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  1. I have recently collected the keys to a new rental house. When looking around the empty house I noticed black mould in all corners of every window and black mould around the loft hatch. When I approached the lettings agents about this (and other things e.g. solidified UHT milk cartons, stained carpets from leaking radiators, cobwebs everywhere) said that everyone has a different understanding of ‘clean’ and the landlords only legal requirement is. To provide you with a house. Where do I stand with this? Is there a legal route I can go down or do I have to suck it up?
  2. Hi fellow forumers, I'm wondering if anyone has experienced a similar set up in the past and can advise me of their thoughts. This is our first development of this type and although we have a good accountant they are not property specific so I'd be interested to hear some ideas. Here goes... We have a development company and are due to complete construction of a block containing 9 apartments next year. As part of the purchase deal, the seller is retaining 2 of the apartments effectively leaving us with 7 apartments. We may sell a couple of flats but at the moment let's say we are going to retain the 7 flats and rent them out. We would like to avoid estate agents fees so we would act as the agent ourselves - marketing, finding tenants, safety checks and certificates, dealing with rental payments and so on. We would also act as the Management Company so in rental terms that would mean dealing with tenants, maintenance and so on. We would also be the Management Company for sold flats (including the 2 sold off plan at land purchase) so would deal with maintenance, communal cleaning, service charges etc. We want to remortgage the 7 flats (currently unencumbered) to receive some funds to move forward with our next development. My question is what is the best set up for this? We have 1) a development company, 2) a rental company and 3) a management company. Should we keep all of these as separate companies or should we keep them all as one company (the development company that currently exists). Is it legal/possible to do this considering requirements of a rental and management company? If we are looking to remortgage to fund the development company would lenders want everything under one company? I'm sure there are other questions that I could raise but at the moment I'd just like to get my ahead around this. There may be someone that has a really simple answer for me, or I may be completely off track with my thinking so would really appreciate any guidance! Thanks in advance.
  3. 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. 🙂
  4. Hi There, My name is Harry and I'm 23 and researching where to buy my first property. I've had some ideas of places that caught my eye (derby, Gosforth, Stafford as it's near me), however I visited Wakefield recently and it seemed like a very nice place. I've listed to the podcast for almost a year now and caught up on a lot fo the early stuff and listen every week. I know Leeds is a very popular place to invest at the moment and so I feel Wakefield would be a good place to invest and after doing some preliminary research it seems I'm on the right track. However, with not being very experienced as an investor and also not having been to Wakefield many times (so not knowing the area too well apart from the online research I've initially done) I was wondering if anyone could give me a breakdown of the good and bad areas of Wakefield so I know where to target my search. Any background/extra info on Wakefield and perusal experiences would be much appreciated and I'd be more than up for a chat to get the low down. I'd also like recommendations on good quality resources for when/if I decide Wakefield is for me, such as: - Letting Agents - Property Sourcing companies - Maintenance (plumbing, electricals, landscaping, interior design, building work) - Mortgage Advisor (local) And other things of this ilk. Any information and advice given is much appreciated and I look forward to hearing what people have to say about this area! Thanks, Harry
  5. We have a property on a BTL. It's currently empty but recently renovated and so we're going to sell it. We're prepared to wait for the right price. Of course, it will sell easier without tenants, especially as we think it'll be a family not an investor purchase. It may also take a while to complete once we get an offer. Question, if we accept an offer from someone, could they rent the property from us until completion? Not sure how this works with the requisite notice etc. I'm aware I also need to think about the difficulties in selling it to someone else should the purchase fall through for any reason. Would welcome thoughts.
