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Found 4 results

  1. My parents own some 1-2 bed flats in Kendal, Cumbria. They're a good size ranging from 34-47m2, are in good condition (despite being refurbished 20 years ago) and are fully occupied with good tenants. My parents are retiring and I'm taking over the remote management of the properties. As part of taking on the properties, I wanted to understand the current rents being charged compared to the current market. LHA rates locally are circa £500/£600pcm for 1/2 self-contained flats respectively. Properties being marketed locally for rent suggest similar rates. My parents flats are being rented at around £420 i.e. circa 20-25% below the market value and therefore I'd like to consider how to increase the rent to a fair level however I'm conscious of timing given the impact of covid on people and the general economy. Also I don't want to come in like a the bull in a china shop and upset good tenants however I'm keen that rents are raised to fairer rates over time. Would anyone care to suggest what approach they would advise to raising the rents in this situation?
  2. Dear all, I have been letting out a couple of properties in Scotland for nearly three years now. I have been using Simply Business from the outset, finding them to be pretty competitive. My issue is that the insurance for one of my properties (a small 1 bed tenement near the city centre in a relatively good area) has come up for renewal however the quote they have given me for this year has gone up by over 60% on last year (up from £100.09 to £166). This seems a ridiculous and drastic increase, despite nothing having changed with my quote or property, however I have shopped around and I'm not getting much luck on finding a much better deal. Has anyone else experienced a similar hike in their quotes? Are there any recommendations out there for landlord insurance for Scottish tenements? Thanks!
  3. Hi All, Thought I would share the news today that some of you may be aware of. Interest rates have increased for the first time in 10 years to a whopping, 0.5%, (sarcasm) increased by 0.25% My thought is what type of mortgage do you have? Most people's have one of two products. They either have a fixed-rate, x amount per month, or they have a variable rate, where the interest rate can move at the discretion of their lender. If you haven't changed your mortgage for more than five years, you are probably on a variable rate. This means your rate is susceptible to the increase. Whilst the increase isn't substantial, either way it means less money in your pocket than before. Always remember to check your current mortgage rates and switch when a better deal comes along, at the recommendation from your mortgage broker. Neil
  4. Hi Folks, So for those of you who are keeping up with me, you'll know I'm searching all ways of building up my capital to start my own portfolio, so here's my next potential scheme, that I'd like your advice on please! So me and my partner are looking at getting our first home in the next 8 months, looking to get settled and secure before investing. The original plan was to find a nice house that's ready to live in, however! Now I'm learning more and more about property, my thoughts are as follows; could we, buy a BMV home, refurbish it, settle in for a year maybe two then address any further refurbishments that might need doing, then sell on for a profit. I don't know how long we'd have to wait for the property to raise in equity? The general thought is that, If we can make a decent profit out of something we are doing already, this will get us to our starting capital goal faster! Pleas let me know your thoughts and if there's any potentials gains I've missed. Looking forward to the replies! Thanks, Brian.
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