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Found 36 results

  1. I'm in a pickle! I have become emotionally attached to my tenant. He's been a model tenant for about 10 years and i have a good relationship with him. He's never asked for anything and takes excellent care of the property, even making little improvements. I currently charge him £475 but a recent valuation recommends £550. I'm happy with the rent I receive at the moment and would love to retain my current tenant, he could easily move on. i'm coming up to a remortgage and told this rental amount may effect my stress tests. I know I'm running a business and I'm calculating losing this tenant may cost more in the long run. Has anyone been in the same situation? How would you approach raising the rent with his new tenancy agreement. Many Thanks. Rick
  2. 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.
  3. Hello looking for some advice. I have a flat in London rented to a couple. The tenant contacted me today regarding his partner being made redundant and asked if there was something that I could do on rent. I don’t have a mortgage on the property. I wanted to ask what people are doing in this situation ? The current rent is 1700pcm. I was contemplating offering them a ‘rent holiday’ so that they pay 14000pcm instead for 3 months. Once the tenants partner finds another role it can return to the 1700pcm. They would then have 6 months to top up the rental payments to make up the £900 they missed. I’m not sure if this is going to help enough and what other landlords are offering! Bit lost here so any other ideas are very welcome. Thanks very much!
  4. As a property investor (I'm not a landlord): For example, I found a BMV property, then apply for planning permission to convert into an HMO property depending how many bedrooms and use the bridging finance to refurb it, then use the property to rent it out to potential tenants if that makes sense. This is a buy to let. Someone mentioned that property management/ Rent2Rent is a trading business. Which of these codes are applicable? It is really confusing. SIC codes SIC code 68100 is for the buying and selling of own real estate; so, if you’re going to be flipping and trading, this would be the code for you. SIC code 68209 is for the letting and operating of own or leased real estate. In other words, for buying and holding property and renting it out. SIC code 68320 is for the management of real estate on a fee or contract basis. So, for example if you’re going to set up your own management company, then this would be the right classification for you. (As an aside, if you’re going to manage properties for other people or third parties, you should definitely do this in a separate company, and for tax efficiency purposes, you may also consider managing your own properties for yourself but through a separate company). SIC code 68310 is for real estate agencies. In other words, if you’re going to do deal packaging, i.e. if you’re going to source properties for other people.
  5. Hi everyone, I am a landlord currently with two B2L properties looking to expand my portfolio. I am also someone who constantly thinks about business, new ideas and how I can help other property investors. One area that there seems to be little to no discussion on (at least that I can find) is that of recovering lost rent when NO rent guarantee scheme or insurance has been purchased. Typical scenario would be you have had to evict a tenant for not paying rent, you have no rent insurance, have paid all the court fees and are now out of pocket for £££’s of pounds. What can you do to get your money back? Or do you just take the financial loss and move on? So, my question is, if there was an option to use a company to recover those losses for you, without you needing to spend a further thousand pounds using one of the big solicitors firms, would this be of any interest to our community? Really interested to get peoples thoughts on this and thanks for your time reading.
  6. Hi I am from Reading and currently going through the Goliath Sourcing Academy training. I have learned alot about property over the last month. I am in the process of putting together my goals formally. My end goal is to build a buy to let portfolio with the aim of earning atleast 7,000pcm after tax. My chosen strategy is BRRR or BR and flip. However I do not have enough capital to source. So my strategy will be to Co source deals with a deal sourcer, use that money to start my own deal sourcing business, use the money from the business to implement my strategy. Therefore if anyone if anyone is happy to assist me even look over some of the deals I have have to point me to the right direction, I would really appreciate it. Thanks all Yvette
  7. Hi all, I've had an offer accepted this afternoon but I think I might have a problem getting a mortgage. I had previously spoken to the local council and told them about the possible purchase and they said they would gladly take the property and guarantee me the rent every month directly into my account. Now the problem is the tenants could be a working family or on benefits and I cannot choose who I want in the property. My broker said I have been refused by one lender because it is a rent back guarantee and they will try more tomorrow. Is this going to be a problem going forward?
  8. 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
  9. Hi everyone, So I'm looking to get a standard letter ready to send landlords about the possibility of rent to rent. I need a bit of help with what/how to word the letter the best way possible. Can anyone help me with this? Thanks!