  6. Hello all, It has been a long time since I’ve posted on here but at last I am in a position to buy a rental property, Birmingham and surrounding areas being my location target as this fits a bit better with my budget of £25,000 as I live down in the southwest housing pricing being too high for me I think Birmingham is a good place to start my research as it has good transport links and plenty of university and hospitals I can look into. When it comes to research I generally want to know everything before I buying a certain product, in this case, a house, so I am hoping this will be a good "topic" for information on Birmingham as I will be posting everything on here. The reason behind the in-depth research is that as explained be for I live in the southwest and have not been to Birmingham other than a gig at the NEC so my knowledge on the property market there is pretty much zero. If anyone has any information on where to start looking would be a great help. What and how am I going to research? To kick off my onslaught of research I will be pulling everything I can off the web and extracting data to get an idea which areas to avoid and what housing is going up in value. Such things like crime statistics and Rightmove brought and sold should help me out with this. Would like to find out what funding is being used in different areas as well. Next up will talking with estate agents, if anyone has done this before and know if they are respective to talking about the market then please let me know. I will be asking on what they look for in a rental, what areas do well plus everything in between. Closer to the time will be house viewing and such like, to get the feel of the general areas I want to invest in. this will be very specific research but will still be posting my findings. I think if I complete all this research it will give me the confidence to invest. If you think I’m missing anything important then let me know. Thanks for reading, will
  7. Good morning, I'm hoping that someone will be able to help me. We're desperately needing a reliable, competent letting agent to manage our 4 properties in the north west. We currently live in the east Midlands so managing the properties ourselves is not an option. Currently we are on our 3rd letting agent and are just not happy with the service we're receiving. For example; we have just sold one of our properties and the current tenants have vacated said property. The tenants have failed to pay the last month's rent and no check out was conducted. They haven't left the fobs for the garage doors, haven't painted the walls back to the colour as stated in the agreement and other bits which are going to put us out of pocket. Another example is at another property, the tenant has an issue with one of the plug sockets, when a plug is in there it's melting them. It's taken a week for the letting agent to get in touch with a contractor and the person they sent had no electrical knowledge?? In my opinion I'm paying for a service which I'm just not receiving. I'm having to do a lot of chasing and getting more involved than I feel I should be when I'm paying someone to do that for me? Please can anyone recommend a letting agent in the area that is capable of managing rental properties to a professional standard? Thank you Anne
  8. I part own a house that we currently rent-out. The house is also part owned by 2 other family members Two of us are happy with the currently Rental situation, but the third member has indicated that he would prefer to sell the House Can the 3rd Member force us to sell the house ? Thanks for any guidance
  9. Hello I have owned a flat for 20 years which was my main home, then I bought a house with my partner which we moved into a couple of years ago and we did the flat up to sell as it needed just about everything upgraded, its been on the market for over a year (several estate agents) and despite loads of viewings and 4 offers which have all pulled out at the last minute due to the current climate I need to make a decision about whether to let the property for a while before putting it back on the market if things ever improve. My question is whether I will get hammered with capital gains and additional tax on the rental income if I let the property for a period of time? The property is empty and just costing me money. Really not sure of what to do and would value advice, its getting a bit tough paying 2 mortgages now so would like to find a solution that isn't going to cost me more.
  10. Hi all, Ive just completed my first flip wich has just gone on the market Monday now im looking towards my next project so im after as much information on this topic as i can please Im looking at all of my options and this is 1, buying land and building either 2 houses maximum or flats not sure on amount yet. My question is what is the start to finish process on this? From checks to buying the land then getting a shovel in the ground to selling and also the tax side to. Ino there will be plenty of hidden problems. If anyone could help with this then that would be great any info i get now will speed me up and eliminate certain problems, im in the trade myself and ide like to think i no the bulk of the info but ide rather do my research over and over again to make sure!!! Many thanks!!!
  11. Hi all, I want to set up a HMO within the next 12 months between 5 and 8 rooms for the professionals close to a town. Good spec and furnished as I want to get the most out of my investment. I live in cannock and I would be willing to sent one up within 20 miles of this area, I'm thinking a big old end terraced property that is in a really bad state. I'm just finishing off my first flip and it should be on the market in 2 weeks time. Im in the building trade and have good people around me I just need to get all the info together now so I'm not hanging around so I can get started ASAP. I think I no most of it but I'm always after more info and what procedures do I start first when setting up a HMO. If anyone does no anything then could you please share some info on this as I need something to follow to so it all flows nicely. Many thanks Jamie
  12. Good Evening all, I am looking for a lettings agent who covers Stockport (Greater Manchester) for a HMO. Any suggestions? Thank you Lloyd Rayner
  13. Hi, I'm Irvine and I'm fairly new to property investment. I attempted it a few years ago with a commercial property but did not have the knowledge to deal with the challenges back then needless to say I don't have that property anymore. I've learnt a few lessons but not enough, i really want to have another go but in a different arena. In my day job my a computer business systems analyst, however I need something more to secure my future by generating a passive income. I'm looking at HMO's or Rent to rent opportunities. I'm still new to this and looking at how to enter this arena but i need more advice and guidance to make sure it's successful. I have a small amount to invest of around £45k. It would be great to network with others who are already successful in these area and share information. Thank you.
