrying out the works to convert it to a space more suited to their requirements? 6.) Is there anything else I should be considering that I haven't thought of? Any Tax issues? Are there more risks associated with Commercial than Residential? I know I've asked a lot of questions but any help on any of the questions will be very much appreciated. Thanks Linsey -
Hi PH, Glad to see the community growing here. I've got the most basic newbie question and i'm a bit embarrassed about it.. So I've found my first property that I'm interested in that I think meets my criteria, but what do I actually do now. Does anyone have a link to a step by step process of the stages of going from now to purchase out lining when I have to part with cash etc? Thanks, Tom
