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Found 24 results

  1. Hello, I apologise if this has been asked before. I have a property (owned personally) which is currently on a BTL mortgage which is to be refinanced. The tenant is moving out but I wish to now start a service accommodation business through a limited company. Can I use a commercial lease to rent this property from myself? If so, what mortgage do I need, would a BTL mortgage suffice with a guaranteed rent from the (my) limited company? Any tips would be appreciated and welcome! Yvonne
  2. A small office lease in the West Midlands that I'm considering is £6500 per annum / £10 sq/ft. What price do you think is reasonable to offer in light of covid and presumably lower demand? My conditions would likely be a 12 month initial term with a 6 month break clause, though I would be happy to sign for 24 months. I appreciate that this is a niche question, I don't know that much about commercial property leases as I'm principally involved in residential. Many thanks. James.
  3. Hi, my name is Belinda and I have a 6 bedroom HMO in Croydon. I would like to rent this to a healthcare company who would manage it for me and put in their clients and pay me a guaranteed monthly rent. We would use a 3/5 year lease for this. I would need to give notice to my current tenants in order to make this work. The reason for this is so that I don't have to deal with the day to day necessities of running an HMO. I had an agent looking after the property but he gave notice when the lockdown for Covid 19 started and I have been managing it since. I would need to get approval from TM
  4. Hi all, Really hope someone can provide some guidance here. My greedy freeholder wants to charge me £130 for our sublet. Fortunately, I listened to episode 228 the day after receiving the letter from them and was encouraged to hear Rob thoughts that this was outrageous and a fair price would be £40. I printed off the template provided and sent it off to the freeholder. Last week, I got a response (attached). Basically they're saying they're well within their rights to charge what they want and quote some other cases where similar
  5. Hey, My name is Ashley Williams, age 26, from Shropshire. I’m currently saving up for my first buy to let. While I’ve been saving up I have spent a lot of time researching how to invest in property and I came across lease option agreements, and love the idea of them especially if you can find a landlord that wants to off load some/all of their properties, if done properly it can save the landlord a lot of time and money. I would love to find someone that has got experience in lease option agreements and could show me how they work (mentor) All the best.
  6. Hi all I have recently had an offer accepted on a property. The terms of the lease state that the ground rent will increase from £250 per annum from 2017 every 10 years by £250 by a maximum of 5 times to £1500 in 2067. So £250 from 2017 to 2027 £500 from 2027 to 2037 £750 from 2037 to 2047 £1000 to from 2047 2057 £1,250 from 2057 to 2067 £1,500 from 2067 to 2077 RPI thereafter Is this something I should avoid? EA says if it was to double he would avoid but increase of 250 ever
  7. Hi All, Hoping someone can help, just about to complete on a one bed flat, the management fee seemed quite high for the size of property and looking at the lease it seems that the fee is split equally among apartments in the block regardless of size, so for this flat I pay the same amount as a 2 bed which is more or less twice the size. This seems unfair to me for obvious reasons and its obviously why the fee is on the high side. I've no experience with buying apartments and just wondered if this was normal, I always assumed it would be split based on square meter-age or at least nu
  8. https://petition.parliament.uk/petitions/238071 10k signatures = govt must respond 100k signatures = debate in parliament
  9. I own 3 buy to let flats two are tenanted. One 1 bed flat, in a good area on the south coast near Brighton for serviced accommodation, it only has a lease of 66 years and my buy to let mortgage has expired, I cannot find a buy to let mortgage company who will mortgage the flat. It has been on the market and empty as I was giving up on the buy to let although it was giving me a good profit of £500 a month. I have been racking my brains and I have been hearing about the serviced accommodation business. I am thinking if I could get a serviced accommodation company set up, could I get a commer
  10. Hello im looking to extend the lease on my flat. There is 56 years remaining. I’ve contacted the lease hold company and they replied with this email. you have a legal right to apply for a new lease of 90 years beyond the current term unexpired, at a peppercorn rental (nil ground rental). The landlord is willing on a without prejudice and subject to contract basis to consider informal proposals (thus saving some legal costs for you). He would consider an extension mirroring the statutory basis as above. In order to advise him on the premium (price) I w
  11. Hi all, I own a flat in a converted house, with a share of freehold (I, along with the other flat owners, are equal shareholders in the management company which owns the freehold). All the owners have agreed that as our leases only have 55ish years remaining we should extend them, and this has been agreed and a solicitor engaged to handle this. I recently received my new counterpart lease, and am a little surprised at its format, so am interested to know from more experienced folk if this is OK and normal. The new counterpart lease is a very bare-bones document compared
