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  2. HMO RESTRICTIVE COVENANT - HMO

    I have the following RC on the title: ‘Not to use other than as a single private dwelling house and garden’ Does this mean I'm dead in the water? Will this be removed during the licensing application? I'm in additional licensing, not article 4. Thanks in advance Ivan - 07932220000
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  4. Hi, hopefully my tip on finding a tenant will help you http://gedney.1apps.com/gp_blog/gp_blog_tip_01_marketing_finding_a_tenant.htm kind regards, Adam Gedney
  5. Hi, This is my first post but hoping for some guidance if im in the wrong place. My name is Harrison Jones, I'm a 28, from Croydon and have been flipping properties full time since 2006. Without going into too much detail, after being 10 years of many downs and a few ups. Flipping roughly 25 properties, I'm looking to take it to the next level. I buy all my properties through agents, generally look for probates or anything in a bad state. Have a full time (sub-contracted) site foreman and a team of subbies that carry out most of the other works (electrics, boilers, plastering, windows). I fund this all now fully through investors that act as mortgage lenders. I set up the deal, loan the full amount of the purchase, then once sold, pay back the loan plus interest. I'm looking for someone to speak to and identify any areas I can up my game. Preferably someone who is in the same field, not a BTL buyer. I would appreciate any help. Harrison @HAJ32
  6. Selling an inherited house can be often a tragic and emotionally challenging time for most beneficiaries. The estate agent will have no doubt promised the Executor that they will sell the property within a week at over asking price, and it has been an almost a year, and the property is still up for sale. This is the most likely scenario. Unfortunately some estate agents still think that buyers will over paying for properties that require work. Landlords used to snap up probate properties in a heartbeat. But that market has now changed with clause 24 that has kicked in on 6th April 2017. This means a much higher tax bills for landlords who hold properties in their personal names. Landlords are facing the biggest overall in property market for last 30 years. Recent anecdote evidence suggests that landlord fit into one of the following categories: · Landlords are exiting the property market. · Those who are staying in are busy transferring their buy-to-let properties from their personal names into their Limited Companies. · Some landlords are also busy renovating their existing properties and selling them to first time buyers. · Carrying on regardless and worry about it when the tax bill comes. · Wait and see how BREXIT, new election in 2017 and Clause 24 play out. First time buyers have never had so good particular up North where average property prices are an affordable 4 times the income ratio and some even cheaper! The challenge that most estate agent face is that first time buyers are expecting a “ready to move in” house that they have seen with new build show homes. So naturally they are not terribly excited to see a property with structural issues, require full on renovating with a new roof, kitchen, bathrooms, floor joists that are rotten with wood worms. Even if the price tag is low, they won’t be able to get a mortgage on that property because a mortgage surveyor believes that this is not a habitable property! Faced a huge over promise and under delivery, there may be a number of reasons why beneficiaries may be looking to sell a probate property. These may set-backs such as: · Property requiring a degree of modernisation or requires an extensive refurbishment. Beneficiaries are not property people and not looking to renovate the property as they may not have funds, time or inclination. · Derelict property that has been vandalised, had squatters move in or used as a drugs-den! A neglected property perhaps because relatives live too far away. · The property is nice but the price is unrealistic given cosmetics works that need to be completed. · There is no grant of probate and property is not registered. It can sometimes take month to get a grant of probate and requires a real perseverance. Often an estate agent will find a buyer then worry about legal sides of things, and buyer’s mortgage offer expires by the time grant of probate is finally issued! What vendor requires is guidance to obtain a grant of probate, and any challenges that a government department may present them with, a probate property buyer with extensive experience of dealing with probate property matters and genuine ability and means to buy probate properties for cash. This is where Property Saviour can assist. We have bought probate properties before and can deal with most complex probate matters and even legal disputes between beneficiaries! We can conclude the purchase of properties in a few days. Our solicitor will verify our ability to buy properties quickly. We are genuine cash buyers and as such as are able to Exchange Contracts within 72 hours of receiving your instructions.
