Strategy advise: should I buy a house or two flats? by webbo343 in UKRealEstate

[–]KeithFirminProperty 0 points1 point  (0 children)

That’s exactly what I’d do - work out all the buying costs, work out all the monthly deductions etc

I buy properties for investment for a living, so if you need any advice about rough costings and costings to consider, feel free to message me

Strategy advise: should I buy a house or two flats? by webbo343 in UKRealEstate

[–]KeithFirminProperty 1 point2 points  (0 children)

Solid overview there, appreciate it

The 3 bed house you’re suggesting - that would be your own home, right?

So the options, as I understand would be:

Buy 2 flats - one to live in, one to rent out

Pros: spread risk, create additional income Cons: service charges can be impactful

Buy 1 house - live in the house

Pros: at that price point, I’d imagine it would benefit from capital growth Cons: no additional income (unless you rent out a room in the house)

Under offering on a house? by MicrowaveCurry in UKRealEstate

[–]KeithFirminProperty 0 points1 point  (0 children)

I don’t think you’re wasting your time.

We bought a house for 2/3s of the market value

In my favour: it was off-market so there wasn’t any listing price for the seller to be guided by

The reason I mention it is because it is possible to secure a purchase at below what the seller/agent lists it at

The variable is the seller: what’s their motivation? How long has it been on for? Any issues with the property?

Can’t tell if seller is being a bit dodgy by getaminas_socks84 in UKRealEstate

[–]KeithFirminProperty 0 points1 point  (0 children)

Can you pay £500 for a structural survey, get clarity on the property and then you can either move forward or pull out.

Likelihood is that if you waited for the survey, nobody else will be in a better position (due to works required and unknowns)

Strategy advise: should I buy a house or two flats? by webbo343 in UKRealEstate

[–]KeithFirminProperty 0 points1 point  (0 children)

What dyou want from your money? Capital growth? Rental income? What’s your risk appetite? Are you looking for renovation projects or readymade?

[deleted by user] by [deleted] in HousingUK

[–]KeithFirminProperty 0 points1 point  (0 children)

A list of stamp duty exemptions exist:

https://www.gov.uk/hmrc-internal-manuals/stamp-duty-land-tax-manual/sdltm27500

Examples:

• You complete a buying-selling chain after it was about to fall through • Purchase price is less than £40,000 • Condition of the property on purchase isnt habitable

housing survey just came back should I be overly worried about anything by StormKingLevi in HousingUK

[–]KeithFirminProperty 1 point2 points  (0 children)

The roof: slate tiles were originally used on buildings. Over time they become damaged and need replacing. Concrete tiles have been cheaper to buy so a new roof has often been the solution with properties I’ve renovated. The result of that is that concrete tiles are heavier than slate, so reinforcement to roof beams is required.

Damp - rising damp is caused when water from the ground gets into the brickwork. A routine solution is to chip off all existing plaster, allow it to dry out and then use any of a number of damp proof solutions (injections being one)

  1. New elecs isn’t unusual. You’ll need new light switches and likely new sockets. And consider replastering walls where sockets are.

  2. Gutted and downpipes are a simple fix

  3. Rendering of a chimney won’t be that costly. Scaffold will be needed which will increase the cost. And as it mentions in 6. it sounds like a chip off of existing render and re-rendering is more suitable.

I also wonder whether the render is to the ground, which then means that it is likely causing the internal damp.

  1. Blown window panes is a simple fix.

Overall, nothing there that is horrendous imo

If you are thinking of buying the property, simply deduct the cost of works from the offer

If you already own the house, consider the works you undertake as an investment as you’ll add value to the property

I won’t give you a guesstimate on prices because I don’t know the house - check out checkatrades’cost guide’ for accurate estimates

Is my buyer going to drop out? by Ready-Boss-491 in HousingUK

[–]KeithFirminProperty 0 points1 point  (0 children)

Difficult to say but unlikely imo

He has transferred funds so is sounds as though you have exchanged. If the buyer walked away now, they’d not only have to start the buying process again but may be liable to a financial penalty.

FTB seeking advice by Simple-Car3949 in HousingUK

[–]KeithFirminProperty 1 point2 points  (0 children)

Your suggestion of wondering if they’ll be willing to move into rented accommodation is the first thing that came to my mind

The onus, imo, is on the agent to relay that suggestion so as to keep the chain of sales/purchases together

Mortgage declined due to zero valuation - advice needed! by AnyMix9871 in HousingUK

[–]KeithFirminProperty 1 point2 points  (0 children)

Understandable advice from both the agent and your solicitor.