  10. Hi everyone, I've found myself in a bit of a predicament with an impending divorce and trying to figure the best way to navigate out of this situation. Any advice on the following details would be much appreciated. I have a property jointly owned with my ex. We have amicably decided she should get her share of equity that we've made plus any contribution to previous renos costs. This comes to approx. 60k. My issue is how best to raise the £60k. The easiest option would be to sell up and start again. However I've put a huge amount of work into renos and improvements over the last 18 months so would love to keep the place if possible. It's in a great area of town where values are rising and the rental market is strong so it should be a good investment. Current value £430k. Current resi mortgage £260k. Potential BTL interest only mortgage £320k. Monthly rental value approx. £1,400. I'm also a contractor with my own limited company. If hugely beneficial I could look into buying the place through the ltd Co. (Not sure about the mechanics of this at the moment though). Looking forward to any ideas what you'd do. Cheers
  11. Hi guys I have just leaped into my first investment with a standard BTL property in Salford, Manchester. Was wondering if anyone on here has any knowledge of the area and any thoughts on the deal. I managed to get the deal slightly below market value. I have attached the right move link below. Any feedback is welcome. http://www.rightmove.co.uk/s6p/61096188 Cheers Mason
  12. Hi all, I'am Ben 28 year old builder from Leeds. I've been in to property as long as I can remember And always wanted to develop property and rent them must have been all the grand designs and homes under the hammer I watched as a kid!! I'm looking for some opinions on what my next move should be as the time has come we need to move house to something bigger for are growing family. I bought my first 2 bed house that I payed 75,000 for and renovated for 25,000. I've just had it revalued at 140,000. So this Is my dilemma rent for the passive income as I could get 600 pm, plus the Morgage is payed off in 8 years. Down side will have to put off moveing for another 6 months to save more deposit. Or sell the the property to free up funds for the move plus invest in other propertys and a possible opportunity to buy some land to develop. Meny thanks in advance to every one at property hub for all the amazing podcasts and advice. thanks Ben
  13. Hi all, We are looking to rent out our existing four bed family home after finding a new home. There is an opportunity to let the property furnished and just wondered what increase in rent, in % terms to expect against leaving the property empty? Also, will letting the property furnished increase or decrease it's desirability? Thanks in advance. Phil.
  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 all, I'm looking for some advice on what to do with my shared ownership headache. I bought a 50% shared ownership flat from a housing association in 2005 for £45,000 and, after being in negative equity for years, it now has £20,000 left on the mortgage and is valued at approximately £35,000 for 50%. I moved out of the flat about 18 months ago and bought a house with a family member. I have just finished refurbishing the flat with the intention of renting it out. I have been running through some figures but it doesn't seem as rosy as I thought it might. At the moment I pay out £827 per month for the flat. 
 Rent I pay for the other 50%, including service charge: -£230 per month Mortgage payments on my 50% share: -£500 per month Council Tax: -£97 per month Mortgage repayment date: October 2021 If I rent it out I then the situation could be paying out £375 Per month The rental income for the flat: £500 per month Letting agent Setup Fee: -£650 Per year (or -£55 per month) Letting agent management fees: -£60 per month Landlord insurance: Haven't got this yet, I guess about -£20 per month Rental guarantee: -£10 per month Rent I pay for the other 50%, including service charge: -£230 per month Mortgage payments on my 50% share: -£500 per month (Mortgage interest approx £60 per Month) After October 2021 when the mortgage is paid I should get £125 per month If I purchase the remaining 50% after October 2021 I should get £215 per month The rental income for the flat: £500 per month Letting agent Setup Fee: -£650 Per year (or -£55 per month) Letting agent management fees: -£60 per month Landlord insurance: Haven't got this yet, I guess about -£20 per month Rental guarantee: -£10 per month Mortgage: £140 per month My headache is whether I should just sell it, (I should also get back £5,505 of stamp duty because the house I bought after had the 2nd home stamp duty surcharge)? Rent it out as it is now at 50%? Or staircase and buy the other half of the flat so I can stop paying rent to the housing association (Service charge would still be approx £60) and maybe try and extend the lease. The property’s current lease runs until 2084. Any help or advice would be appreciated and congratulations on reading all that. Many thanks, Dave
