THE QUESTION

We got the search results back on a property; it says that there has been an unauthorised loft conversion.  It must have been done a good while ago as the property has been empty for more than three years.

The plan was to use the loft as either a third bedroom or a study, but the surveyor advised that the floor needed more support.

Can we apply for back-dated planning...

Go to any property meet and you’ll find at least as many people who are ‘getting into property’ as those who are already successful.  A year down the line many of those same people are still standing on the starting line and haven’t got started yet.

What’s holding them back?

There are three things:

1. Fear – of failure, but sometimes of success
2. Indecision...

The quality of deals you do depends on your ability to negotiate successfully.   There’s more to a deal than simply making an offer, it’s a lot to do with how you are perceived by the vendor or the estate agent.

I use a six letter acronym to help property investors to develop their ability to make better deals – with more profit in them.  This spells SPEECH.

...

Serviced apartments are an attractive way to invest in property.  Sites like Air B&B and Booking.com are now mainstream and people are always looking for a great place to stay, where they have some independence. 

That means that savvy investors are looking at the opportunity with interest.  So, if you have a successful track record with HMOs this may look like a logical next...

THE QUESTION

If I purchase a property at auction with cash or bridging finance, does that mean I don’t have to wait six months before refinancing?  I’ve heard that there’s a ‘6-month rule’ that requires me to wait for that period of time.

Also can I refinance at the full market value?

Are there any work-arounds to this?

THE ANSWER

Some lenders choose to apply...

If you’re using bridging finance to give you more flexibility (and bigger profits) the weakest link is often the solicitor you choose to carry out conveyancing of your bridging loan.

I’m not about to denigrate solicitors as a profession, they are highly qualified individuals who perform an essential function.  They all have their specialisms and solicitors who are experienced...

THE QUESTION

If we use bridging to buy a commercial unit, does the six-month rule apply before we can apply for a mortgage?

THE ANSWER

This an ownership restriction, not a purchase restriction.

If a mortgage lender chooses to invoke a clause that says you must own the property for six months before they will accept an application to remortgage, then they apply it regardless.  It...

If you are looking to purchase a property as an investment, it can look like an uphill trudge.  You have to save up the 25% deposit, not to mention the costs of refurbing and other things which always come up when you have the least cash available.

However, it’s surprising how many potential investors ignore the equity they have in their home, or an investment property that they...

Success in anything is all down to mind-set.  You know that saying ‘you get what you expect’, your mind-set is responsible for where you are now in your property journey.  If that’s not where you want to be then something has to change.  That means adapting your mind-set.

Your mind-set is driven by the beliefs you have about how things are.  A belief that...

THE QUESTION

I came across quite a few blocks of apartments for sale all priced at £1m+.  How do people finance these or are these properties cash only purchases?

THE ANSWER

If they are already tenanted and need no work, then it is just commercial lending, typically 25-30% deposit (£250k-£300k on a £1m purchase). However, that traps a lot of cash in and limits your...