  12. Hello all! I'm not sure if anyone may be able to help me on this one, I'm looking at purchasing a 2 bedroom flat with great refurb potential, excellent location etc. It's a great box ticker put it that way, apart from the one issue that there is only 97 years left on the lease. The freehold is owned by the local authorities and I would have to have owned the property for 2 years before I would be able to apply to extend the lease. When I enquired with the agent about the potential cost of extension they said at a guess it would be 8-10k (which wouldn't be an issue due
  13. Hi. We’re in the process of purchasing a flat and are fairly near completion. So we’re in for legal fees / surveys etc. Our solicitor has just informed us that the lease on the property has a clause which stipulates that the property can not be let out. There are lots of properties already openly let in the block via the normal channels - estate agents / Rightmove etc. we really don’t want to lose the flat. Does anyone have any experience of this and any ideas on solutions? our solicitor has already requested confirmation from the sellers solicitors that we
  14. Hi all, Hope you can help! I own a leasehold flat with a remaining lease term of 84 years. Myself and the other leasehold flat owner would like to buy the freehold. The management company that currently own the freehold want to charge us a fee just to get a quote to buy the freehold - is this normal? And if so, is there a 'fair' price to be aware of? The flat is based in Kent, can anyone recommend a good solicitor to deal with the lease extension? Thanks very much in advance Ohil
  15. Hi, I found a property that ticks all the boxes in terms of deposit, cashflow, fundamentals, etc. Looking a bit more closely it looks like the reasonable price may be due to the lease being at 87 years at the moment and it may be (not sure yet, need to call to confirm) that it's privately owned and would be subject to chain. This would be my first dip into the property business but I feel (naively maybe) that it shouldn't be too bad as I could ask the current landlord to start the process to renew the lease. Now what am I missing? Would my lender hav
  16. I am new to property investment and I have just set up a company to buy properties using mortgages. I have a mortgage in principle. I recently found a 2 bedroom semi-detached house (property is about 18yrs old) in the North of England. I was told by a property agent that the property is currently owned by a certain company and that it is a leasehold property with 981years left on the lease. They said I would have to pay ground rent of £55 per year. Is this figure of 981years normal?? Would it be easy to add value to the property by extending it or this is no
  17. Hi there! I'm seeking some advice from forum readers, hope someone will be able to help. I am getting close to exchange for a flat I'm buying in London SE8 and doubts are starting to to assail me, after reading doom & gloom stories about the UK property market (and especially London) flatlining and potentially gearing towards a massive decline. I fear that I'm about to buy at the peak of a property bubble, which may soon burst, leaving me in negative equity with an overpriced studio flat in my hands that is worth much less what i paid for.
  18. Hi, does anyone have any experience with 'rent to buy' or lease options? I would just like some advice/information on them please Thanks
  19. Good morning hubbers, I'm looking for a quick bit of advice from someone who has good knowledge of leases and getting consent to let from a freeholder. From what I have read previously in forums it seems that if a lease holder wants to sub let they always need consent from the freeholder and have to pay some kind of admin fee and send documents such as the AST and tenant references to the freeholder (or agent working for the freeholder). My question is, is this always the case? The reason I ask is because I approached the managing agent of my freeholder and asked them
  20. Leaseholds - Something that puts some people off - and fear often comes from lack of knowledge. So let's get educated with this week's episode. Listen here.
  21. Hello I am so pleased I have found this forum. I am a self- employed writer and live at my mums in London. A few months ago, I was in my bedroom thinking there must be more to life other than staring at 4 walls so decided to become a property investor part time. I went on that Robbie Fowler day course. Loved it! Was so inspired. Was gonna go on the weekend course but family talked me out of it. Cue researching on property courses - did not know this was such a lucrative market. I have a property in London – jointly owned. It’s rented out – to students - and it’s my main
  22. Hi guys I have slowly lost confidence and then trust in my conveyancer and was wondering if anyone could recommend a consultant style service where a qualified individual has a quick chat with me and a look over the legal documentation involved with a purchase, for reassurance purposes. If this doesn't exist, can anyone recommend a good solicitors or conveyancer? I am purchasing a leasehold flat as a first time buyer, I started becoming worried when mu conveyancer was unable to get confirmation for seemingly straightforward details. When I received an expense statement for 25% more
  23. Hi, I am looking to purchase a flat that comes with a share of the freehold, however it also has a lease of 89 years unexpired. How are the lease terms decided if I get a share of the freehold with the flat? Amanda
  24. Hi Looking to make my first leap into property investment this year, and have a session booked in with RMP property later this month which I'm looking forward to! Apart from reading an absolute ton of information on all things property related, I thought I would do a bit of "practice deal finding" by trawling through the current Savills auction catalogue and running the numbers on some of the lots. I keep coming across the phrase "A new lease to be granted on the date of completion". Apologies for whats probably a rather basic question, but does this mean all the costs of the lease
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