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Extending the Leasehold

buy to let May 07, 2017

THE QUESTION

With an inherited BTL I’m about to purchase another property.  This is a two-bedroom maisonette with 53 years remaining – but with only 53 years on the lease.  I know this needs to be extended to make the property viable for a BTL and have researched the process – so I know what to do and how to do it, but how difficult is it in reality?

THE ANSWER

It is...

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Transforming a 4-bed to 4-flats

THE QUESTION

We are converting a 4-bed house into 2 x 1 bed flats and 2 x 2 bed flats.  We were going to sell, however we are now thinking about forming a company, keeping and renting them through this.  Which lenders lend on a development which has just started please?  Should we put one property into a company or four separate units?

We bought it in joint names personally with...

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How to avoid BTL finance

THE QUESTION

If I have unencumbered property, i.e. no mortgages, what creative finance schemes/packages are available for short or longer term for development projects? I really want to avoid BTL finance.

THE ANSWER

If you really want to avoid BTL finance and are fortunate enough to have an unencumbered property, you are in a very powerful position.

You can offer that property as additional...

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Using someone else’s money

THE QUESTION

I want to purchase a property for a potential serviced apartment; it also works at 8.5% yield as a Buy-to-Let. 

I had a JV partner who was going to put in the deposit with the mortgage in my name.  My mortgage broker has informed me that no lender will accept a deposit unless it is from a family member.  I have not heard this before, is there any way round this?

THE...

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How fast can I get my money out?

THE QUESTION

I know there are limited lenders if you buy a property, refurb it and then sell it within six months, but if I pay cash for a property and want to spend about £10k max on the refurb to turn it into 4-room lets for professionals before getting some money back out and renting the property out, is this feasible?

THE ANSWER

Buying for cash if you can is positive because you have:...

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How to qualify for Ninja finance

ninja learning Mar 28, 2017

THE QUESTION

Is bridging finance calculated on a deal-to-deal basis, rather than an individual’s mortgageability?  What would I have to demonstrate to be successful in getting a bridging loan?

THE ANSWER

Bridging has a completely different underwriting process to mortgages.  Mortgages are income-based lending for the medium to long term; whilst bridging is asset based lending...

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A good deal ... or not

bridging finance Mar 20, 2017

THE QUESTION

A good friend of mine has just exchanged on two properties at auction yesterday. The properties are leasehold apartments with a long term lease on them for 15yrs from 2007.  

He’s looking for a good mortgage broker who could provide a mortgage on the two properties that can be turned around within the auction timescales of 28 days?  He can pass any credit hurdles...

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Is this really a no-brainer?

buy to let Mar 12, 2017

THE QUESTION

One of my landlords, whose property I manage for him, has voiced an idea that he wants to sell his 5-bed property – and suggested I might like to buy it.

It cash flows well and we have another 10 doors down.  The demand is strong so it’s a no brainer really; I just need to concentrate on financing.

My question is has anyone already gone through this scenario, and...

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Buying my first flip or rent property

buy to let Mar 04, 2017

THE QUESTION

I have been sourcing properties now for nearly 12 months and now I am looking to buy my first property to flip or rent, but I would like to clarify the processes I need to go through.

I am looking to buy a 3-bed terrace and split it in to two 1-bed apartments.  Can I split the title through permitted development?  What costs are there in this?

I want to use a money...

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Do your numbers stack up?

bridging finance Feb 24, 2017

THE QUESTION

What is the best way of purchasing an auction property and then refinancing it after the refurb work has been done?

The guide price is 200k, but this property has the potential to become eight self-contained units generating £400 pm cash flow each after a bit of work (£15-25k).  I have about 25k for deposit and a partner who would potentially put in the same, but...

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