Jump to content

Search the Community

Showing results for tags 'help'.



More search options

  • Search By Tags

    Type tags separated by commas.
  • Search By Author

Content Type


Forums

  • The Property Hub
    • Announcements
    • Property news
    • Introduce yourself
    • General property discussion
    • I need advice!
    • Progress journals
    • Property Podcast discussion
    • Property Hub University
    • Off-topic chit-chat
    • The Property Hub Meetups
  • The Property Hub Summit

Calendars

There are no results to display.


Find results in...

Find results that contain...


Date Created

  • Start

    End


Last Updated

  • Start

    End


Filter by number of...

Joined

  • Start

    End


Group


Website URL


Skype


Location


Areas I invest in


About me


Property investment interests


My skills


My goals


Interests outside property

Found 47 results

  1. Hello! I'm wondering if anyone can help regarding a stamp duty question? If i were to buy a property as residential for cash and then remortgage under a FHL (Investment property), would i then be able to buy a new residential property without having to pay the higher rate of stamp duty? In short, is the above a way of acquiring two properties without paying the higher rate of stamp duty? Thanks!
  2. 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.
  3. 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
  4. I purchased a property through RMP back in 2015 and recently had an “Offer to vary Ground Rent Review Clause” from the Landlord (via their management company). This variation would remove a 10 year ground rent doubling clause and would instead replace it with a clause which increases the amount of ground rent payable in line with the Retail Price Index (RPI) every 10 years for the remainder of the lease term. Essentially for the cost of £795 the landlord (Ishguard Limited) are “prepared to offer a Deed of Variation for the reduced premium relative to the value of the reduction of their future income of £5,000.00, payable prior to completion” I understand this to mean £5,000 would be payable on completion of the variation. I’ve been trying to understand whether this is beneficial from a personal and saleability point of view. PERSONAL The ground rent is currently £225 from a lease commencement date of 01-Jan-2015. I am not planning to sell the property anytime soon so this would mean that that the rent would be: 2015 - £225 per year 2025 - £450 per year 2035 - £900 per year 2045 - £1,800 per year 2055 - £3,600 per year After this point I’ll be long gone so no worth worrying about Based on this changing to RPI seems to make sense since this increased circa 30% over the last 10 years as opposed to doubling… My question is based on this is it worth doing - I keep flipping as to whether this makes financial sense or not? SALEABILITY The letter I received states that “concerns have been raised around the saleability and mortgage ability of properties that have leases containing such clauses.” I seem to remember reading about these a while back but was wondering if anyone else had a similar view as to whether these clauses are a negative from a saleability point of view? Thanks for reading this far and I would genuinely appreciate any responses, even its to just confirm my thinking (which is that this seems worth doing).
  5. 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!
  6. Hi I am looking to buy a property, need advice on which area of Birmingham i should consider and is there anyone who can help source a property. This would be my first foray in to this kind of venture. thanks Satnam
  7. Hi Everyone, So I have viewed & want to purchase a large house near me, it was previously used as a halfway house for under 25's run by a charity. As such it was set up with 6 bedsits, each with kitchenettes & two shared baths rooms, one on each floor. There is also one more bedsit, that used to be the office that again has a kitchenette & its own bathroom. It has a fire alarm installed already, and each bedsit has its own consumer unit. Really it just needs a bit of TLC and decorating to get it back to scratch. My question is, should I keep it the same setup OR do I change it to four 1 bedroom flats? I am clued up on what would be required of me if I kept it as a bedsit HMO, however, I am confused about what the building would be classed as If I changed them into four 1 bedroom flats? Would it still be classed as HMO as each "flat" would be a Unit? I have attached a picture of the floor plan below. Really appreciate any help, Doug
  8. Dear Hubbers HI, I'm a HMO newbie and grateful for your advice. I've got a 6 bed HMO , 2 storey in the works . All bills will be included. I've got myself a bit confused with the type of thermostat arrangement to set up. Should I just have a single thermostat in a communal area , one on each floor or one in each room ( super pricey to set up) I'd really appreciate advice on how to keep bills down whilst making sure everyone is comfortable . Having a thermostat in each room seems like the most comprehensive solution but its the most costly. Any advice on an easy -to -use brand which has worked for you and thermostat strategy would be gratefully received. I appreciate your time Hubbers!
