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Geezah

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About Geezah

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    alan.frendo@openwork.uk.com
  • Website URL
    http://www.albionfinancialsolutions.co.uk

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    Full profile on Linkedin, Alan Frendo, Mortgage and Financial Adviser and Professional Landlord.

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  1. Oh dear, I have really rattled your cage haven't I? Don't put words into my mouth, and try increasing your font as well as writing in bold, so that your assumptions stand out even more. You make so many of them that I'm not going to waste my time pointing them out to you. I'm sure that you've done your research and that yields are very low in your particular area. So, if the numbers don't work for you then don't buy, but don't assume that the same applies everywhere - it doesn't. I have sourced a property for a client who decided to buy for cash at £52,000, for which he gets a rent of £500/mth, seeing as you obviously know everything there is to know about making money in the current rental market, I'll leave you to work out whether my advice to him to buy it was sound or not. You don't have a clue how I work so don't go casting dispersions when you don't know what you are talking about, unlike your many other useful posts.
  2. I think there are websites in England where you can pay to get actual sold prices in your area as soon as they become available, so they should be able to give you an indication as to whether you are actually getting a bargain. Beware if you need a mortgage, because they will tie you in for the deal period which would mean you would have to pay onerous penaties if you want to sell before the deal period ends. Although on the flip side, borrowing money gives you leverage to grow. Basic yield, annual rental income divided by costs of purchase multiply x 100, What do you use?
  3. At last, what you need to make an informed decision! I've done some digging after I received some eye watering quotes for replacing my perfectly serviceable Victorian sash windows with replacement double glazed sashes. Made even more eyewatering if I included Low E glass. I've found this: Results of testing by boffins at Glasgow Caledonian University on the efficacy of various ways to reduce heat loss through windows. It is an absolute eye opener. It proves that cheap secondary double glazing is more effective than ridiculously priced double glazing. For about £3k, I can secondary double glaze the whole of my 4 bed Victorian villa as opposed to £25K for low e Victorian sashes with worse performance! Frankly I am gobsmacked by their findings. It never did sit easy with me that in order to save money, I had to waste money by ripping out pefectly serviceable 150 year old windows to replace them with ones which would never last that long, with a stupidly ridiculous payback time. http://www.historic-scotland.gov.uk/gcu-technical-_thermal-efficiency-traditional-windows.pdf This is the information you need when deciding if its worth spending daft amounts of money on double glazing, I know which route I'll be taking.
  4. Like any business, it depends on so many variables. It can be a good business to get into now, it can be a bad business. There is no one size fits all statement. Depends where you are and how you run it and what you want out of it. Basically, you need to speak to letting agents in the area where you want to buy, ask them what people want when they walk through the door, where they want it and what they are willing to pay. You need to listen to the market. Be wary of combined letting agents and estate agents, they may tell you anything to offload sticky properties onto you. Whereas a pure letting agent doesn't make any money unless he rents your property out, so is unlikely to give you bad info intentionally. Then, you need to look at selling prices of theses properties and work out how much money you can make, factoring in other variables like agents fees, insurance and mortgage fees etc. My clients are currently managing between 8 - 10% basic yields right now, compare this to the returns you get in savings accounts and it doesnt look too shabby.
  5. There are a lot more similarities than differences between scottish and english tenancy law.
  6. Apologies, I didn't check to see whether this deal included Englandshire.
  7. Thanks for the gen guys, I should have pointed out that the property is in Scotland where I am informed mandatory ground 8 can only be served after 3 months rent arrears have been stacked up. Was that Landlord Action that you uses Grampa? They don't cover Scotland anymore, when asked was it because its too difficult, reply was..."you cpould say that!"
  8. As the landlord of the property, you are the Principal and as such you own all copies of correspondence between all parties relating to your property. End of. Your agent has to supply you with copies of the information.....nothing to do with Data Protection.
  9. You are on the money, Grampa. Here in Scotland, all tenant fees have been outlawed. With the extra burden of compulsory registration, tenancy deposit schemes, Tenant information packs, EPCs, blah, blah,blah, rents have increased to cover the admin costs incurred - no one likes to work for nothing. I suppose in a way it's a good thing because, right upfront, tenants know exactly where they stand and can shop around on a level playing field. It is quite wrong that the likes of Foxtons and Yourmove have been ripping off tenats by hidden charges (which occur everywhere - just booked a holiday on line using debut card, a charge was levied for this on the very last page!). Hidden charges everywhere should be outlawed in my opinion.
  10. My other post detailed problem of a tenant who has decided to stop paying rent for no reason. I have to wait until he has built up 3 months rent arrears before I can attempt ot evict him on mandatory grounds. There is the option of trying to evict him on discretionary grounds, which of course costs money, takes time and crucially, is risky. I have spoken to a couple of people in the landlording field and in their experience, trying to evict a tenant on discretionary grounds is a waste of time and money, the judge invariably comes down on the side of the tenant, Best to let them live on rent free until the 3 month point then use mandatory ground, non - payment of rent. Then, take out small claims court action to recoup what is owed, or maybe take small claims action against him now? My fundamental question is... has anyone successfully evicted a tenant using only discretionary grounds?
  11. Hi Geek, what I meant is that you are asking questions where there is a wealth of information available to you from experienced people in both mortgage broking and landlording and you are absolutely doing the right thing. However, the devil is absolutely in the detail and the only way to help you further is if you speak to someone. I have invited you to contact me privately as an open forum is not the place to discuss your personal details. I haven't heard from you so i assume you don't want to speak with me and thats absolutely fine but you do need to speak with some one who is a landlord and a broker as he/she will be able to give you the story from both sides of the fence. Check my profile and you will find my website, you may be able to glean some information from there. With respect to the deals, I'm a mortgage broker, I earn my money from arranging mortgages for people, I'm not going to go into details on an open forum, clearly I want people to come to me. I've told you what's available, if you want to find out more, talk to me.
  12. Brand new homes seem to have a premium , say around 10% or so around here, just like driving a new car off the forecourt, it depreciates as soon as you have the keys. I would definitely negotiaite hard when it comes to new build. Also, from your postings on other sites, dont waste your time trawling banks and the high street looking for mortgage brokers. You need to find a mortgage broker who Walks the Talk - you are unlikely to find that on the High Street. If you don't want to speak with me, find someone else who is an experienced landlord and a Mortgage broker. The governments Funding for Lending Scheme is filtering down through to some good Buy to let deals currently some with up to £500 cashbacks and only 0.5% fees.
  13. errrr....I gave you the number, It's free.......do you need to borrow my 'phone?
  14. Thats a better than 5% saving in this case!
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