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Can I give a sitting tenant notice?

buy to let Sep 29, 2016

I am looking to buy a house to multi-let, but the house I've identified comes with an elderly long-term tenant on a long term contract. Can I serve notice for the tenant to leave or does a long term tenancy come with regulations to stop me doing this?

THE ANSWER

This sounds like a pre-1988 Regulated Tenancy. If it is, that is a lifetime tenancy, with possibly the right to pass the same...

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Should I lock my money up or borrow to buy my next property?

bridging finance Sep 19, 2016

THE QUESTION

I have seen a great property I want to buy but I cannot decide if I should buy it for cash then refinance it once it is refurbed, or borrow to purchase it. I have the cash to buy outright, but I am worried that, by tying up all my cash in a property I will not be able to buy another property during the period I am waiting to remortgage it, if I found a really good one.

THE ANSWER

...

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No proof of income - how do I buy more properties?

THE QUESTION
I own outright two properties, which are rented out; both are worth £85K and both yield 9.5%. I've owned them for four months they have been let for two months. I have no proof of income as I've just started doing this full time. Can I get a BTL mortgage for these properties at a competitive rate anywhere, or do I need to wait six months and go through TMW?

THE ANSWER
The wider...

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How do you unlock funds for new property purchases?

THE QUESTION

I have a BTL property owned for 3 months which has 2 years ERC on it so I don't want to remortgage, but can I use the property as a security to buy another refurb property.  The property was originally purchased on a 75% LTV BTL mortgage, but has been re valued after refurb works and is now at 57% LTV.

Ideally I want to get on with buying and refurbing another property which...

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BTL Mortgage - and convert to HMO?

THE QUESTION

With regard to mortgages and HMOs if you buy a house using a BTL mortgage, with a no Early Repayment Charge can you then convert the property to an HMO and swap the mortgage over to an HMO mortgage?

THE ANSWER

Great strategy... if you want to get yourself blacklisted by No ERC mortgage lenders!

These lenders get really annoyed at being used as surrogate bridging...

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Buying at auction - but not completing

THE QUESTION

What happens if you don't complete on time when buying at auction?

THE ANSWER

When you bid for a property and your bid is accepted you have made a commitment to purchase; to all intents and purposes the property has been sold to you and you will have to pay a 10% deposit at the point of sale.  If you fail to complete by deadline date, the vendors solicitor will give you...

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Finance for a new build

development finance Jul 27, 2016

THE QUESTION

I want to get into building a brand new property, what type of finance is needed for this and how does it work?

THE ANSWER

New build projects require development finance and this is structured in a specific way.  Pre-credit crunch this was freely available from the major banks, but they pulled out when the credit crunch hit, with disastrous consequences for many of their...

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Buy with cash - and then mortgage

buy to let Jul 17, 2016

THE QUESTION

Can I remortgage a property immediately after cash purchase?

THE ANSWER

With regard to how and when you can remortgage, the method of purchase is irrelevant;  buying with cash doesn't make any difference to the property's mortgageability.  What is relevant is the lender's attitude to remortgaging a property recently bought.

Almost every BTL lender has a six month...

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A property with challenges - yes or no?

THE QUESTION

I have found a property I want to get a buy to let mortgage for, but I have a bad credit rating.  The house also has no kitchen, are there any lenders that would be able to provide a mortgage for this?

THE ANSWER

Take a reality check on this one, you have zero chance of getting a mortgage on this property as a means of buying it.

Leaving aside your credit history, a...

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What will a bridging loan cost?

bridging finance May 27, 2016

The Question

I am considering the use of a bridging loan and would like to know:

  • What are the typical fees?
  • Over what time period can you get a loan?
  • How quick is the approval process?
  • Who provides the most competitive rates and lowest fees?

The Answer

There are a number of bridging lenders and the criteria vary from lender to lender depending on your particular circumstances and the...

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