  16. Hi, I am coming close to completion on an 1 bed off plan property ive purchased in Birmingham City Center. I have a slight dilemma whereby the Property management/estate agent who also happened to be selling furniture packs for a lot of the units is advising i purchase the furniture pack. See below for Details: "City Pack" = £1,995 + VAT "Style Pack" = £2,150 + VAT "Urban Pack" = £2,250 +VAT He mentions that apartments in the city center usually go for 150-200gbp more per month after being furnished. This would essentially mean after 1 year it would pay its self off. Now i don't buy into this and would like to know if anyone has information to back this statement up, or as i suspect hes just trying to hard sell and realistically you might get 20-30/month more after bring furnished? (On a side note i think furnishing apartments isnt really worth the hassle as constant phone calls for broken goods etc and when the tenants move in with their own furniture/white goods they tend to stay longer and respect the property a lot more) Thanks again Hubbers Eamon
  17. Hi All, I am facing a situation and I am not sure what to do. I have had some great tenants in my property for the last five years. They are a couple with a little girl of 4 who has just started school in the areas. They have recently informed me that they are splitting up. The guy is leaving the property and renting somewhere else close by. The woman wants to stay in the property. She has recently asked for a meeting to discuss the situation. She wants to discuss a new contract but she has suggested that she will have to apply for benefits as she may not be able to afford the whole rent on her own. I am not really sure what to do here. They have been great tenants for the last five years, they recently signed a new AST (in September). Any help and advice on what I should do would be much appreciated. Thanks, J
  18. Good morning all! I've come here hoping to get a bit of advice as a newbie to property investment but first need to tie up my own situation, so I'll jump right in. In 2014 I purchased our first home (a cottage) 2 bedroom. In 2015 my wife and I found out we were having a baby. Towards end of pregnancy we moved in with parents as wife needed extra help while I worked away at sea. We rented our property out. 2016 baby is born, I decided I need to progress my career and saved for further education within my field. I saved and passed all exams. 2017 2nd baby born. We are now in rented accommodation and still renting our property out. 2018 I find myself in a situation I'm not sure how to get out of, I own a house but am renting and this is where I'm hoping to get some advice. I see 3 options: 1) Sell the house use profit to buy bigger house.-does not further my property investment goals 2) release equity from house and use that to buy next house while keep renting to tenants. 3) move back into very small cottage for a year on an interest only mortgage, save up, then buy next property. And find tenants for small cottage. Apologies for long post, Any advice is greatly appreciated Kind regards Stirling
  19. Hi all, I'm looking for some advice on what to do with my shared ownership headache. I bought a 50% shared ownership flat from a housing association in 2005 for £45,000 and, after being in negative equity for years, it now has £20,000 left on the mortgage and is valued at approximately £35,000 for 50%. I moved out of the flat about 18 months ago and bought a house with a family member. I have just finished refurbishing the flat with the intention of renting it out. I have been running through some figures but it doesn't seem as rosy as I thought it might. At the moment I pay out £827 per month for the flat. 
 Rent I pay for the other 50%, including service charge: -£230 per month Mortgage payments on my 50% share: -£500 per month Council Tax: -£97 per month Mortgage repayment date: October 2021 If I rent it out I then the situation could be paying out £375 Per month The rental income for the flat: £500 per month Letting agent Setup Fee: -£650 Per year (or -£55 per month) Letting agent management fees: -£60 per month Landlord insurance: Haven't got this yet, I guess about -£20 per month Rental guarantee: -£10 per month Rent I pay for the other 50%, including service charge: -£230 per month Mortgage payments on my 50% share: -£500 per month (Mortgage interest approx £60 per Month) After October 2021 when the mortgage is paid I should get £125 per month If I purchase the remaining 50% after October 2021 I should get £215 per month The rental income for the flat: £500 per month Letting agent Setup Fee: -£650 Per year (or -£55 per month) Letting agent management fees: -£60 per month Landlord insurance: Haven't got this yet, I guess about -£20 per month Rental guarantee: -£10 per month Mortgage: £140 per month My headache is whether I should just sell it, (I should also get back £5,505 of stamp duty because the house I bought after had the 2nd home stamp duty surcharge)? Rent it out as it is now at 50%? Or staircase and buy the other half of the flat so I can stop paying rent to the housing association (Service charge would still be approx £60) and maybe try and extend the lease. The property’s current lease runs until 2084. Any help or advice would be appreciated and congratulations on reading all that. Many thanks, Dave
  20. Hello people, I'm looking for advice on whether I should open up a ltdc ompany. I have just had an offer accepted on a property which is why I am planning to open the Ltd company now so that I can purchase the property straight in to the company and avoid a double stamp duty by buying it in my own name, then selling it to the company once formed, which I believe the sale price must be at market value? My future plans are to expand my rental portfolio as much as possible aswell as possibly doing some flips. I also have one more property in my own name which I would like to put in the company what would be the most financially beneficial way to do this? Any advice will be much appreciated. Thank You
