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  1. Hi I'm a landlord of a 2 bed first floor flat in London since 2015 and have a landlord insurance that includes subsidence. Last year i tried to sell it, found an investment type buyer but the sale dropped as the Lender surveyor report was negative. I didnt get a copy of the report but i was told its due to structural problems. Property does have cracks at the front and inside. Prior to let it in 2015 i lived there for about 9 years and had seen cracks (they were either hair line or not too big) appearing which i attributed to railway line and an adjacent main road. I've been reading about the subsidence claims on different forums and really not sure if i should start with my insurer or get a structural survey done and find out the route cause and if its subsidence of some level then get it fixed myself before listing the property again. My guess is that even if its a minor subsidence and if i get it fixed myself, the next buyer will still have problems obtaining insurance? So in effect the potential buyers will be deterred if i pay myself or get insurance company to pay. My landlord insurance company also got busted last year but they were taken up by another company and i will be automatically moved to the new company in October this year so still have about 5-6 months with my old company albeit, i'm still insured by old company's underwriter. I have read that its a good idea that the potential buyer stays with the same insurance company (if i take out a claim for subsidence) but in this case if i take a claim now the account will be transferred to the new company where it may not be the case? What should be the best course of action. Shall i start with my insurer or look for structural engineers? what do i need to make a claim from my insurer?
  2. Hey everyone, We are quite new to the market, and already have a few landlords who use our services. We provide upfront rent to landlords, and will soon launch flexible payments for tenants. Please check us out if you have any interest. All feedback or questions would be greatly appreciated. Hoping to hear from you soon! Kind regards, Michelle. 🙂
  3. These new regulations carry some hefty fines and come in to force today - April 1st 2021 In short, All properties rented out will require an ECIR completed by a competent or qualified person to confirm the property is safe. This applies to new and existing tenancies. The fine for non compliance is £5000 rising to £30000 if landlords re -offend There are a few exemptions but don't expect them to apply Here's a video explanation Good luck out there Steve Walker www.PromiseMoney.co.uk
  4. Hi, I've been a lurker here for a little while - responded to a handful of posts but thought it was time to introduce myself. I bought my first property in the south-east back in 2007 for £150,500 - though I was working in finance (and still do!) I had no interest or real idea about property at the time though I did have a little cash and so wanted my own place. Obviously it was not the best time to buy but I had no idea about the market cycles or anything. However it's not been a bad purchase overall - more on that later. I lived there for 5 years, had a reasonable job and was paying off the mortgage whilst also saving so by 2012 I was lucky enough to have saved enough money for another place - it wasn't my intention or plan though (as again I had no idea really about property other than knowing that in general that it was a good idea to buy property). I actually happened across a place for sale whilst walking to my dentist! A bit bigger than my current place and included a garage, so I put an offer in and purchased it. I was lucky enough not to need to sell my previous place and so decided to BTL it. I was in the process of modernising the original property (as it needed a little bit of work, but not much) so I sped this up upon move-out and tenanted the place within days. This was back in 2012 and has been rented out to the same tenants ever since. Despite buying that property before the crash, it is now worth approx £225k (conservatively) and has been tenanted with no voids for 6 years - so as mentioned, not a bad deal overall. I'm actually considering remortgaging to release some equity for other properties as I've actually paid down a fair bit of the mortgage to date. My partner moved in with me in about 2016/2017 so we then decided to rent her place up in Peterborough. It's a lovely property in a nice village though the demand is not as strong as down south so we've had a few voids plus the rent is not quite as high as we would like. But still - we're in it for the long term and so are keeping the property in our portfolio. So far I would say we've been accidental landlords. In 2017 I decided to buy another property with the express purpose of it being an investment and a BTL - though looking back I didn't really know what the best thing to do was and I didn't even know that I didn't know! I did set up a limited company for this purpose and ended up purchasing a newly converted flat in the south east which brings in reasonable returns - though if I knew then what I knew now I would probably have invested my money elsewhere and purchased two properties for the same price. I can't remember the exact catalyst but about 6 months ago my partner and I realised that our jobs weren't actually fulfilling us anymore and so