Charles D

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About Charles D

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  1. Hi All, I've just recently had a leak into my kitchen on one of my properties from the tenant above. What steps should I take in getting this resolved since my tenants were not at fault but the tenants upstairs plumbing had leaked. There will need to be some repair works completed due to the damage it has caused. Do I take this issue up with the landlord or tenant? All answers on a post card please. Many Thanks Charles
  2. Property areas in Scotland

    My weekend in Edinburgh was great. A Big Thank You to Ollie for meeting up with me for a quick chat but learned so much in such a short space of time. Great advice also from Kevin Dempsey. Gutted that I won't make the meet up this week with Rob D in attendance. Dalry is definitely a place worth investing as it has all the fundamentals. It's 5-8 min drive from the Centre of town. Close to the train station & transport hubs and 25 min drive to the airport. 2 bedroom flats are limited and hard to find 1 bedrooms go very quickly. Leith Walk is also great similar to Dalry on the other side of the centre of town. Great potential. Both areas will go up in capital growth in my opinion based on th investment that is happening in the area and the yield isn't bad either. I need to do some more research but I will definitely be looking into it more. Airbnb is definitely a interesting topic to watch which I'm certain the Government will look to clamp down on. Either way way it's a city I will certainly be visiting again and will be staying in touch with Ollie. Have a good meet up all in Edinburgh
  3. Property areas in Scotland

    Top Tips Kevin, Thanks for sharing. Where do you invest in Scotland?
  4. Property areas in Scotland

    Quality Rob. Thanks for for the heads up!
  5. Property areas in Scotland

    Good Point Zeon, So many possibilities with all that is going on with Brexit
  6. Property areas in Scotland

    Hi Ollie, Thanks for taking the time out to reply as you have definitely dropped some key knowledge and great that you know the place well. I'll definitely would be up for catching up. What at areas do you think are in Stealth mode at the moment that have the potential? Also out of the area I suggested also your local recommendation where do you think is good to invest?
  7. Hi Hubsters, I'm visiting Edinburgh on the Weekend 31st March for a Wedding with my wife and thought it would be a great opportunity to look at properties in the region as it is one of the possible regions I may invest in. Could anyone give me guidance on the following area's as I would like to do a little research beforehand. Edinburgh Glasgow Dundee Dunfermline Aberdeen We have a car and would like to view the best places to potentially invest in whether it is 2 x Bedroom flats or 3 Bedroom Houses. Happy to Meet up with people who have good knowledge of the area also. Many Thanks Charles
  8. Using A Bridging Loan for Right to Buy Purchase

    Hi Phil, Apologies there was a typo for the 75% which is £187.5k as you stated. I'm looking to see my broker next week to ask him his view in what he could advise. By by going with a normal lender as you have suggested, how long would one have to wait to unlock the equity? As it sounds like it could possibly 2 mortgage applications if one is paid off without any early repayment l fees. This would also impact my credit rating?
  9. Hi All, I'm in a unique situation. My wife has been in her residence for sometime through a housing association and has the right to buy. I have lived in the property for 2 years now. We intend to purchase the property which we would get below market value (BMV) but I was thinking of ways to unlock the equity quicker than just waiting for the standard 2 years on a standard mortgage deal. So my question is can I use a Bridging Loan to purchase the property then on completion get a normal mortgage to unlock the equity on the property? Here are some indicative figures just to give you an rough idea of what i'm thinking Property Value £250k Right to Buy Discount: £104k Right to Buy Purchase price: £146k Bridging Loan 75% LTV: £120k (To Refrub flat) Remortgage property to true value: £250k Repay Bridging Loan and have liquid cash to reinvest I don't know all the figures but could use some help in this area. All answers on a postcard please
  10. Hi All, I have just completed a refurb on a property and Renting it out. The agent i've gone with has stated that I require a EICR (electrical inspection/installation and condition report) that is issued by an NIC EIC Registered contractor. If I don't have this then I cannot evict the tenant if required to. The Builders who did the refurb have supplied me with a Certificate of Compliance issued by Elecsa with a Description of notifiable work (Electrical, Circuit Alterations & Installation of one or more new circuits). What is the difference between the 2 certificates and are both required. All answers on a postcard please. Many Thanks Charles
  11. Refurb Costs.....Help!

