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Found 25 results

  1. Hi all, I received the keys to my flat yesterday, I drove as fast as legally possible to get there, full of excitement. This is where I was met with this (see pictures attached). I just need to know where I stand and how I can get this issue fixed as it looks like its coming from the flat above! Has anyone else experienced a similar issue? What is your advice for me? Many Thanks in advance Josh.
  2. Hi fellow investors, I've had a few difficult BTL lenders being very difficult to do business with. The property is owned by a LTD company. First Lender TMW; Undervalued my property from initial purchase price roughly 2% (Purchasd in 2020). I appealed the valuation and provided x2 comparison properties. And they have refused the appeal with no comments. The original mortgage offer is still available, but I'd have to pay the difference between mortgages. Second Lender - Nottingham B.S. Refused mortgage due to area being ex social housing. Property details. 1 bedroom Maisonette, Lease 123 Years. Purchased in 2020 Wondering if anyone has any advice or similar situations. Regards, Craig.
  3. Hi all, I moved into a downstairs flat last year, and noticed after decorating that there’s a wet patch on the wall in the bedroom where the chimney breast is (it’s boarded up) I constantly leave the windows open in the bedroom as if I don’t it stinks of damp. After mentioning this to my landlord he keeps telling me that it’s the upstairs homeowners responsibility to have the roof and chimney looked at in case there’s water coming in and causing damp upstairs. However after speaking to my upstairs neighbour he’s had someone out to look at the roof and he said he wouldn’t touch the chimney as it’s my landlords responsibility. I’m really confused as to who is responsible to fix this, as I shouldn’t really have to live in a flat which is damp, not sure what I can do as a tenant, and don’t want to upset anybody either but I don’t want to put my health at risk. can anybody point me in the right direction or give me some information so I know who is responsible etc? thanks so much :)
  4. 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
  5. Hi everyone, In order to help make my move into another property strategy I want to sell my current buy to let flat in Hinckley, Leicestershire. Ideally, as it is tenanted with a tenant who is long standing and who doesn't want to leave and wants to keep signing 1 year tenancy deals, I'd like to sell this to a landlord (existing or looking to become one) so I don't have to kick the tenant out. Not really my vibe that as he's a lovely bloke and has kept the place tip top...even doing the odd bit of painting when I offered to get the decorators in to freshen it up. What I don't know though, is there anywhere I can advertise the property to landlords? Is there a place on this website at all? Or does anyone know of any websites at all. In case you wanted to know a bit more about it, here are some more details. 3 stories tall and made of brick Located opposite the train station and supermarket 5 minute walk into the town centre Around 1 mile from the M69 & A5 Within 5 minutes drive, 10-15 minutes walk of numerous schools Doctors surgery next door Also a pub just down the road 2 x bedrooms 1 x bathroom 1 x relatively big kitchen diner and lounge area Currently tenanted with a tenant who has signed for a year until January 2023 Any advice on where I could advertise this would be greatly appreciated. Cheers Joe
  6. I am embarking on my property portfolio and personally think a flat is a more conservative option than a house. Don't want to start with anything complex like flip, HMS and etc. Just a simple vanilla let. So I have come across these two options: 1- A flat in a premium location (next to train station or town centres) targeting young professionals or a mature or PhD student. 2- A flat on a more suburb or smaller town targeting retired people. Obviously the first one offers better yield but less stable tenants. And the second one probably gives a longer term tenant with probably discounted rate (some of them might be on disability benefit). For me at the moment, building solid cash flow and being able to re-mortgage the property is my number one priority. So I am slightly siding with number 2 strategy. What's your though on this? If you have experience managing any one them please share.
  7. Hello fellow property investors I am currently look at removing the kitching in a one bed flat and relocating it into the livivng space freeing up that room to create a second bedroom. The flat is big enough to have the kitchen in the living area and the floor plan is perfect. but the property is lease hold and i am dubious about how much restinace i will incounter to make such changes to the property. There will be no need to knock any walls down or any structural work to the flat but there will need to be re-routing of water and waste. does any one here have any experince on the matter or feed back it would be greatly appreciated. thanks Lee
  8. Hi all, I’m about to buy a flat on the second floor of a 3 story high building. Should I not go ahead with the purchase if the management company cannot provide a valid ews1 Assessment?