we deciding property investing would be the way forward - we already had 3 properties that were doing ok without too much work and without really meaning to invest in property or knowing what we were doing! And so we've been reading, learning and listening to as much as we can to educate ourselves. Not only that but we've been looking at property all over the country - we travel a little bit so are not focussing on any one area in particular. To us, if it's a good deal then it's a good deal. However, as we'd like to leave our jobs asap then we are currently focussing on HMOs, BTLs and places we can add value too (so properties where we can flip, or where we can refurb and remortgage as a HMO/BTL to release some/all of our original cash input). We actually have a deal going through in Sheffield as we speak - it's a 2.5 bed (one room is small!) BTL that should be done by January I hope. This purchase will be through my limited company. It doesn't need much (if any) work though we will probably tidy up the kitchen/bathroom and possibly new carpets to make it attractive for new tenants. ROI should be between 20-25% if I've done my sums right! We had another refurb project that I was hoping for and that we would have flipped. Would have been ideal as was on our doorstep though unfortunately someone outbid us before our offer was accepted - still looking though. We're currently looking primarily for HMOs in a number of areas for the cash flow now. Hope this helps anyone Happy to answer any (well, most!) questions if I can. Will update this further as time goes by, though am also thinking of getting a blog together. If so I will post the link. Dominick
  5. I planned to move out of the property I own in 2019, but didn't move out and therefore rent out my flat until Jan 2020. I'm doing my self assessment for tax year 19/20, but was wondering if I can still claim for ERC incurred for changing my mortgage to a let-to-buy type mortgage (not sure it was exactly this as they knew I wasn't buying a new property - living with parents), even though I changed my mortgage in Feb 19 (before the tax year I'm submitting). Also are any of the other legal fees involved such as notice to leaseholder etc tax deductable. Many thanks!
  6. Hi All, I am new to this site and not even sure if this is the right forum but I could do with some help and advice if anyone wouldn't mind? My Mum was given notice on her flat back in October and her tenancy is due to end at the end of this week (28th November). The landlord is selling. However the new buyers of the flat would like my Mum to stay on as a tenant. Of course my Mum would like to stay in the property as she has been there for years but the sale of the flat has not gone through yet and the letting agent have not put anything in writing about her staying in the flat and she hasn't had a new tenancy. She has spoken to the letting agents on several occasions who have said everything is still progressing and even if the sale fell through the landlord has said he wouldn't chuck her out. My worry is that as of this weekend she has no legal tenancy so I am assuming her insurance is invalid as well? She has emailed the letting agency today and asked them to put something in writing to her but they keep phoning her telling her it;'s going to be ok? My mum is 65 and doesn't need this stress and is looking to me for advice. I have searched the web but can't seem to get to the right place for info. Any advice on what she could do or where I can go to for advice would be great!
  7. Hi all, A big topic for you today - if dangerous cladding is found on a block of apartments, who pays to fix it? One of the properties I own is a flat in a block with 100+ leaseholders. I can't divulge too much information because it is an ongoing legal case, however we are currently pursuing several avenues of legal proceedings in order to determine whose responsibility it is to pay for the potential 7 figure cost of replacing all of the cladding on the building. Will it be the leaseholders, who are supposed to be responsible for maintenance and repair of the building, or the landlord who owns the building and is responsible for remedial action? Of course, when the building was completed less than 10 years ago, everything was approved to building standards at the time. It is because of the recent tragedy at Grenfell that everyone is suddenly realising that the standards are not good enough now. To be clear, nobody is disputing that the cladding needs to be replaced. At the moment, the leaseholders are paying six figure sums for 24 hour fire marshalls to guard the building so that it can stay operational for tenants. We are also being coerced into paying increased service charges (2-3x the normal amount) to pay for other remedial fire safety actions even though it hasn't yet been determined who is responsible. Although I can just about afford it with the rent (I am now essentially making £0 on that property) for some owner-occupiers or smaller portfolio leaseholders this increased service charge and potential astronomical charge to eventually do the cladding itself is going to wipe them out. As a leaseholder, I have a biased opinion but surely it shouldn't be us leaseholders, who each paid six figure sums to buy a product in good faith, who pays to fix something that isn't actually fit for purpose?? Please let me know your thoughts, I would be grateful for any advice.