  21. Hi guys, Has anyone used (or heard of) Rent Connect (http://www.rentconnect.co.uk/) to rent out their BTL's before? I can't find any reviews on them online. I've been told in London they deal with homeless tenants and people in need but outside of London they assist people with moving, for example the tenants they deal with have to be full time employed without pets but earning as a family less than £29k. So the tenants they place in your property will be full time employed and either stationed there temporarily due to insurance work or need help with moving due to their low income. Pets are NOT permitted and the tenants get inspected every 6 weeks. The offered me £800pm which not "too good to be true" for the property but is on the higher end of the rent I was looking for. Any feedback would be great before I commit next week. Thanks, Youssef
  22. I'm 64 years old and my wife is 61, both in reasonable health, however, we are hoping to retire in 2018. For the last 30 years, my wife and I have run a Guest House. The building is quite large over four floors including a converted basement area with the land taken away from the gable end creating a large patio area for the basement. As you can imagine, this is a life changer for us; once we close the doors we stop our income. Scary. That's why I've joined this forum. The building is worth around £850,000.00 with no mortgage attached. The location is a south Manchester suburb with very good transport links into the city 5.9 miles away; including a metro stop just a 9-minute walk away (no not 10, 9 ) which take 12 minutes into the city. We have savings of £150,000, a private pension of £3700 per year with my state pension due in Jan 2018 and my wife’s due in Feb 2022 and a small pension due in 2023 of £4700 per year. We have two options: To sell, buying a place for our selves with the proceeds of the sale, say £400.000 and invest the rest hoping for a minimum yearly income of 4% on £400,000. (£1,300.00 per month including fees) To redevelop the building; creating just 4 luxury apartments (very large, one per floor). With a minimum rental income of £1000 per unit. The question is what would be the most prudent way of setting up option 2 . Option 1 Is pretty straightforward, however, we would end up with the main part of our retirement income being susceptible to fund managers decisions and stock market fluctuation (little control). Option 2 As a couple of potions its self : a) We move out into my wife’s brother house with them, for a good 6 months or we rent at £700 per month. We use our saving to redevelop hoping £150,000 will be enough, to leave us with no loans or mortgage to repay. Once the work is completed we take on one of the apartments. Reducing our income from £4000pm to £3000pm. Asset wise we will have the proceeds from the sale of a property to pass on to our sons. We have tree boys all in there 30's. The first two we help to buy their houses. The oldest bought for £62,000 the second bought at £162,000 and the third is having a hard time with the average house around Manchester at £250,000. We could sell one apartment to him for £150,000 through his own mortgage. After inviting 7 estate agents in round 18 months ago the average sales price of each apartment was £250.000. This will generate another £150,000 in the pot which would secure the development costs and also could be used as a deposit on a house for our selves with repayments met by are overall income. The thought being our youngest son can sell or rent out his apparent to help fund a house for himself. Asset wise we would have three apartments at a minimum sales price of £750,000 and the equity on the house we would buy. The three apartments would act as security on any loan we require for a house. This is just my thoughts. I would love it if someone told me it's a load of rubbish and came up with a fantastic new way of looking at it. We rented out a number of properties in the seventy's all to students, so a little experience, but need to get up to speed with todays letting market. The Planning decision is on the 5th October, in which we envisage no problems. If we decide against the development the building will be sold with planning permission. Other factors, My wife is scared stiff.
  23. Hi all, Due to remortgage and I'm thinking ahead. Have you obtained consent to let on your residential mortgage? Was it 1-year, or until the end of the fixed term? Situation: due to remortgage, but unsure how long will remain at current address due to work reasons. Looking to keep the property as it is in a good area. Would like to get consent-to-let before changing to buy-to-let. Question: who are best lenders for consent-to-let? which lenders offer 'until end of fix term' rather than just 12mo consent? Thanks.
  24. Hi all, Hoping for some landlord advice as my parents are in a bit of a tricky situation. They’ve been renting out a 3-bed house (30mins from York, 50mins from Leeds) for £1,200 PCM to a family for just over 2 years. To date, they’ve been perfect tenants and we have a good relationship with them. However, they’ve not been able to pay rent this month because of the self-employed father losing a contract. He’s looking for other jobs at the moment but no guarantee he’ll have a reliable income in the near future. My parents have a couple of ideas for what to do including reducing rent until they’ve found new tenants to reduce impact of a void period but I’d like some suggestions from you guys as to what you’d do in this scenario? Parents are going to be very busy over next 3 months so would like to do whatever is simplest without of course losing too much rental income. Thanks very much, Jack
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