  9. HELP guys, I’m after some advice please, I’m currently a landlord on a house ( no issues at all) but I’m now on the cusp of buying a beautiful flat when I received most of the legal pack from my solicitor. After reading it the seller (+5 others tenants) took the Managing Agent for the landlord to FTT and won in 2016 plus and issue with them in 2018 but it’s not clear what that was about. Basically they were hiring there own company contractors to do minor jobs and charging a fortune! It says there has been a big improvement since but tbh I’m very wary this company will try it on again with MY future tenant! I’ve asked my solicitor her advice but would really appreciate your advice on this dilemma. Do I walk away from Landlord & their Management Company? Many thanks Diane
  10. I’m looking for my first standard btl I have chosen Liverpool and can’t decide between flats in the centre or houses a little further out i plan to buy 2 or 3 this year @ 80k - 150k. Or should I spend more for premium. i haven’t been to Liverpool yet so any information on good and bad areas to invest would be greatly appreciated.
  11. I’m due to complete on my second BTL flat. My first made me an accidental landlord and I’ve had the same tenant in there for the ten years since I rented it. This new purchase is the start of me becoming intentional. It’s a 2 bed flat in an area near town in Newcastle that is popular with both students and young professionals. It’s a nice flat with a great layout, double fronted and a huge private garden. My question is what level of furnishing is advised? I often read to furnish with as little as possible but I want to get this rented out quickly and for it to be desirable. Any advice gratefully received.
  12. Hi! I'm a new investor. I've finally managed to get a deposit together and looking at buying something around the £150k mark. Our goals are as a long term investment so capital growth is at least as important as rental income. We live in the South East so if we stay local our only option at that price would be a small flat or apartment or maisonette. Most advice I've gotten suggests investing somewhere within a 45min drive so that leaves us a few options- Chelmsford, Witham or maybe Colchester. The problem I have is that my eye keeps getting drawn up north, specifically to Manchester as I have a good friend there who has offered to view some properties on my behalf. The yields and potential for growth seem pretty exciting around Manchester but I've never set foot there so I'm not sure it's for me. It also appears that there are a lot of properties for rent up there at the moment so I'm worried finding a Tennant quickly might be an issue. As such I'm basically dividing my research time in 2 between two different areas. Should I just pick one and go for it? Any tips or advice gratefully received! Thanks Hermann
  13. Does anyone have a minute to say a line or two about Notting Hill Genesis's past development? Are they too pricey you think?
  14. Hi, need some advice. I own a 2 bedroom flat, with 94 years remaining on the lease. I have tentatively enquired to the freeholder to extend the lease and have been provided the attached document. I have never done this before, but taking a quick look through the attached, it suggests that i have to pay/commit an amount of money/time/effort upfront to get to a position of knowing how much it will actually cost me to extend the lease? .....and even then, it appears that i tell them what i think it should cost (based on a valuation report) and then the freeholder will decide if that sum is fair and whether or not to accept or negotiate my proposal? *Is that about the sum of it? *Does anyone have any experience of this? *Is their a calculation i can do beforehand to give me a rough idea of what it will cost? *Should i be looking to extend with 94 years left? *It states the lease extension would be for 90 years plus the unexpired term of the current lease - so would that make it a a 184 year lease (94 yrs unexpired plus the 90) if i do extend it? Many Thanks Lease Extension booklet.docx
  15. Hello Hubbers, Warm greetings. I am looking to buy either flat A)1 bed flat with 4th floor views of the city for 115k or b) a 5th floor 1 bed flat in the same block that comes with allocated underground parking space for 125k Both same spec, size and condition. The service charge is marginally higher on Flat B at £190 extra per year Flat B also comes with a balcony facing views of the city. Flat A can rent for £600 whilst Flat B could rent for £650. Both would need some light refurb to get it to that standard it would demand. Estimated refurb costing 5-7k My question Hubbers - Do you think allocated parking adds significant value long term to the property value? and potentially who wants to rent? Interested to hear your thoughts, (im leaning towards flat b) Thanks Zub
  16. 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?