  9. Hi all. My wife and I have three properties. I have one, she has two. Mine is in Worcester and my wife's are in Wolverhampton near where we live. We want to build on our portfolio to a net income of at least £2000/mth We both work full-time as civil servants. I project managed the total renovation of our farmhouse including successfully obtaining government grants. What a faff that was but worth it in the end. I listen to the podcasts and subscribe to the property hub website / magazine. I'm looking for advice on accounting. We have started using Go Simple Tax as our previous accountant wasn't at all property friendly and expensive. We have not previously claimed for all the fiddly stuff like percentage of house use, percentage of mobile bill, travelling expenses as we rarely visit the properties and so on although we do make a lot of calls, send emails and I do repairs now and then on my wife's houses. Is it really worth it? And if we do when we haven't before, will this be flagged by HMRC? If it is, will it be a problem? Are we better to say we use Cash Basis Accounting or Traditional Accounting? We don't exceed the threshold for Cash Basis but as I don't really understand how each would apply to us or what our previous accountant said we we using. Would welcome any help /pointers with this. Thanks
  10. Hi, I am currently stuck in a consent to let nightmare and I was hoping I could get some help or advice. Any help would be greatly appreciated. The issues I have span a long list, but I have summarized most of the issues. In 2007 I bought a 1 bedroom apartment (new build/off plan) in Sheffield City Center for £106k (100% mortgage), myself and my wife lived there until 2010. In 2010 we bought a 3 bedroom house together. Because I was in a fixed mortgage for the apartment, I couldn't move to a different lender. So after failed attempts to sell the apartment, I decided to rent out the apartment. But because my mortgage lender (Norwich and Peterborough) changed their products, there was not an option for a buy to let mortgage with them so it had to be a consent to let. The mortgage for the apartment was roughly £600 per month (residential mortgage and also when it moved to a CTL). So the apartment was rented out under a CTL. The general rental income in for the apartment was £500 - £550 per month. So there was a short fall of £100 - £50 per month. I also had to pay ground rent and service charges (£100 per month), along with landlords insurance and cover any damages (£50 per month). So a worst case scenario was £500 rent + £100 short fall + £100 service charge + £50 insurance. £750 outgoings per month, with £500 rent, leaves a short fall/lose per month of £250 (which was not ideal). When the fixed rate mortgage expired I attempted to move to a buy to let with a new lender. The Zoopla valuations and near by valuations (from estate agents) put the property at £100k+ (Zoopla showed £120k+). My mortgage at this time was at £95k so I did have 75% LTV. So I paid for a broker and a required valuation on the property, which came back as £85k, which was way lower than everyone's estimates. So I could not move lenders and had to pay the broker fees. I continued to rent out the apartment, and continued to make the monthly loses. In 2017 I decided to try and sell the apartment again. In June/July 2017 I got a buyer, for £95k (the apartment was on the market for £95k - £100k, £95k which was the lowest I could go). This was great, but 3 days before the apartment was handed over the buyers solicitor discovered that the building didn't have a completion certificate. This totally took me by surprise and was my understanding that this should have been sorted when the building was completed back in 2007. There were 5 issues that caused the completion certificate not to be issues, 2 involved fire safety. From this point (July 2017) on wards has been a battle to try and get these issues sorted by the builders the land owners and Sheffield's building control. I have spoken to (many) solicitors about this, but to take either my original solicitor or the builders to court would cost thousands. So I am currently waiting (on a waiting list) for the legal/financial Ombudsmen to look at this as my original solicitor from 2007 when I bought the apartment should have noted this and not gone ahead with the mortgage. When I found out about these issues, the apartment didn't have any tenants (in a void period). I finally managed to get the builders to look at these issues. During this whole time myself and my wife had to pay for some private health care, which ramped up to £20k. The original plan was to take out equity on our residential mortgage (we had £45k equity) to pay off this health care bill. We approached our bank/lender and I was told that releasing equity wasn't possible. The option available would be to buy a new property, and use any money made to pay off the health care debt (which was a bank loan). Then get a new mortgage for the newly purchased residential. We found a new residential property and had a mortgage in principle completed (with the plan to pay £20K off the loan). We went to the bank 3 months after the mortgage in principle was done. So we could check everything (before we sold our current residential). The mortgage on the new residential was declined. The basic outgoings (affordability check) caused an issue. Our residential mortgage was £370 per month, the loan was £260 per month, but because the apartment which was being rented out was classed as a consent to let, the rental income could not be considered. So that added an additional £600 to the outgoings. In total (as a base number) is £1230 per month. Our other option was to stay in our current residential house, and just attempt to take out £20k from the equity, which would then be added to the apartment/consent to let mortgage which would take the LTV down, so I could move it over to a new lender on an interest only mortgage. A new buy to let mortgage would mean that I could pay the apartment's mortgage and also the loan payments (the rental income from the apartment would cover our outgoings i.e. the loan and buy to let monthly payments). But this was declined. So the current situation I'm in is that I'm waiting for Sheffield Council building control to fix/check the issues regarding the completion certificate (the completion certificate still needs to be issued as 4 of the 5 issues have been done, the fire safety issues were the first to be rectified). I am stuck with my consent to let mortgage for my apartment because I cannot release any equity from my residential mortgage as the outgoings are too high (rent isn't taken into consideration with a consent to let) and I cannot sell the property because the completion certificate isn't in place. I have spoken to many estate agents in the area and 1 apartment in the same building apparently sold a while ago. The buyer bought that apartment with cash. But If I were to sell (once the certificate is issued), the value of the apartments have dropped below market value (around £85k) which is too low for me to cover as my mortgage is £88k. So if you have manged to read through all of this (which has been edited/cut down quite a lot), you can see it is a living nightmare. If there is any help of advice anyone can give, I would really appreciate it. Thanks.
  11. Spotted this deal online, 2 bed for sale in Brinnington Manchester. Looking around I see area is not the best, however it is being sold for £95,000 which I can imagine I could bring down if I was a cash buyer and as its been on market for nearly 2 months. So presuming I bought at 95k, I was thinking of doing a refurb and flipping for 125k? I'm thinking 125k as looking on zoopla, I can see a property few doors down (in decent condition) sold for 124k few months ago. F Furthermore I first found its time on market and the fact its price has been decreased concerning, but the fact I can see an identical property in good condition just down the road makes it seem solid to me. Would love feedback from anyone here, what do you think of this 'deal'? Propertys referenced: https://www.zoopla.co.uk/for-sale/details/45476738?search_identifier=3f25391946b847db7d199f7ec343a497#fijXifF2W5WBKK8i.97 (TO BUY) Nearby Property that sold for 124, http://www.rightmove.co.uk/house-prices/SK5/Sandileigh-Avenue.html
  12. Hi Rob and Rob, Trust all is well. My first property meet up was a bit of a disaster. I went the Albion Pub in Epsom for a 19.00 meet up but unfortunately there was no-one to be found. Is there a way to know if anyone is going by the amount of tickets being snapped up? And also how do I find the Group at hand. I look forward to your reply and getting to the next meet up. PS. I live in South London, so anywhere in London and Surrey would be ideal. Many thanks Lee South London
  13. Hi, my name is Stephen I'm 22 and live in the Midlands. I've recently (last month or so) have been looking into property investing. I have next to no experience or knowledge or Captial. so it's looking to be a good few years before I can do anything. in the time while I think of ways to make the Captial to start. that gives me lots of time to Learn as much as I can. this is what brings me here. been listening to the podcast and love it! (any help is greatly appreciated) I plan to be a good active member on here not that I can offer much I'll try my best!