  7. Learn how to systemise viewings quickly and effectively. Learn how to price a refurb with ease. Then learn from 3 of my already-completed insane property deals http://ukpropertytraders.co.uk/blogs/blog/7-richard-greenland/ http://www.insidepropertyinvesting.com/richardgreenland/ Space for 3 passengers in my car, 4 at a push. Most of the April Saturdays are full but I'm taking bookings for May. Pick my brains all day, 9.30 - 6.00. I'll even buy you a decent lunch. Then you can take away and keep our Viewing and Refurb Pricing systems and use them for ever. If you don't have anything you want viewed, we can easily find some. Or YOU tell me what else you'd like? I'll try to include it. All this for just £200 PP which will be going up soon as it's already proving quite popular. Post here or PM for more details.
  8. http://www.eddiebids.com/page/affililate-program Make big £ today with instant cash payments for referalls currently we pay £25.00 per referrral or 50% commision on items sold.
  9. Other The launch of the Blackpool PPN

    Morning, The date and location has been confirmed for the launch of the Blackpool PPN, Monday 22nd May at Blackpool Football Club, lots of free parking and just off the motorway. We hope to attract investors from Blackpool, Preston, Lancaster, Morecambe and all over the North West. Please like and share our page on Facebook https://www.facebook.com/blackpoolppn/ to people that you may think are interested. I will be announcing our first speaker in the next couple of weeks and hope to see you there.
  10. Its really now very important issue for us....
  11. Other Legal Advice...

    Hey i am new here and i am really very confuse.....
  12. Manchester Ninja Networking Blitz

    until
    OK – you’ve ‘got’ property as an excellent way to build an income that will set you free from the financial drudge, but it’s a slow and painful process to grow your portfolio. The problems of financing a growing portfolio are many – but there is usually a smart solution – if you’re one of the privileged few who really understand how to finance your property investments intelligently. You’ve got a limited amount of available cash each new purchase ties your funds in deposits until you can save up enough for the next purchase: It’s time to escape from the mortgage-buyer mind-set! You’ve got a property with fantastic potential – but your BTL lender says ‘Sorry, we don’t lend on that type of property’: It’s time to escape from their blinkered thinking and discover a superior method of financing You’ve found a great property that needs a refurb – at a low price, your BTL lender will rub their hands and give you a mortgage based on that low price you’ve negotiated: It’s time to escape from finance that’s based on the purchase price! You’re fed up with cash buyers pinching all the best deals because they can complete so much faster when no mortgage is needed: It’s time to learn the secret – that you don’t need a six figure bank balance to operate exactly the way cash buyers do Are you ready? If you’re fed up with lack of cash restricting your property investment and want to escape from BTL mortgages, come along to the Ninja Networking Blitz: You’ll meet like-minded property investors You can take the opportunity to join the Elite mindset development lunch You can join the VIP Brainstorming session and get your property finance questions answered You’ll discover how to Recycle Your Cash – with smarter financing You will find it unlike any other property networking meeting you’ve ever attended! Kevin Wright delivers a day of property finance education. Upgrade your mind-set over lunch, brainstorm property finance in the afternoon, or just attend the evening teaching session BOOK YOUR TICKET HERE Why are we doing this? As an added bonus you’ll be doing your bit for those people who can’t afford a home – not even to rent – and are homeless as we are donating £20 on behalf of EVERY attendee to a local charity that helps the homeless.
  13. Other Thank U 4 Tuesday @PPNChelmsford

    Many thanks to ALL of YOU for making TUESDAY night such a success - we look forward to seeing you in 2017 A special mention to Chi Ngo, the winner of the £4500.00 PPN Chelmsford Christmas Hamper – Congratulations! On another note, if you enjoyed Mandie’s presentation on Section 24 - Tenant Tax and would like a copy of her super-duper Budget Impact Analyser, please email me andyscott@progressivepropertynetwork.co.uk and I will send you a copy. Kind Regards, The Team @PPNChelmsford Many thanks again to everyone who attended Progressive Property Network Chelmsford on Tuesday. OUR NEXT Keynote Speaker is our PPN CO-FOUNDER Jamie Madill. Kind Regards, Your Host, Andy Scott
  14. Property has always been seen as an unchanging and money-spinning investment, I suggest everybody should invest money in UK, because it is an open for investment all nationalities can buy. Most of the people that are from the UK are expats currently resident or working in other countries in Middle East, Africa, Far East and Europe.