  8. Hello everyone, This is my first post ever here so sorry if it's not correct in any way. i have signed an tenancy agreement with a tenant and they paid the deposit. Then a day later they said if they can delay the tenancy for a week then move in as they were having issues finding someone to rent their place... Now they don't want to move in a week later after their original move in date.. I have lost money and potential others tenants. Can I keep their deposit ? I have put this in their contract that If the tenant does not move in on the date stated then I will not be returning their deposit. This is in Scotland so I know the law is different in England ( i think) please advise would be greatly appreciated. Thank you
  9. Hi, My tenants are coming to the end of their 6 month contract in my house and stated that they would like to sign a new 12 month contract or anktger 6 month contract, rather than remaining on a rolling/month to month agreement. They have reported to the estate agents that they are very settled and would like the security of a longer contract. What are the advantages and disadvantages, from my point of view, in offering them a fixed term contract rather than keeping them on a rolling contract? I have no plans to replace them, nor have I plans to up their rent in the next 12 months but, from my understanding, if problems arise (not paying rent) it will be easier for me to evict them in a monthly contract. Surely there are fees involved in writing up a contract? If security is the only thing the require maybe I could just reassure the Tennant's of my plans of no change? Thanks in advance Paul
  10. I own a couple of flats in Liverpool and an employee of the freeholder sent a group email to all landlords, unwittingly cc-ing everyone instead of blind copying. It has subsequently proven to be very useful to have an email group with all other landlords in the development as we can share information on communal works, ground rent/service charge issues, letting agents, void periods etc. Does anyone have similar experiences of having email groups for landlords/leaseholders? It would be great if I could organise similar groups for other investments I have. Can anyone advise on the best way to find out the leaseholders of properties in a block or development? Clearly it is not in the interests of freeholders and agents to share this information! Cheers!
  11. Hi All! I am super keen to build out my small BTL portfolio in Leeds. I found a stunning new build of townhouses but the developers say they won't sell to BTL landlords - is there any way around this? If not, does anyone have some advice of new builds/areas in Leeds city centre where I should be looking? Ideally 2/3 bed, unqiue feature(s)? Thanks in advance Nick
  12. Hi all! I'm a landlord and have a great property manager, Fiona, up in Glasgow, but I've heard many complaints in the past about other property managers. It would be great to get some feedback from UK landlords on this group to see if there's anything that can be done to improve the experience. Thanks! Survey here: https://www.surveymonkey.co.uk/r/property_mgt
  13. Hi Everyone, I'm after some advice on whether I should increase the rent on one of my current properties: Background 3 Bed semi-detached bought back in 2011 on a 5 year fixed repayment mortgage Current rent £595 pcm I have one lady (and her two children) live there from the time we bought it, she has undoubtedly added value to the house, decorates, maintains the garden, always pays on time and (touch wood) is a great tenant. She has now lived there for 6 and half years and although we have improved our profits by getting better rate mortgages on the property, the current rental figure of comparative properties is £795. Obviously I'm not about to increase her rent by £200 but the potential loss of £2400 p/y is always niggling at the back of my mind. Would really welcome any advice on how to increase rent with a lovely tenant, is it worth it? The lady has also said she wants to stay at the house 'forever' so realistically we can't maintain the £595pcm 'forever'. All advise/ideas/experience very welcome. TIA Bryony
  14. 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?
  15. Hi everyone. Sorry about the newbie questions! I want to purchase my first HMO but have read some conflicting responses. I intend to buy a 4 bed property in Liverpool. When I have researched HMOs the main point was to have a property close to the city centre. Now does this property have to be in a nice 'well to do' area? Young professionals are my intended tenants. How do you price per room? 2 rooms are double and 2 are single. All advice on HMOs is greatly appreciated. Thank you!
  16. I'm just wondering how once i've purchased my first flat for £70,000 max and am renting it out to someone for a bit of extra money, how could I afford to get another property at £70,000 to then also rent out? I am doing this so that when I have children in future I can give them everything they need. I don't really want to have this be very time consuming. I intend to save up a deposit for the first property and move into it as I pay off the mortgage, which may be several years.