    Hi All, i'm looking for a builder in the Gravesend / Kent area and have had some quotes and they have all come in far and between £11k - £21 and the timescales between 4-8 weeks. I know the main cost is due to Labour however this is a one bedroom flat and isn't a major refurb. The kitchen will be completely gutted out and new windows and Central heating is where the bulk of the cost will go. Can someone tell me as to what type of price I should be looking at for the following works. This will be my first light refurb I intend to live their for no more than 6 months but will rent out afterwards. I will be responsible for supplying the Kitchen, Paint & doors. The boiler will be supplied and fitted by the builder. I would appreciate your feedback as that would be great. Many Thanks Lounge Strip paper, fit 6 x down lights, plaster ceiling, fit new door. Prepare walls and ceiling and apply 2 coats of emulsion. Prepare woodwork and apply one undercoat and one coat of white gloss. You to supply emulsion, door, hinges and handle. Bathroom Replace one tile supplied by you, plaster ceiling, fit 6 x spot lights, remove tiled flooring and fit new ply floor and tile, fit new door and decorate. You to supply, door, handles and hinges and floor tiles. Hall Strip paper, plaster ceiling, fit new door to cupboard and decorate. If walls are not good enough to decorate I will have to price for the plastering of the walls once we know. You to supply door, hinges, handles and emulsion. Bedroom Strip paper, fit new 6-inch skirting, fit 5 x spot lights, remove beads to wardrobes, fit new handles, fit new door and decorate. I will have to price for the plastering of the walls once we know if they are good enough. You to supply, handles for wardrobes, door, hinges and handle. Kitchen Remove existing kitchen, enlarge windows, plaster kitchen, fit 2 x new PVC windows and new PVC back door, renew electrics and plumbing, fit new kitchen, fit new wall and floor tiles, decorate. You to supply, kitchen, wall and floor tiles and emulsion. Heating and hot water Fit new Combi boiler, fit new 3 x radiators and 1 x towel rail. Fit all required pipework and electrics.
  12. To Buy or Not To Buy?

    Update So my lenders are satisfied with the works that have been carried out and the vendor has agreed to pay 50% of the stamp duty There is currently a tenant in the property but they've been served their notice. I'm looking to get some quotes from builders, decorators & electricians before we close the deal. If anybody know some credible tradesman in the Gravesend Kent area please let me know. Many Thanks
  13. To Buy or Not To Buy?

    Hi All, I've managed to negotiate a deal to purchase a one bedroom flat BMV for around £18k less. However there are some caveats to this deal. The Pros Up and coming area Close to high speed rail links to London Victorian property Purchased BMV Cons - The lease has 69 Years left which i've stated the current owner to start the process to extend - The property needs modernisation: I'm prepared to take this on - I will have to pay 3% on Stamp duty due on completion due to the delays - I've negoiated a split with the vendor of 50% This was agreed in September last year. The property needs modernisation which i'm prepared to do but unfortunately the building the flat is located in needs some work. The surveyors have been out and confirmed that it is not structual movement but have recommended some building works to be completed with the assistance of structural engineer. This is out of the Vendors hands and requires the landlord to complete. My lenders will not authorise the loan until the satifactory works have been completed (Safeguard for them and myself) In September the Landlord tried to get his insurance to complete the works in which they declined due to no movement (Good news) but they recommended similar to the above. The issue has been the landlord and vendor have been going to and from trying to find decent builders to get the works completed. This has been challenging for them. Fast forward to present day - The landlord has got some works completed but not to the standard and recommendation. I'm ready to walk away as I have been ready to close this deal from last year. I have been looking around the area but keep losing out on bids due to agents prefer buyers who have sorted out their mortgages through their advisors. I'm losing patience. What should I do? Your Advice would be appreciated Charles
  14. To Buy or Not To Buy?

    Hi All, I've managed to negotiate a deal to purchase a one bedroom flat BMV for around £18k less. However there are some caveats to this deal. The Pros Up and coming area Close to high speed rail links to London Victorian property Purchased BMV Prices have already risen within this area (£20k Above valuation) Cons - The lease has 69 Years left which i've stated the current owner to start the process to extend - The property needs modernisation: I'm prepared to take this on - I will have to pay 3% on Stamp duty due on completion due to the delays - I've negoiated a split with the vendor of 50% This was agreed in September last year. The property needs modernisation which i'm prepared to do but unfortunately the building the flat is located in needs some work. The surveyors have been out and confirmed that it is not structual movement but have recommended some building works to be completed with the assistance of structural engineer. This is out of the Vendors hands and requires the landlord to complete. My lenders will not authorise the loan until the satifactory works have been completed (Safeguard for them and myself) In September the Landlord tried to get his insurance to complete the works in which they declined due to no movement (Good news) but they recommended similar to the above. The issue has been the landlord and vendor have been going to and from trying to find decent builders to get the works completed. This has been challenging for them. Fast forward to present day - The landlord has got some works completed but not to the standard and recommendation. I'm ready to walk away as I have been ready to close this deal from last year. I have been looking around the area but keep losing out on bids due to agents prefer buyers who have sorted out their mortgages through their advisors. I'm losing patience. What should I do? Your Advice would be appreciated Charles
  15. Hi All, My Name is Charles. I'm a newbie to the property scene. I currently have one 2 bedroom property rented in South East London and have found a deal in Gravesend BMV, with work that needs to be done which i've factored in. I would like to invest in surrounding areas just outside of London due to the fact I can get to these locations within 45 mins / 1hr. However i'm open to invest outside of London. I'm excited to learn about the property industry and know this would be a great place to gain knowledge, insight from experienced and newbies like myself. I would like to have enough properties in the future to create a passive income and long term gains. A Big Thank you to Rob & Rob for creating a great platform and forum for many who are here who have a great passion for property. Look forward to interacting with you wonderful people. Many Thanks