  15. Other Legal Advice...

    Hello everyone, I couldn't see anywhere where traders/developers/landlords could ask legal questions and I'm really happy to (try to) field them. Admin if this isn't the right/best approach then of course no worries. So this is an open invitation for members to pitch any legal queries to me informally and without charge. If I can help I will. If I can't I will try to give you a steer. I am an expert litigation solicitor and own my own disputes niche firm with my business Partner- Helix Law (www.helix-law.com). I was previously a Partner and head of litigation in a large regional firm and realised there was a better way. We focus on building longer term relationships and sharing risk rather than short term fees. We're unashamedly a business but our philosophy and approach is incredibly important to us- encapsulated in our tag line 'Working Together'. We really try to add value as an outsourced legal team for business and business people and treat each problem as if it were our own. Although we have grown we will never forget those we serve. Helix is a litigation/disputes niche firm focussed on commercial, property, employment and construction (and development) litigation. We don't dabble and we don't deal with Wills, Conveyancing, divorce etc. We do what we do and we're good at it- regularly litigating against City firms. We are Brighton based but as an experienced team work nationally. So if you have a JCT dispute, an adjudication, or need a development contract drafting we can help you. If you need a tenant removing/evicting for low fixed fees or have an unpaid invoice, we can help. If you fancy doing it yourself then I will help you as best as I can, including without charging- because we value the relationship and know that in time you will too. We don't just deal with problems. We help avoid them too. We're happy to back our own advice and offer no win, no fee agreements and of course fixed fees. I trained academically as an unregistered and non practicising Barrister but then completed the Qualified Lawyers Transfer Test to become a solicitor. Why? I love client contact and helping business owners as their 'go to' lawyer. I have owned and sold a non legal SME business and am glad to say I am therefore not just 'a lawyer'. I am also a landlord myself. Enough about me and about Helix. If I can help please do get in touch on here, via email, Linkedin (www.linkedin.com/in/disputesolicitor), Facebook or telephone 01273 761990. Alex. ac@helix-law.com
  16. 3 Howgill Lane, Sedburgh, Cumbria LA10 5DE. At first this seemed too good to be true, but I don’t believe in TGTBT so I looked into it. It starts as a desperately sad story but has a kinda happy ending. The owner never lived in the house but his mother in law did. He suffered a double bereavement (wife & brother) in two separate RTAs. Then he lost his commercial diving business due to an investigation when one of his divers falsified his own health status from his doc and died underwater. As a result he had been on IVA for 2 years, a family of 4 living on £450 a month. To top it all off he had developed Sudden Death Syndrome where his heart can suddenly stop beating, so has a heart defib fitted. I would almost have thought it was too BAD to be true, that he was making it up, except I saw the shape of the defib fitted under his skin. It was quite a big triangular lump. Just when you'd think it couldn't get any worse for him, there was a partial collapse of the basement at the house and the council placed scaffolding against the side of it under the Dangerous Structures Act, and a charge on the house for the cost. It blocked the entrance to the car park of the large pub next door. Then the pub owner then threatened to sue for loss of trade. The poor vendor had no money to solve the problem, and was having anxiety attacks over it and everything else. He was an awful situation. I knew what to do about the basement (fill it with concrete - job done!) But I commissioned a structural engineer's report anyway to tell me what I already knew, as belt-and-braces. Engineers must carry Public Indemnity Insurance, so if we both get it wrong I could claim on his insurance. Also I could put the report in the Legal Pack to reassure prospective buyers. Then I agreed to buy it for 22k, minus any costs due to the pub. Unfortunately the pub owner wouldn't communicate properly or give me a settlement figure, only threaten, so the amount outstanding was unquantifiable and much as I felt sorry for the owner, the only sensible thing I could do was stay away until the pub owner became more communicative or the house owner sorted it out with the pub himself. The pub owner saw me as a money pit, unlike the homeowner who was skint, so he was trying to make it my problem and make me pay. I told both of them that it was THEIR problem until we exchanged contracts, not mine. I felt very sorry for the owner and apologised for having to withdraw, but it had to remain business and I had to try not to get emotionally involved, however much I wanted to help him. I was less sympathetic to the pub owner who wasn’t exactly helping himself by stymying the sale. It merely