  14. Hi all, were just dipping our toes into the the BTL market, our accountant advised us to set up a separate company from our main businesses in the form of an LLP, we have a good deposit of £75k and are looking to put that down on two properties, we decided our plan and budgets going forward, however after a meeting with our Mortgage Broker last week im a little deflated as he had never come across an LLP in BTL markets and argued the savings might be offset by the interest rates hikes, he has come back to me since then after doing a little research himself to say that the market for LLP mortgages is very small and has asked us to discuss this further with our accountants which im setting up a meeting next week, i have googled LLP mortgages and i come up with the same two or three companies, am i missing something or is it really that small a market and are we doing the right thing with an LLP, I have a lot of faith in our accountants so im a bit torn. Does anyone have an opinion on all this or any advice ? regards Jon
  15. Hullo! I'm hoping there are some landlords out there with experience in leasing property through Housing Aid who can give me some advice? I would like to be both a socially conscious AND profitable landlord. Whilst I appreciate my profit margins will be a lot less, I strongly feel that anyone of us could easily fall on hard times and would like to help families who have. I have meet with my local Housing Aid department, who are very keen to get landlords on board. They have a massive demand for 2 bedroom homes to house families. There are many pros and I'm sure cons: Pros: - V low risk of void periods as demand is so high - No letting costs (the council do it) - Low insurance (the council in the process of working with an insurance company to cover this) - Cheaper properties, cheaper areas - Low uptake on the security bond by landlords (6%) to pay for damages etc. - Direct rental payment - Feel good factor - Council very open to negotiation Cons: - Vulnerable, high risk tenants? - Low rent (£470 pcm for 2 beds, however, can charge more with the tenants topping this up) - High maintenance - Furnished - I'd like to hear of some! From talking to people there is a belief that your property is more likely to be trashed if you have Housing Aid tenants. I'm not convinced... in my experience wealthy private tenants, with rich Daddy's are the most problematic! Also the council vet everyone and those classed as high risk e.g. with a history of substance abuse, criminal records, no employment history etc., are not processed through the Housing Aid route. Also the low uptake of the councils security bond would suggest that the tenants look after the property. However, I don't want to be naive so would really like to hear from anyone with experience in this area. As a bit more background... I'm looking in the Nottingham area, would look at self managing and will plan to negotiate with Housing Aid regarding the selective licensing that is shortly due to be introduced in the city. I will also probably hedge my bets and look into getting one or two more profitable HMO's at some point! Muchas gratis Ginger
  16. Hi I was wondering if anyone could help me with a mortgage. I have a limited company where the primary SIC code is dealing in finance and insurance (66220). I would like to purchase a property through the use of a BTL mortgage through my company but I am struggling to find a provider where I meet their lending criteria. They deem that my limited company is not suitable to lend to due to my SIC original activities. In a way to get round this I added the SIC code 68209 to my firm but they don’t seem to be buying this and are asking that I set up a separate SPV firm. I do not really want to do this as I wanted to use the funds in my current limited company to fund the deposit of the purchase. One provider said they would be prepared to lend to my limited firm but were going to charge 6.8% which is double what standard interest rates are. Does any one know of a provider that would lend to limited company where the main activity is financial services? Thanks James
  17. Hi all, great to fine such a fantastic resource at the tip of my fingers. It seems like there’s some excellent advice given. I’m pondering property investment as a place to put my savings and create a secondary income. Once on my feet I’d like to give more time to it and perhaps consider doing full time but for now it would be a side project. Current Situation Both my partner and I have about 50k in saving and are currently renting in London. We’re considering what to do at the moment, we’re both keen to get on the ladder soon and don’t want to rent for much longer, I’m consious however that a lot of our additional money will go into our house once purchased. I’m pondering what to do. Do we buy a house toward the bottom end of our budget and get back to saving to put aside money to get a deposit together for our first buy-to-let? Do we stay where we are and invest our money in x2 buy to let’s? All whilst continuing to pay London rent. We currently can save about 25-30k p/a and still live comfortably. Goal I want to be in a postion of having created £3000 worth of passive income in the next five years, whilst continuing working full time. Once this is done I’d like to go into property full time and work on my portfolio. Is there anything anybody could suggest? Also on a side note, what are the constraints/risks to using residential mortgages on buy-to-let’s, both my partner and I are in a position whereby we can get x2 separate residential mortgages. I know this is obviously not the done thing but any guidance on this would be welcome. Thanks in advance, Niall.