  14. 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
  15. How’s this for a potentially nice and emotive first post… Your advice will be appreciated however. I’m currently looking at a terraced property (170k) for a BTL that a good 20k bmv and this seems to be wholly due to the fact that it’s right opposite a mosque. There is a replica of the property in an adjacent road getting offers at 190k. Being an atheist I have as much experience with the comings and goings of a mosque as I do with that of a Church – I don’t think that I personally would like to live opposite either. (Churches seem louder to me, bells etc..??) For my part it’s not a religious thing though, I don’t want to live opposite the local Tesco superstore either. I can’t speak as to the views of potential renters however and of course I have an eye on the future when one day selling the property. Does anyone have any experience of this sort of thing? Thoughts appreciated.
  16. Hi, my first time on here and looking for a bit of advice/ opinions. I have a 2 bed rental property, next door to my home. It was originally on the same deeds as our house but was spilt into separate property in the purchasing process for financial reasons. Anyway, we purchased for £210k in 2014, and have about £124k on the mortgage still to pay. Recently we have had our first child and our finances have become quite tight. With my wife's maternity pay about to go down dramatically, and with no savings, we are starting to panic a little. Now, although the rental mortgage pays for itself as we have a permanent tenant, it does need a fair bit of work now - new windows, some work to the roof - probably in the region of £7k worth of work. Money we just don't have. My question is really, what would you do? We could sell the rental, use the equity to pay back in-laws who gave us initial deposit and probably take some off our house mortgage at the same time. - making life generally a bit more comfortable. Or, try and struggle by, meaning less disposable income for holidays etc and scrimp and save until in a few years we have enough to get new windows etc for the rental. Now, I realise this is bit of a case of 'mummy, my diamond shoes are too tight'! And its also quite a personal question, which ultimately only we can answer, but just wondering what people thought and whether you might say 'NO WAY! ALWAYS HANG ON TO PROPERTY!' Any help, much appreciated and if you want more info then let me know. Cheers Dom
  17. Hello from Sussex! Happy to help with any Letting & Property Management queries. I have worked for Allsop Residential Investment Management for 10 years and Leaders The Rental Agents for 3 years. Now set up on my own Letting & Managing properties around Sussex ARLA Qualified NFOPP Level 3 Technical Award
  18. Hi there, Does anyone know of a company / companies that provide the following services for a one off fee: checking that a property meets all the requirements so that it can be legally rented out performing background checks on prospective tenants writing the tenancy agreement In other words, everything that needs to be done at the start of a tenancy other than finding the tenant. I plan on finding the tenant and managing the property thereafter myself. The property is a large studio, a stones throw from Belsize Park tube station in northwest London. I've had a quote from Green and Co. who said they will do all the above and find a tenant for 10% of the rental income (which I believe is pretty standard). They don't provide a one off service as described above. Thanks very much in advance Patrick
  19. I am very much new to the property world but trying my best to gather as much useful information as possible. I am incredibly short of time and have little eye for attention to detail so was looking into furniture rental services. I'm looking in advance to get a full idea of costings. Any recommendations or past experience it would be great to hear from you, thanks. I nobody does, perhaps I could send you the information I have found so far and get some expert feedback back from you guys.
