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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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One building, two flats

buy to let Feb 24, 2016

Another interesting question from one of my investors:

I'm viewing a house which has been split into two flats. I believe that the title has not been split. What are the rules for lending on a property like this? I am guessing I won't be able to use a standard BTL mortgage? Anything else I should be wary of for a property converted into two flats?

The Answer

The first rule on any property...

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What would you do with a windfall?

strategic planning Feb 18, 2016

This is a little different to the usual questions I get asked, but quite interesting to consider.  The windfall could come from a number of sources - an inheritance, some good property deals or - as this questioner suggests winning it!

The question:

If you won £500,000, how would you invest it to maximise your monthly cash flow?

The answer:

The answer you would normally get from...

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Do I need a professional valuation?

Question

I am currently going through a remortgage on one of my properties to release some equity to buy two further properties. 

I have a good idea that I have valued the house right myself from the research I have done and as such I have submitted this number to the mortgage provider. 

Should I have got a professional valuation first to avoid the risk that the valuation comes in...

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Converting commercial to residential

I am in the very early stages of researching the potential purchase of a commercial property with a view to converting it to a residential property. I'm struggling to find a great deal online that is useful about this. I have put out some feelers with some folk I know and thought it would be worth asking you!

Are you using property in the singular, or do you really mean plural? For...

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Valuing a refurb

I'm finishing up a refurb in sunny Coventry. The valuer is going round in about week, any tips to get the maximum value? And has anyone used a home staging company to dress a house & was it worth it? 

This is my recommended step-by-step approach:

  1. Make sure you are present at the survey
  2. Provide highly detailed works schedule
  3. Give plenty of 'before' photos
  4. Have details of comparable...
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