prolonged his own problem with the blocked car park. I told him that the scaffolding could be there till kingdom come, because no normal sane buyer would buy that house with a partial basement collapse AND an unquantifiable financial claim against it. Things finally moved when the owner offered to GIVE me the house for nothing just to take the stress and the pain away. It seemed unlikely that my financial exposure would be greater than 22k even for the entire period the scaffolding had been up, so I agreed, but it would have been like taking candy from a baby so I insisted on keeping as close to our original agreement as possible. You have to know when something is a deal and when not to milk it. It’s about treating people fairly and being able to respect yourself and be deserving of the respect of others. I'd already given him £500 in cash on a no strings basis so he could enjoy Christmas with his new family (he had re-married), so I gave him another 8k to settle the £5.5k charge the council had placed on the house for the scaffolding (which needed settling anyway), and the rest for his conveyancing bill and about 2k to be going on with. Eventually I paid him the entire £22k, minus an agreed sum of £6,750 to settle with the pub. I’d offered for him to wait for the full settlement but he just wanted out ASAP. I had no legally binding contract with him, we had nothing but a gentlemen's agreement and a handshake, but as I say he’d already offered me the house for nothing so he was happy with that and he trusted me. It isn't just about the money. Money comes easier than happiness. In so doing I hoped to restore his faith in humanity a bit as it's had a real kicking over the years with things going disasterously wrong and to make it worse, people treating him badly. Of course by doing so I'm helping myself too. If you want to feel happy, the best thing you can do is help someone else, especially when you don't have to. It really works you know! Try it! Then I offered (without prejudice – that is VERY IMPORTANT to avoid legally committing to anything) to settle the damages claim from the pub owner for the entire period of car-park blockage, to clear it completely for my vendor, as with his recurrent anxiety problems he wasn't in any condition to negotiate it for himself. Eventually after a lot of persistence I got an approximate settlement figure, just under 6k so not nearly as bad as it could have been, and I'm contesting some of the items anyway. I'm hoping to get it down to 3.26k. This has still not been settled, and it turned out that the “pub owner” wasn’t the real owner after all so the dispute is still open and could go either way. The outcome? I bought it for £22k (minus £6,750 for an ongoing dispute) and did no physical work on the property at all. I never even went back in the house. Then I put it in Auction House Cumbria and it sold for £42k! Obviously I had costs, including 2 lots of legal fees, auctioneer fees, and £3k finders fee. Still, it was a nice little profit. This is it, Lot 56, you will have to scroll down to see it ‪ http://img.auctionhouse.uk.net/files/cumbria/auctions/20160602/Catalogue.pdf Colin the auctioneer assured me it would be very popular, in fact he said they had so many requests for viewings they had to do block viewings 2 x weekly! If for some strange reason it didn’t sell at auction I needed more exit strategies, so exit 2 would have been to do the works and sell on with an agent. This is how the numbers looked. Working backwards: Nicely finished it should value up at 100k with the yard opened up for parking. But the real value in a slow market is the 90 day val, and that was only 80k The costs of the works was an allowance of up to 10k for the structural work, shuttering against the basement collapse and filling in the shuttering with concrete. Steel rods through the floors and ceilings to bind the back and front walls together, they are adrift currently. Then a fairly big refurb, 25k. So a total of £35k. Then £3k finders fee to David Clouter and his mentee who brought me the deal. Then conveyancing costs x 2, insurance, utility bills and council tax, and all the other costs associated with the sale such as estate agency fees, perhaps another £4-5k. My finance was my own cash so the only cost there would be opportunity cost. Money in £65k, money out 80k so not a brilliant deal but OK if I got stuck. Exits 3 and 4 would have been to let it on an AST, or as a holiday let. It was in an excellent location for the latter. The new buyer's purchase price was 42k + 35k works = 77k so there's no money in it. Add in + conveyancing, auctioneer premium, finance, insurance, and agent fees if they are selling and it even looks like a loss. But some small builders just buy to keep themselves in work – I know it because I was one of those guys once. Others are hobbyists following I the mode of HUTH, which is a great program for advertising auction flips by the way! Auctions are a great place to sell really crappy knackered old houses :-) Anyway it was a very interesting deal, and I think I found the best possible outcome. I was very happy with the result for both myself and the vendor, who was delighted.