  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. Hello Hubbers I am thinking about investing in this new property portal for young professional renters ... would be good to see if anyone has used it? https://www.movebubble.com Cheers Job
  19. Hi Everyone, My name is Bryony and to my great relief found The property Hub and podcast around a month a go. I've been busy currently working on renovating a 2 bed mid terraced 1930's house in Nuneaton. I worked in the power tool industry for 13 years and left early 2017 to follow property full time. I currently have two BTL properties in my portfolio (9 and 7 years respectively) and recently sold a third to fund my first flip.... although perhaps I should convert this to a BTL and release the equity!? It has been a steep learning curve over the past 9 months, along with learning lots about property I have also trained as a tiler and plasterer to maximise profits in the short term. Looking forward to getting to know the community and joining in with some of the conversations. Many thanks, Bryony
  20. Quite a divisive question but welcome all your opinions: anyone here with experience of/ successful methods on managing HMOs remotely from another town or city? Keen for feedback. Cheers
  21. New PRA Buy To Let Changes come into effect on 30th September 2017 affecting Portfolio Landlords. In September 2017 the Prudential Regulation Authority (PRA) will bring in new rules affecting portfolio landlords. Buy-to-let mortgage lenders will have to complete a total portfolio assessment for any landlord with 4 or more properties. Choosing the right buy-to-let mortgage lender now requires a lot more consideration and careful calculation to ensure you are using the most cost effective mortgage product from the lender offering the right rent to loan calculation. In addition lenders are asking for a lot more information such as your portfolio, cashflow forecasts and business plans! More information here: https://foxdavidson.co.uk/pra-btl-changes-september-2017/ If you've any questions drop me an email.
  22. Hi Having bought a leasehold flat with my parents a couple of years ago I recently started looking at how I could create a property portfolio, having been reinvigorated by the property podcasts. Just as I start looking into this a come across my first potential issue with my existing leasehold flat, a Section 5A right of first refusal from my landlord to purchase the freehold. My understanding is that, assuming sufficient leaseholders are interested in taking advantage of the offer, we can purchase the freehold from the landlord. If not, the landlord can sell the freehold to another company and then they can potentially do what they want in terms of future service charges, etc to recover their investment. This is a completely new concept to me and I will be seeking legal advice this week; however, I wanted to get people's input on here. In particular: 1. Can anyone recommend a legal firm that specialises in leasing matters? 2. If sufficient tenants want to purchase the freehold (I think it needs to be at least 50%), but not everyone does, what happens? The freehold has been offered at £800k between 100 flats (of varying sizes). Would those that want to buy the freehold buy the whole freehold between them or just their portion? What would happen to those that are not interested? How would the building be managed if there were a split? 3. I am aware that there is also the possibility for the tenants to group together and form a right to manage company. Can anyone provide any information on this option and how it would impact the landlord's wish to sell the freehold? 4. Is there a way, as a tenant, to gain the contact details of the other tenants to discuss this issue? I believe the flats are predominantly BTL and, therefore, I imagine just sending a letter to each property (or putting a notice on the notice board) will probably not get a quick response... I wasn't expecting this to be my first PH post but I guess this is my baptism of fire...! Any advice would be greatly received.
  23. Hi, A property i own has a slight damp issue. No problem, i have obtained a quote to repair, however, my question is on who should pay? The property is leasehold and is 1 of 4 in the same block. Should the "Landlord" of the lease cover the costs of repair? (would this be something the 'service costs' would cover?). And if so, what is the best way to contact them? - via a solicitor or direct to the management company? Thanks! Lee p.s. Post repairs, is there any specific advice on how to properly clean up/refurb the mould that is now visible on the inside of the property?
  24. HI I have a flat that I'm a going to rent out, but I'd like to self managing it as I am moving to a house a about 5 mins away. I know I can advertise on gumtree but is there any other sites? Also is there any software that I can credit check tenants and get references etc. Also my concern is if they don't have great credit is there anyway I could get a home buyers guarantor? Any tips will be appreciated
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