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  1. I'm about to complete on buying my first home and the owner dropped on me that the tenant is having trouble with their new place and would I be willing to take on the sitting tenant until September. Any advice on what I'd have to do and would it be worth it
  2. Hello, I just bought a house and it is next to a busy junction. I hate it as there is a constant traffic noise, reversing on the busy road is very difficult, people visiting can not park on the road as there is no on-street parking being next to junction. I spoke with my lender and I can not sell the house for 6 months. I don't even want to live there. I paid a lot of money in stamp duty. I am not sure what to do. Could you suggest some advice, please? I bought a house where I can not even live and it is just going to eat a lot in my mortgage repayment. I can't sell the house for 6 months and not sure if I will get the buyer paying same or more money to cover price paid and stamp duty. The house is old and has all old systems I want to get a couple of lodgers but in this state no one will rent it as well. If I spend some money on this then this is another waste of money on something I don't want it. Could you please suggest how can I get out of this situation and prevent any loss?
  3. Hi, I am a tenant and I have an assured short hold tenancy agreement due for renewal (12 months). Can someone please help me to understand this break clause? I cannot make sense of it. I would appreciate any help, thank you
  4. Hello everybody, I'm Jade and I am looking to buy the property that I currently live in with my parents as the only name on the mortgage given that my parents are both unemployed. I am currently a university student in my final year and work 22.5 hours part-time at the moment (annual income 18,500). My dad owns a property that we would sell to finance the sale of the property we want to buy that is valued at 135000 and we have a sum of 40000 savings. I want to apply for a mortgage of around 25000 given that the house we want to buy is estimated at approximately 200000. My parents have no experience or knowledge in buying or selling property and the situation that I find myself in is one that I have very little understanding of. Can anybody offer any help, support or guidance on this? Is my mortgage application likely to be declined or approved? How likely is it that I can buy the property? Many thanks in advance, Jade-S.
  5. 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 :)
  6. Hi there, I am a Civil Engineer working and living in Edinburgh where I have lived my whole life. I graduated and have been working for a couple of years now whilst saving some money. I have now reached a point where I could buy a property to live in although the preferable areas are quite expensive especially for a first time buyer in Edinburgh. I have looked at other methods of investing but property is a sensible long term plan, seeing as I am only 25. The aim would be to have a property that could be let out whilst I rent somewhere else and save to reinvest. This may also be beneficial as I might move abroad for a year or so in the future. As you can tell I have no experience in property but would like to invest somewhere nearby (to begin with at least). I have been making my way through the pod casts although still have a few more to go but so far they have helped me to gain a better understanding of what is involved and whether or not I should pursue it. As some of my questions get answered others arise but hopefully these will be answered in coming episodes. My current barrier is ‘building a team’ as this is a little daunting with no experience. I have more questions regarding mortgages (85-90% LTV - £140K loan) and options in terms of living in a property and being able to convert that to a BTL (max 75% LTV - £100K loan) but can post any questions in the forum section. My plans for the future... Well as is said in one of the podcasts, dream big so that’s what I’m doing especially as I still have time on my hands. In the short term I hope to start in the coming months otherwise I feel as though I am wasting time doing nothing. If anyone has any words of wisdom or encouragement or general pointers and tips then that would be great. Cheers Mikey
  7. 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).
  8. Hi all, Looking for some advice! Completely lost and have a long term (almost terminal) case of analysis paralysis! Situation Mortgage on a flat valued at £215k. £66k left to pay on the mortgage. £30k in savings. We'd like to move up the ladder to a house, but keep the flat as a long term investment. Strategy Move the flat to a LTB, buy a house with our savings and the equity released from the flat. As individuals our mortgage in principle figure is £261k. The max we can release from the flat is £161k. We are trying to understand what is the most tax efficient option, convert the LTB as a company or as individuals? Is the above even achievable?! Thank you in advance! Goose
  9. Hi Everyone, Im really hoping some of you could share some opinions and advice for my situation and maybe tell me what you would do in my shoes. I currenlty live in a house worth £325K with a mortage outstanding of £225K I have found another property i would like to buy as my main residence which is £360K both properties are located in the south of england in hampshire so not the hottest location for capital growth but a good solid rental demand. After much head scratching i have boiled it down to 2 options: Option 1 Remortage my current property on to a LTB @ 80% LTV (5 year fixed as 2 year not available at this LTV) i would release £35K and the property would rent for £1200 pcm and cash flow at £272PM Net of costs and income tax. I would then purchase the new property on a 90% LTV using the relased equity and my £35K savings to cover the extra SDLT and fees assostiated, leaving me with somewhere arround £5K in the bank but 2 assets and 2 big mortages in an uncertain times. Pros: Keep a good cash flowing house, less transations so lower fees (no sale cost), ive lived in the house so know the market area and the target tennant well, second asset straight away rather than waiting IE gets my investing sooner, 5% Net ROI on a 3 bed semi house based on my cash left in. Cons: will leave me tighter than im used to cash wise, not sure a 5 year fixed mortage is a good idea right now? would prefer 2 years, i am emotionally attached to the house so worried i might be looking at it with rose tinted specticles, Current market conditions