  17. The average price of a home in Portugal increased by 5.4% in the second quarter of 2016 when compared to the same period last year, according to the data to be published.Property prices rose across most regions of Portugal during the quarter taking the national average to €1,187 per square meter. The data from online property information platform Idealista also shows that growth was led by gains in Lisbon where the average property rose in value by 6% year on year to an average €1,451 per square meter. It means that Lisbon still has the most expensive property in Portugal with prices in the centre up 9.1% to an average of €2,716 per square meter. Prices in the Algarve, which is popular with overseas buyers increased by 4% year on year to an average of €1,361 per square meter. The data also shows that in the north of the country prices increased by 2% to €907 per square meter an in Centro they were up by 1.9% to €948 per square meter. However property prices fell in Alentejo and Madeira, down by an average of 3.3% over the same period. But in Madeira, an archipelago in the north Atlantic that is part of Portugal, prices are the third highest at €1,102 per square meter, followed by the Alentejo at €1,101 per square meter. View the full article
  18. The Economist reports that building a office block in London is 1/5th more than New York or Hong Kong. Some of the issues highlighted include: Foundations - Tube Tunnels, Sewers, Unexploded Bombs, Roman Artefacts Narrow Streets (getting in machinery) Tight Space (requires custom built machinery) Medieval Street Pattern - requires none standard design. Planning System - Conservation Areas, Protected Views
  19. This is a two for the price of one deal I did last year (2014). It came through a professional sourcer who was having trouble shifting it, he’d heard I’d buy anything at the right price but was quite apologetic as he just couldn’t see a market for this, it was such a weird property. He thought it was partly a flat and partly a leasehold house tacked on the side with only one very large bedroom upstairs. They’d tried to sell with a traditional agent and failed. It simply wasn’t what any normal person would want. Then they dropped the price again from £150k to £130k and it looked like a lot of square footage for the money so I went to see it. It kind-of looked like 2 properties that had been joined together, a flat and a house. Talking to the owners confirmed this. She had moved into the flat. Then they’d got together as a couple and he bought the house next door. They’d made a hole in the wall between to join them together. The title deeds were confusingly drawn up including a crossover lease with the flat above, unusual for Bristol and that probably confused people. I got my solicitor to check and he confirmed they were indeed two separate properties! Wow! They wanted to sell FAST, they’d already bought another house in WSM and had a lot of stress over it. Back then there was still a SDLT threshold at £125k so I said I could guarantee a very quick cash sale at £125k to avoid the SDLT and they agreed. I felt very comfortable with that because the same size flat upstairs had been advertised at £145k and sold for £137k, so we were getting the house for free! Here’s the link on RM http://www.rightmove.co.uk/property-for-sale/property-41961562.html We were supposed to get VP on completion, the last day for the auctioneer’s catalogue. But the sellers were still there! Apparently the sourcer had said they could stay an extra week after comp but had not told me to avoid jeopardising the sale. The woman seemed extremely anxious (as she had been all along) so I did my best to reassure her we wouldn’t be kicking them out, asking for a cup of tea as it’s a great way to get everyone sitting down which naturally makes people more relaxed. Also getting someone to give you something small is a way of making them value you as a person. And, I like tea! It was such a great deal I wasn’t going to make a fuss over getting VP a week late, but we missed the auction deadline so we owned the property for a month longer than was ideal. When they left all I did was spend a couple of days separating the two dwellings with a partition, and re-opening the front door to the house. That was about it, apart from getting black spray paint to mark a better layouts upstairs for 2 bedrooms, another window and a staircase with winders which take up less room. No need to actually do the work just make it easy for people to see the potential then let them do it themselves. The house wasn’t connected to any of the services either except sewerage, it’s a world of pain dealing with Transco so far better let someone else do that and throw it straight into auction. I got the agent who sold the flat above to market the flat. I motivated him by offering 50% extra commission if he could sell for £125k by a certain date, he thought I was his new best mate! He managed but sadly the buyer couldn’t get a mortgage so into the auction it went. I wasn’t happy about that as flats don’t sell well at auction but I needed the money for another deal. It made £105k in the room so someone got a cheap flat and I dropped £20k unnecessarily because the other deal never came about anyway. There is a learning there. Here’s the listing on RM http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=45299864&sale=51182684&country=england That’s the plasterboard partition at the back of the 2nd picture dividing off the house, and that’s my silver van in the last picture. The house sold for £90,500 the flat for £105k so a total of £195,500 and gross profit of £70,500 from the £125k we paid – not bad for 2 days work. Obviously we had transaction and holding costs too. But my JV partners and I walked away with about £30k net each. I drove past it recently, there’s a new window right where I drew it on the wall. The house has been extended. The flat looks like it’s been sold but there’s nothing showing up on RM just yet.
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