  18. Hi Guys, Another question for you here. I was speaking with an old acquaintance of mine a week or so back and mentioned I was getting into the property game (Flips to start off) Anyway, it came about that he had access to the same amount of funds as me. The general conversation was around joining funds together and splitting everything down the middle including renovation work. I totally trust this guy and know he has a proven track record for his work. (His parents have 16 BTL properties and he does all the maintenance) So...... He has a newly formed Ltd company and so will I in the new year. If we were to join funds together how would we go about purchasing a property for cash? My thoughts were that he or I would 'loan' the funds to one of the companies and draw up a legal agreement to that affect. When the project is finished he draws out his cash and 50% profit to his business and the remainder stay in mine. I'm not exactly sure how or if this would work but would love to hear your take on it? Speak soon! Ashley
  19. Hello there, I almost feel stuck and not to sure what to do but I will try and be as clear as possible. We are currently waiting for council to buy our property in london as they are currently renovating the local area (hoping to get about £350-£370k). When i say we that is my parents and i. The property we currently live in is under both my parents name and at this present time they do not earn any money and i am covering all outgoings. They have approx 29000 left to pay on a mortgage. I am at the age of 24 and a mortgage shouldn't be a problem in regards to age but possibly a problem with my parents. A little while back we went to the bank and just queried about remortgaging and the fact that my parents were of a certain age and not earning, it could effect the amount of money we can borrow and length of time. I had asked how much would it be if it was just me on the mortgage and the amount had increased quite a bit. With my parents and i we could get about £150k but just me alone could get around £190k and obviously the latter being the best case scenario (I assume). (Took out a £55k Mortgage around 2003 i think) What i would like to do in the ideal world is to borrow as much money as possible from a lender and buy a flat for around £400K or less to live in as i live in london and can not relocate to far from here, so with that i would try and use about £200k - £250k towards the home and mortgage the rest so i will still have money to pay for a deposit for 2 or 3 buy to lets? (Outside of london of course). Now what i need help with is: Can i get my parents to give me the money that they achieve from the current property without tax implications? If so how? Can my parents gift me the money just like that? Should i try and get a mortgage with my parents? Could getting a mortgage with my parents effect me later on for what ever reason? If i was to be able to get all the money for my own mortgage, would i still be able to pay no stamp duty up to 300k as i would be a first time buyer? I have so many more questions that i just cant think of at this present time which is so annoying. Im sorry for the long winded message but i have created many many scenarios in my head and i am sure that i could be getting ahead of myself and just need some real guidance because i really dont have a clue about what steps i should take next. Thank you for taking the time to read this and will greatly appreciate any advice. Zeeno
  20. Hey everyone, I'm a newbie to Property Investment and I've been listening to Rob & Rob's first episodes of the podcast (yes I've got a lot of catching up to do!). I noticed the list of Twitter accounts to follow is now an invalid URL. Does anyone still have the list of recommendations or in general any good accounts to follow for Property investment, thanks
  21. Good afternoon everyone! Looking for some advice. I'm currently in the process of purchasing my first property to live in. Once everything is signed, they've given me the keys and I've sorted all my furniture, I plan to rent one of the rooms (using the government lodger allowance scheme to claim the income tax free), to help me to continue to save towards my deposit for my first proper buy to let. My question is: what do I need to consider before renting out the room? I'm currently reading Rob Dix book 'how to be a landlord' and am not really sure if I can, or need to apply all the same steps (i.e. writing a tenancy agreement, taking deposits, due diligence on referencing, credit check etc.). Also I'm not sure if this makes it harder or easier if I have a friend already wanting to take the room? Any replies appreciated. Thank you in advance Ben