  17. Hi everyone, this is my first post and I have not yet got any properties etc, I am just planning to save some money up to someday start my career off as a landlord. I really want to save up £20,000 within the next two to three years (I've worked it out and can do it.) And then I would like to purchase a cheap but sturdy flat to rent out at £70,000. I've heard that there are mortgages where you're not required to live in the property, called 'buy to let' however in the UK, I can't find ANYTHING! Does anybody have any general advice for me or know a company of which I can get a buy-to-let mortgage to achieve my goals? I just feel it would enable me to obtain the flat faster and I know of someone who is currently doing buy-to-let and after paying the agreed monthly repayment sum, has some £ spare. However I have no contact for this person to ask them, they're not close with me, just a relatives friend. Thank you.
  18. Hi all, I’m new to the forum and I bring with me what I hope is a simple question - if i convert a single family house that i own into two flats, do i need to do anything in respect of the title deed of the property (i.e. does it need to be amended to reflect the fact that the property is now two flats)? My gut feeling is yes, but i have no idea how i would go about this. Of course i could seek legal advice but i thought i’d try and get a freebie from my fellow hubbers. Thanks!
  19. Hi all, I'm in the process of researching a deal. I think I have found a really good one with the only issue being the lease has 98 years left on it (126 years from 1990). Now being a podcast listener , I've heard from Rob and Rob that I should be looking for at least 100 years. RMP even state they look for 125 on their fundamentals screening. What do people think? Is this a deal breaker? How easy would it be to extend the lease and how do i go about enquiring? Thanks in advance. Bob
  20. Hi! I have a question, I own a 3 bed flat with my partner in London. It is a leasehold prop (999 years remaining) but I am a shareholder of the company that owns the freehold so we own a share of the freehold. I am considering a title split and a division of the flat in 2 one bed flats. Since the property is mortgaged, can I do this? is it viable? thank you in advance MF
  21. Hi all, I'm about to purchase a 4-bed house with a 2-room basement. I'd like to maximise my monthly return AND pull out cash for another purchase. My question is, do I: a.) create a 6-bed HMO, or b.) create a 4-bed HMO + 1-bed flat? I've checked with local planning, building control & HMO team, both options are doable. Return on both options would be similar. But what about refinancing? Would either option work best for maximising how much cash I can pull out? Anything I need to watch out for / push for? All experience / suggestions welcome? I'm scratching my head, and not getting anywhere....thanks
  22. Are management companies regulated and is there anything you can do if one is misbehaving? A friend of mine is thinking of selling his London flat near Shorditch and it might be a good opportunity for me. I used to live with him so know the property's pros and cons, he bought it off-plan and has lived there about 10 years before renting it for about 2 years. Its worth in the region of £550k which is double what he paid, its recent value has dropped post brexit He's had a lot of problem with the management company which would be the biggest con, I've not gone into the details with him but basically the service charge seems to fluctuate yearly, two years ago it was £1,000 then last year it went up to £3000 and he's not sure what it will be next year. I expect this is broken down by the service rate and then maintenance and repair costs but its not clear, the issue is that costs are not forecasted well. My friend is competent and tried to get other owners in the block to work together to get a better service but they are not interested and prefer to in-fight. He's also pretty despondent with the management company after poor service for so long which is one reason he's thinking of selling. If there's nothing I can do to get good service from the management company I'll probably pass so looking for input.
  23. Is it necessary to get a survey on a flat to be purchased. The building is the responsibility of the owner - assume leasehold
  24. I believe that even for single people a house is the better proposition. No need to worry about leasehold agreements, and have grounds. Do you agree?
  25. Hi guys need some advice (sorry it's a long post) I have begun my property journey with a BMV 1 bed leasehold flat in Birmingham this year, having been able to pay for it cash, I have renovated it after a few months to a reasonable high spec with the aim in letting out. I want to refinance to release some of the cash to invest in further properties and I am waiting to have it valued. I do not have a residential property or Morgage at the moment and never have as I am currently renting myself whilst working self employed. My questions are as follows: 1). Because the Property was bought for less than £40,000 but has definitely added value with refurbishment work( new kitchen, new bathroom and Windows) will I be able to get it refinanced based on original purchase price or is it valued price that matters? 2) how long will I have to wait as it has only been 2 and half months since purchase for applying for refinance? 3) is this a good strategy? 4) does not having a residential Morgage impact on me getting a refinance on this investment for a BTL Morgage? 5) is my self employed status an issue (I have been working over 2years) ? Lots of questions I know sorry hope they can be answered and what my initial thinking when purchasing this property can be fulfilled. Brokers, property investors and advisors welcomed Don't want to regret this idea Thanks again
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