high risk? would it be wiser to cash out with option 2 now and wait. Option 2 Sell my Residential, by the new house and bank £85K to then go on and purchase either 1 larger or 2 small BTL properties somewhere at a later date once the economy is slightly more certain, negative to this is lost potential income and growth in the time it will take me on the addition transactions. i suppose the question on option 2 is with the 85K left over could i get a better investment or investments that give me a higher net ROI than 5% and higher net cash flow than £272 PM. Pros: More cash avaiable after move for light refurb on new home and or seperate BTL purchases, Cash out in uncertain times, less risk? Cons: Lost oppurtunity?, more fees, more transactions, taking longer to start investment journey, is there a better investment? I apprecate its a messy question with a few different layers but if anyone can unpack it and give me some feedback and opinions i would really appreciate it. Kind Regards,
  10. So I currently own my own home where I have been living for 4.5 years which I was lucky enough to buy myself (saved by living with parents). My long term partner (not married) has just agreed to buy a new home for us to move into which will be an upgrade for us both and this will be in her name (until married). I now have the fortunate option of what to do with my property (Paid 178k now worth approx 210k - 2 bedroom on South coast). My first thoughts is to rent out my property but given my circumstances obviously the property is not within a limited company and I am just on the edge of the higher tax band 40% with my full time job. I guess I am trying to figure out the most cost effect / tax effective way to let out my property given these circumstances. Should I try to transfer to ltd company or just keep it private ? Be interested to hear your thoughts. Long term I would like to save up for another deposit on another property. I can’t release capital from my current property to do this as have to have 25% LTV for a buy to let mortgage (Just over 50K currently). Thanks in advance
  11. Good morning guys and girls I recently bought my council house with my mum through the right to buy scheme. Paid £199k house is worth 310k. I have 30k In saving which was originally for my first house until we decided to buy this one. I now want to buy a house cash (my mortgage is 1k a month so don’t want a btl mortgage aswell ideally) . My plan is to buy a 2 bed terraced in Grimsby for 34k and rent it out give it 6months then get a 100% remortgage and buy another and get 2 streams of rental income and have only 1 remortgage to pay (still paying residential obviously) . However talking to people they all said selling them sort of houses are fairly difficult. I’m looking for a second opinion or another strategy. I can’t take out no equity for 5 years (part of the deal with the council). Also I want to purchase these house in Grimsby through a LTD company . (Just turnt 24 this year ) would like to be financially free as soon as possible. Any and all advice welcome
  12. Hello all! My partner and I are really keen to get started with building a property portfolio of Buy-to-Lets and HMOs. We have been doing a lot of research over the last 9 months and have begun saving some cash to get us started. I have around £6000 in a Lifetime ISA (and growing by the month) and we are trying to come up with our strategy for the next 5-10 years to create a property portfolio. Our aim is to be able to either quit our jobs, or be in a position where we can work/volunteer in an area that we are passionate about without having to worry about the salary. We do not have much knowledge or experience at this stage, we are just learning as much as we can from online resources like this amazing site. Our starting position isn't great and we know it's going to take a lot of time and hard work, but we're committed to making it happen. If anyone has any advice on a possibly strategy or tips on how to get started they would be hugely appreciated! Thank you Sarah
  13. Hi, I am quite new to property investment and would love some advice on how to get started. I'm 22 and haven't got much money so I wanted to start off with deal sourcing to build up some funds. Also I wanted to get into Rent -to-Rents and Lease Option Agreements, but am I unsure how to get a landlord to trust me with their property. What would you suggest and are there maybe any other ways that I haven't listed. I'm willing to research many different methods and start acting them out. Both generic and specific advice is very much appreciated. Thanks Michael A
  14. Hi All, I could do with some advice on how to get started on my property investment journey. I am 21 years old, still living at home in North Manchester with my parents and trying to figure out the best way to purchase my first house and a BTL property. I don't have a huge budget to work with so I am trying the make the money I have go further. I don't want to use the money I do have to just buy my first house and then all my wage's go towards paying the mortgage off and not be able to save a penny for my first BTL. The idea I currently have is to purchase a 2/3 bed semi detached house in North Manchester(my local area) which needs a little TLC. The plan would be to renovate the house, move in and rent out the other rooms while I live there. Completing the renovation should increase the property value and allow me to pull some of my initial deposit back out, to then be used towards the deposit of my first BTL. The rental income from the other rooms would also allow me to save the money I would normally spend on the mortgage, this would also go to saving for my BTL property I know this plan isn't perfect and has a lot of variables, this is why I'm asking the Property Hub community for their advice? Any advice would be appreciated. Thanks Ewan
  15. 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
  16. 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!
  17. 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.
  18. 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
  19. 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!
  20. 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
  21. 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
  22. 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!
  23. 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
  24. 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.
  25. 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
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