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Found 7 results

  1. Hello, I'm looking for some guidance on a situation I find myself in regarding property. We are a young family and we've owned a new build from new for several years. We are ready to move to something slightly bigger and something that has potential to be our forever home. We've found a potential property and although we've not viewed it inside snooping around it (it's empty) we see it's potential and believe this could be it. Location is perfect and the garden is ample which are two major differences we are looking for in comparison to our current home. I don't know much about property but I understand that most things come at a hefty price these days so things like extensions, electrical, plumbing, roof/insulation can soon eat into any budget. It's described as 'livable' but in reality to get it to what we would want, it needs gutting to be honest. We've had a private offer on our current home and should we accept it then we stand to make around 60k. Appreciate property sales are crazy at the moment but this a huge profit to consider regardless. We have good equity in our current home too. There is lots of interest in the house we are going to view but we are ready to act should we feel like it's the one for us. It will likely be a bidding war so common sense needs to prevail. A few reservations I have are: 1) anyone renovated with a young family and living in the house at the sane time? I have the potential to put everything in storage and live with a family member 2) I would definitely need an extension but do we focus on other things e g insulation, electrical and windows etc. And grin and bear a smaller living space. 3) my current house is all new and shiny and has an EPC of B whereas this new potential house is EPC D, old and needs lots of TLC - am i mad ?? I am under no illusions that should I have a bid accepted there are stressful times ahead but I keep telling myself it will probably all be worth it even if its 10 years down the line. Appreciate that wanting to extend and being able to extend are two very different things. I know lots of people In the trades who will look after me e.g no cowboys. Any advice is much appreciated, my head is spinning. Thanks Dave
  2. Thanks for taking the time to read. Will try and make as brief as possible and will reply quickly if there are any questions I purchased a building containing 3 flats and I am planning to rent the flats on a serviced accommodation basis. The contract details that the developer is obliged to complete snagging. I had a professional compile a snag list and sent this to the developer. The developer has been ignoring correspondence since. I have notified the developer that I am in the process of sourcing a mediator and said that I am planning on pursing the developer in the courts to force them to complete the snagging work and for the lost revenue that I am starting to incur. I am hoping that this may prompt some action from the developer but I am planning for the worst. I am an avid listener of the podcast and do my best to educate myself on all things property, but I am very much a novice. Any advice on how this matter should be handled would be greatly appreciated. I have also listed some key issues that I would love some input on below. - Who generally pays mediator costs - Claiming for lost revenue due to the delay - The developer did not seal the chimney and as a result a bedroom on the ground floor is suffering from damp, is this type of defect typically covered?
  3. We are in the process of buying a btl with a little added bonus - a small building plot for 2 small houses on a derelict plot of land that comes with the house. The intention is to build, refinance and let. We are full of good intentions and need to keep momentum. We are not expecting to complete for another 2 - 3 months (probate, covid etc). We want to use this time to educate ourselves on building houses - we won't be doing much of the work ourselves but know that we want to project manage rather than have a turnkey build. We've had a general google - does anyone have any recommendations for books and websites that will help us in building our knowledge? Also if anyone has any experience of doing similar, we would be really grateful for you to share any tips or pitfalls. Many thanks Helen (and Steve)
  4. Hi, Just a quick query and hopefully someone can help. I currently have a dispute with a developer in which they are claiming the boundaries are in the incorrect location. Looking at my title deed plan the redline boundary relates to physical features on the ground and therefore looks to be correct. The developer is now producing the TP1 plan which does not line through with the title deed plan (i.e Fencelines, House Location, Garage Sizeare different sizes and positions) But they are claiming that the measurements from the TP1 conveyancing plan (which the original does not have any dimensions on) will be used to correct the boundary issue. Does anyone have any guidance or documentation which shows whether the title deed plan supersedes the TP1 plan? Thanks,
  5. Hello, I'm being sent a lot of newbuild developments all over the country, some nice ones for investment, some aren't. The problem I find with a lot of these developments is that they ask for 30%, sometimes more on exchange of contracts which I think is ridiculous. I'm not about to give my money (£40-£60k) to the developer, to just sit in their bank account for 2 years. I'm (we are) basically funding the developer's work. Am I missing something? is there another perspective to this? (assuming I'm willing to wait 2 years for a property).
  6. Some people think that Rob D isn’t a new builds kinda guy, this isn’t true. New builds are great for hands off investors, but you need to be aware of key points to be successful. Learn all about what you need to be mindful of on this week's podcast. Do you go for new builds or do you tend to avoid them?
  7. Hi All, I have a question regarding a recent opportunity I've spotted. There's a commercial spot for sale by auction close to where I live, it has absolutely huge potential for development and has had lapsed planning permission for 6 x 2 beds and 1 x 1 bed with basement parking granted. It sits 3 minutes walk from the local train station which has a direct line into London Bridge in 55 minutes, so as you can imagine it would be very popular. It currently has a business occupy the building at a rent of £14k per annum and they need 3 months notice before it's deemed vacant, this basically rules out any bridging finance. So where does that leave me? I don't have enough cash to buy the building outright let alone complete any building work, but I find it hard to let an opportunity like this just pass by. I was initially thinking about trying to find the funds from investors (most likely family members) but I don't think that's going to be an option. I then started to wonder if there was any sort of development crowd funding where investors would benefit from the sale of the units but I am unsure if this is an actual way of attaining funding? The beauty of this investment is that it doesn't have to be developed straight away as it's already achieving a 7% yield, which granted isn't huge but at least it gives you time to get your ducks in a row in terms of the development. This could be a great opportunity to start a Joint Venture with another investor and I imagine the Property Hub is an ideal place to find one.. I've also thought of this option, which I would appreciate some advice on - Buy the plot using short term bridging finance and then once secured attain a mortgage on it? I would be open to any suggestions on how I could make this work and would be happy to talk with any other investors/developers potentially looking for a JV. Thank you for your time, I look forward to your responses. Kind regards, James
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