  20. Hi, I would like some advice regarding my consent to let property. Back in 2007 I bought my first property (bought for £106,000), it was a new build (off plan) one bedroom flat. In 2010 myself an my wife decided to buy a house together and due to not being able to sell the flat at a decent rate (valued at £85,000 - £97,000), decided to rent the flat out. The flat was changed from a 'residental mortage' to a 'consent to let mortgage' as The Norwich and Peterbough Building Society do not do 'buy to lets'. Since the crash of 2007 - 2008 I have expected the price to drop but gradually gain traction and early this year noticed that the Zoopla estimate for the flat was £127,000. Which gave me the 75% LTV I needed to get free of my 'consent to let'. I approached a mortgage broker and paid a fee of £350 for their services and based on the valuation, I would be able to go ahead with a new mortgage lender - great! The flat was valued at £80,000 and a second valuation of £82,500 was done. This is way lower than the £127,000 on Zoopla's site and also lower than similar properties in the area (the building next door had a flat which sold for £90,000). The property is in Sheffield City Center and land around the building is going to be developed, although this won't be finished for a few years. So I am still stuck with my 'consent to let' mortgage which is £608 per month, but the tenant's rent only comes to £525, plus there is a service change and ground rent and insurance I pay out for. So I am losing each month. The mortgage broker said I should wait it out and see what happens in 12 month (I have paid their fee and they are happy to help again), but if these valuations are correct (or the best I can get) it will be a long and expensive wait. Is there any advice, anyone could give about how to move to another mortgage lender to a 'buy to let' mortgage? Any help would be appreciated.
  21. Dear All What thoughts do you have on the percentage of flats that have been rented in a block to the number that have been bought privately? Good points / bad points? Should there be an even mix? What happens if there is a drastic leaning one way or the other, and does it matter? Also - Is there an easy way to determine the percentage split, short of asking local agents? Many thanks
  22. Just wanted to introduce myself, having stumbled across Rob n Robs fantastic Property Podcast and subsequently ending up on this forum... So, a bit about myself... Recently found myself at a crossroads in life and recent events have prompted me to look at life in a totally different way. Always fancied the idea of a property in the Lake District (Cumbria), which myself, family and friends can get the benefit from, whilst also renting it out to cover the funding of the mortgage etc. And so began my research into the area. Due to the increased property prices in Cumbria, I brought my search closer to home (Preston, Lancashire) and found a suitable holiday let. I have now put my current property on the market, with a view to downsizing and freeing up some cash as a deposit on my chosen holiday let. With all this in mind, started to carry out some research into property investment, which brought me to the Property Podcast. I am now an avid fan and am currently working my way through all the episodes from the very start, hopefully catching up to the current episodes very soon... As a complete novice, I have already learnt loads and hope to learn even more from Rob n Robs great information sources, prior to making my first property investment purchase. In the future I plan to purchase a residential rental property and maybe more as time goes by... I look forward to chatting with some of you in the future, Michael
  23. I have a couple of flats rented out through an letting agency in Glasgow. They recently told me new legislation means my flats must have hardwired and interlinked smoke alarms (in the living area and hall) and a heat alarm (in the kitchen) and will require CO monitors as of December 2015. Has anyone else come across this? If so, how much has it cost you to implement it?
  24. Hi All and Rob & Rob, Love your podcast and the forum. I have one investment flat in London and considering another. Here are my numbers with pretty conservative assumptions. Would appreciate anyone thoughts on the deal vs. holding steady with the 1 flat. Also welcome any views on buying in London now versus waiting for 2016 and a potential slow down... btw, i'm currently on assignment away from the UK, so the buy-to-let rates are higher for non-residents... Current BTL 2011 Purchase Price = 340k, 20% down + 20k other costs, July 2015 Value = 575k, LTV = 41%, Rent = 2000 PCM, Interest Rate = 3.59% floating (no ERC), Avg. monthly cash flow (after letting fees 5%, management costs 5%, insurance, 10% provisions) = 720 GBP / mo, ROI (w/o capital growth) = 9.9% New Investment 1) Remortgage Current BTL to 60% LTV, same rent and costs above plus remortgage costs, 2 yr interest rate = 3.53% = Cash Flow = 440 / mo, ROI = 2.2% 2) New Purchase = 500k, 20% down + 30k other costs, LTV = 80%, Rent = 2000 PCM, Interest Rate = 4% 2yrs, Avg. monthly cash flow (after letting fees 8%, management costs 5%, insurance, 10% provisions) = 120 GBP / mo, ROI = 1.2% Note ROIs include equity being used. Total out-of-pocket for new purchase only 20k. Again, would appreciate some critiques, etc. Happy to go further into numbers if required. Thanks, DT35
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