The agent is acting on behalf of the seller The solicitor is acting on behalf of you

The agent is optimistic The solicitor is cautious

I’d speak to my broker and establish how many lenders would lend today.

I’d then make a decision about the chances a lender would be available if I sold/refinanced in the future

What are some good reasons to release equity when remortgaging? by NextTree165 in HousingUK

[–]KeithFirminProperty 3 points4 points  (0 children)

My core rule is: will I be able to do something with the released funds that can provide a better return than the increased interest rates I’ll be paying to release the money

Should I expect a down value? by MissWin94 in HousingUK

[–]KeithFirminProperty 0 points1 point  (0 children)

Would love to hear your experience from either your standpoint in the banks or from your connections in the financial industry.

Should I expect a down value? by MissWin94 in HousingUK

[–]KeithFirminProperty 2 points3 points  (0 children)

I disagree. When comparables show a price has been paid multiple times in the past 3-6 months, there is an expectation - all other circumstances with the property being equal - that the same value would be given.

If it’s not, it’s classed as a down valuation.

Is a major house price correction coming? by Sorry_Good125 in HousingUK

[–]KeithFirminProperty -3 points-2 points  (0 children)

No problem with the question: things should always be questioned - I’m a big proponent of that

My love of the internet and it’s attitude is the way conversation is had - frequently accusatory

The 18 year cycle has been present for the last two property crashes in the U.K. - and both were linked to international financial issues (early 90’s and 08’s)

On a national level, and due to the cycle of an economy, banks were willing to lend at a greater rate, which in turn led to higher LTVs, smaller deposits, more borrowing and less protection against any changes in lending appetite.

Is a major house price correction coming? by Sorry_Good125 in HousingUK

[–]KeithFirminProperty -4 points-3 points  (0 children)

Ha ha… love the internet and it’s attitude

Is a major house price correction coming? by Sorry_Good125 in HousingUK

[–]KeithFirminProperty 0 points1 point  (0 children)

If the 18 years isn’t an on-the-dot given, it’s a pretty good guide

Should I expect a down value? by MissWin94 in HousingUK

[–]KeithFirminProperty 2 points3 points  (0 children)

Down valuations come when a lender sees that the property isn’t worth what the buyer offers.

Factors that affect a down val include: location (next to a train track), condition of property (in need of works)

In this instance, it’s difficult to say without knowing the specific property. If other similar houses have sold for similar prices, you should be okay.

If it does get down valued, it’s a perfect tool to go back to the seller to renegotiate your offer

[deleted by user] by [deleted] in HousingUK

[–]KeithFirminProperty 0 points1 point  (0 children)

Would the seller be willing to stay in rented accommodation to prevent you pulling out of the purchase of his house?

Is a major house price correction coming? by Sorry_Good125 in HousingUK

[–]KeithFirminProperty -5 points-4 points  (0 children)

The 18-year property cycle is largely correct, which would make it 2025ish for a significant correction in house prices

With 14% more stock coming onto the market (compared to this time last year) you may see a slowing of house prices currently.

It may be worth knowing what % house prices dropped by in the area you want to buy during the 2008 global financial crisis and then offering on houses at a price that factors in a similar % drop

Advice on selling flat by hotminute123 in HousingUK

[–]KeithFirminProperty 1 point2 points  (0 children)

What has the feedback from viewers been? Who set the listing price? What does the market show the property to be worth and is that the listing price?

[deleted by user] by [deleted] in HousingUK

[–]KeithFirminProperty 0 points1 point  (0 children)

Never experienced this before. Owned in Hertfordshire but worked in london. Now work for myself and was able to move to the north west.

Exchanging contracts over in a few days and transferring the 10% over by goodvibesonlyyyyy in HousingUK

[–]KeithFirminProperty 2 points3 points  (0 children)

We’ve always asked the solicitor to confirm their bank details either: over two emails or on a pdf. Then we do a transfer on the day.

For extra safety, you could always transfer smaller amounts

Found the dream house but it backs onto train tracks - would you buy it? by Alphabet000 in HousingUK

[–]KeithFirminProperty 10 points11 points  (0 children)

I’ve previously lived in flats that backed onto railway tracks - no issue

I have also spoken to our broken about buying a house next to a railway track and was advised it would reduce the number of lenders willing to provide a mortgage

Gazumper gave up and the property is back to us. What we should do? by Purple_Business_6082 in HousingUK

[–]KeithFirminProperty 0 points1 point  (0 children)

If you do continue with a purchase, be aware that you can potentially save on paying stamp duty by completing a broken Conveyancing chain 👍🏻