  22. Hello! So I'm a 24 year old that's been a little bit obsessed with getting involved in the property market for the past 3 years or so. I've had decent jobs, I've been travelling for the past year and now I'm back in the UK ready to 'start my career'. I've managed to secure a really good graduate scheme which I will start next week. Now the initial plan was to buy my first home within the next 8 months of working, live in it, do it up, move onto another home and turn this first house into a rental. Great. But this takes time and money. And I'm impatient and have little money (travelling for 10 months instead of 5 will do that to you). I've listened to the recent podcast Rob Dix shared talking with petra about her rent-to-rent business. I didn't even know this was a thing! I've watched hours of webinars and read so many articles and really feel like this is something I could get involved in. You need little start up money. You need the drive to do it. A lot of profit can be made with the conversion of a home to a HMO and I feel I understand the student and young professional market enough to do that. Now here is my dilemma. This would be my first actual step. My first leap into the industry. I'm forever doubting myself on my knowledge so I thought I would come here to seek the answers I think I already know. I'm looking at properties in the Manchester area, outside of the city centre, either Salford or adjacent to Oxford Road for the Student/Young Professional market. I am on rightmove constantly and can't believe the amount of properties that are 'Available now!'. Does anyone have any insight as to why this is? Is it just that the demand is there so it's a thriving market, or is it the opposite and properties aren't renting any more? If anyone has any words of advice or can give me a kick up the backside to actually take that leap then please send it my way! Thank you all! Emma
  23. Hi All, Not sure if this post is in the right place however..... I am new to the forums and relatively new to the podcast also. My girlfriend and I will be attending our first Cardiff meet next week, looking forward to meeting everyone in the South Wales area! I'm sure we'll be able to get plenty of advice then but we're just trying to get a bit of a head start. A bit of history. I currently own my own apartment and to purchase this apartment I made use of the governments help to buy scheme. However, my girlfriend and I have now decided we are moving in together (into her apartment which she owns). Therefore I will potentially be holding onto an empty property. It it is my intention to now remortgage for the full amount of the property and convert over to a buy to let mortgage and therefore pay back the equity part of the loan from the government. Of course to do this I am looking for some recommendations for mortgage brokers in the Cardiff area ideally one with some experience with help to buy and the steps needed to pay back the equity loan. Any recommendations would be great! Many thanks in advance! Ieuan
  24. hello everyone, Its been a long time since I've been on here, mostly to do with being away with work but glad to be back at it and making future plans. I’ve been doing some research and have a skeleton of a plan. I know there this will sound simple but I'm well aware of the work involved. THE PLAN Make my self a limited company Invest in house that are either : Large town house that could be converted to 2 flats A top floor flat that can have the loft space converted and thats it so far…. I haven't got any money to invest just yet so in the mean time i would like to get some experience with anyone that has a portfolio and has recently just got a new project and need some extra hands, I may not have any money but what I do have is a particular set of skills skills that are useless in property, but I am a very hard worker. I will work for free of course but in return I would love to get some inner workings of your company, what you look for in a property, anything that would be helpful to me I'll take. Hope this makes sense, please ask any questions, Thanks for reading, Will
  25. Hi All, Me (25) and my wife (22) are thinking about buying a property. I currently Work in Chandlers Ford as A design Engineer and we live in Eastleigh. We are starting to look at properties this weekend but wanted your opinion on where to buy. Budget: 250k max probably more around 200k We have been thinking of trying to get a property close to Eastleigh Train Station. Chandlers Ford is also an option but is slightly more expensive. I don't think i'm as keen on buying in Portswood but I could be wrong. Basically I don't know the area well enough to know 100% where to buy. I mean I would like to to go up in value . Any insight you have would be invaluable so thank you in advance!
×