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Hi All, New to the forum and looking for some insight into what my chances may be of securing a btl mortgage in limited time, So to cut a long story short, I have purchased a flat in auction just on Friday 28/2/21, yes I know it's crazy but I haven't physically seen it. I was outbid on the actual auction, however it didn't meet the reserve so didn't sell. A week later I get a call, it's still available and being offered to me below the reserve before it's back in auction a week later, I make a lowball offer which was refused, I then offer to meet half way to the sellers asking price and I would make a deal today (Friday). A couple hours later I get a call and the seller has accepted! It's local, I know the area and market value, and it's got enough of a margin to cover potential issues, although I'm confident it's a straightforward renovation (new bathroom, kitchen decoration, possibly new boiler), so I FOMO'd and paid the deposit to secure it without viewing, and yes I studied the legal pack and all is good. To cut to the chase it will be a buy-to-let investment, and it is still sold under auction conditions with a 6 week completion date, and my intention is to renovate to a good standard before letting. I want to try to secure a buy-to-let mortgage in time to avoid extra costs of bridge loan. The property does look to be in 'habitable condition' , but my question is is it in 'lettable' condition? The only hurdle I can see that could delay the mortgage application is if the survey may regard it as not in 'lettable' condition before renovation. I know the property was being lived in by the owner/occupiers until recently, from the pictures it obviously needs renovating/modernising, but assuming it has a working kitchen, bathroom, electrics, heating and no holes in the roof, would lenders consider it unlettable just on the basis it needs updating? I want get some idea if this is doable from anyone with experience in getting a buy-to-let mortgage for auction property, and what hurdles you had with it. Pictures are attached. Appreciate your help members. Mohsin.

Hey Fellow Investors Enthusiasts, Our family has a large commercial building in my Mothers sole name no liabilities, we have about 120 k to renovate. The area is a commuter area, in an demand area for rentals (Rep of Ireland) Intentions 5 year plan lets say, Convert portfolio into Ltd company Tax? Split the building into three identity's Portfolio 1. Start with One quality 5 bed HMO next 12 months Town House Portfolio 2. Add a 3 bed self contained + 2 one beds self contained 12 - 18 months Adjoining to the Town House separate entrance Portfolio 3. Large commercial building to residential however that 3 - 5 years time Separate entrance Major concern, my ultimate intention would be to operate in the UK Questions, even if i had a portfolio producing great cash flow over a number of years with fair amount equity holding in a company will i be recognized in the UK (Banks, Lenders) in years to come or do i register the company in the UK or become a resident myself. I am worried that this endeavor wont be created right from the start. Where could i go to get advise IE finance brokers mortgage brokers? Thank you Regards Tom

Hi, I would be very grateful for some experienced advice on an apartment purchase, which has hit a problem at the lenders survey stage. The property was purchased off-plan - terms of the contract were 5% upfront, then remaining 5% upon completion. I am pleased with the build quality, however, i have now hit a snag in that the lender will not lend on the property citing "high risk" and "unsuitable security". In fact, after discussion with my broker, it appears a number of lenders are not willing to lend on the building. I'm trying to locate the exact problem, but understand it may be down to the concrete construction (this was originally an office block built in 1980s and now converted to residential). I'm put off the fact i'm having difficulties obtaining a mortgage, which could mean refinancing and/or selling issues in future. If i pull out, could i recover my 5% deposit? - and worse still, would i be required to pay the outstanding 5% since the contract is already signed 12months ago? I would argue i did not sign up to a development that would be very difficult (or even impossible) to obtain a mortgage on!! Many Thanks Lee

Hi, So looking into registering the Nature of Business for my property corporation, I am coming across a very short list from the Company House: Section L Real estate activities : 68100 Buying and selling of own real estate 68201 Renting and operating of Housing Association real estate 68202 Letting and operating of conference and exhibition centres 68209 Other letting and operating of own or leased real estate 68310 Real estate agencies 68320 Management of real estate on a fee or contract basis https://www.gov.uk/g...IC_codes_V2.pdf So essentially whether you are trading properties (buy-refurbish-sell) or investing in property (buy and hold) you will be using code 68100. My lender is OK to lend to my corporation providing I do not undertake any trading activity and providing the nature of the business of the corporation is only 'investing' and not trading. But my question is: how can my lender tell if I am trading or investing since the SIC code and registration is the same? Will it be based on financial statement of the corporation or just good faith? Not that I would....but any chance to cheat the lender there? Can I conduct trading and investing with the same corporation without the lender knowing? Your advise is welcome. Regards Antoine P.S: this topic is a duplicate of the topic I posted under the 'tax' section - wasn't sure on the best home for it

Hi, So looking into registering the Nature of Business for my property corporation, I am coming across a very short list from the Company House: Section L Real estate activities : 68100 Buying and selling of own real estate 68201 Renting and operating of Housing Association real estate 68202 Letting and operating of conference and exhibition centres 68209 Other letting and operating of own or leased real estate 68310 Real estate agencies 68320 Management of real estate on a fee or contract basis https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/455263/SIC_codes_V2.pdf So essentially whether you are trading properties (buy-refurbish-sell) or investing in property (buy and hold) you will be using code 68100. My lender is OK to lend to my corporation providing I do not undertake any trading activity and providing the nature of the business of the corporation is only 'investing' and not trading. But my question is: how can my lender tell if I am trading or investing since the SIC code and registration is the same? Will it be based on financial statement of the corporation or just good faith? Not that I would....but any chance to cheat the lender there? Can I conduct trading and investing with the same corporation without the lender knowing? Your advise is welcome. Regards Antoine

Hi all, I am in a bit of a pickle on my first property investment. The lender's valuation has come back £10k lower than my bid based on the prices of recently sold, similar properties in the area. Is there any first-instinct advice based on the above? Now for some more information: I can't make up the 10k shortfall and don't want to. The estate agent is going to contest the valuation today - he assures me that the valuation is accurate based on current prices. I see my options as 1) the valuation is contested and everything goes ahead as planned. 2) the valuation holds and I bid 10k lower and most likely get rejected. 3) the valuation holds and I ask the vendor to keep it off the market until (as the agent says) some properties complete at the relevent price and the valuation goes up. Based on this does anyone have any experience of a similar situation? Any advice would be much appreciated!