00mrmark00

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  1. 00mrmark00

    Business Bank Account Recommendations

    Thanks all. Interestingly I contacted the HSBC applications help desk on Friday and the guy I spoke to had no understanding of what an SPV even was and told me to to just submit the application as it needs to be passed by an underwriter anyway. Today I get a call from someone there asking me to confirm the source of the funds being transferred in and the nature of the business and said that it still needs final approval, but should be ready within a week. Bizarre - we shall see what happens...
  2. 00mrmark00

    Best way to fund specific purchase?

    Matt My rule of thumb, which is prob pretty conservative compared to most, is £500 PCM rent for every 100k in value. Which gets you at approx 6% gross and and 10% ROI (29k invested) deposit, stamp and legals. Not assuming any remedial work. There are loads of ready to move into properties at 100k in good areas where I am. Let me know if you want any advice. My challenge is how to release the deposit or part of it to move onto the next. Cheers, Mark
  3. 00mrmark00

    Best way to fund specific purchase?

    Hi Matt/Derek I'd been keen to see this BRR work as it is something I would like to be able to do. Currently I have 2 BTL with approx 35k tied up in each and no scope to refinance. Didn't really think about BRR when I bought these. Going forward I would like to be able to BRR and get as much money out as possible. The target is 6 properties, which should give me about 1800 month before tax. But not sure if this is all pie in the sky... Have you ever seen it done? Cheers, Mark
  4. 00mrmark00

    Best way to fund specific purchase?

    Hi Matt Depends how long you expect the refurb to take. Prolonged exposure to a bridging loan could be expensive. I believe you can remortgage after 6 months assuming you don't have any restrictive redemption fees. An issue I have recently found is the refinancing valuation not being anywhere where I need to be to release the money. So you need to make sure the purchase price plus costs is well below the average selling price for it to work. 5.8 is not to bad from what I hear. Few people are prepared to declare their yields, but for a 2 bed terrace in a decent area, I would accept that. The worse the area, the better the yield!
  5. 00mrmark00

    Business Bank Account Recommendations

    Thanks Dino, I'll look at Santander. I thought there would be no issue with HSBC as I spoke to someone there yesterday and they didn't mention it being an issue. Even at the start of the application, it asked me the nature of the business and allowed me to select "68209 - Other letting and operating of own or leased real estate" It was only the small print at the end where I spotted it and questioned it... I cant see how it is even an issue to be honest... Cheers, Mark
  6. Evening all, just spent half an hour filling out an online application for a business bank account with HSBC, only to get to the declaration screen at the end which states... Among other things "the business is not a Special Purpose Vehicle" I spoke to someone on the online chat and was told they don't have any appetite for BTL businesses at the moment. Can anyone else recommend a decent business bank account for managing BTL properties please? Cheers, Mark
  7. 00mrmark00

    Is An Accountant Needed?

    Thanks Debbie, so you thank that is fair? What is everyone else paying out of interest?
  8. 00mrmark00

    Is An Accountant Needed?

    Hi all, Apologies for hijacking this post - but as my question is on the same lines it seemed appropriate. I am about to purchase my first BTL via Ltd comp. My accountant wants £40 month + VAT for what seems like very little. Could I defer this for the first year or until the accounts are due? Obv after that, I'll need to pay monthly. Also, does £40 PCM + VAT seem reasonable? That covers 1-4 properties, so will get cheaper the more I add, but for now, seems expensive to me. Cheers, Mark
  9. 00mrmark00

    Sale and Rent Back

    From my experience would need to be a cash investor as a lender wont entertain that sort of arrangement. I have tried!
  10. 00mrmark00

    First time landlord in a limited company

    Try London & Country who are free!
  11. Spotted this which has some useful info more for renters, but good info... I.e. "average rent's now £943/month, and an eye-watering £1,640/month in London" Enjoy https://www.moneysavingexpert.com/mortgages/rent-a-property/?utm_source=MSE_Newsletter&utm_medium=email&utm_term=06-Nov-18-409-5&utm_campaign=nt-hiya&utm_content=1
  12. 00mrmark00

    Loans Between Limited Companies

    Hi Lee, I have been looking into the same and the advise from my accountant who seems to know a lot about property is to setup a separate trading entity with the appropriate SIC code. If you begin making substantial investments into property up to a point that it would no longer be classed as a trading company, you would lose the right to entrepreneur’s relief. I cant remember the in's and out's, I can dig out the email if required. Cheers, Mark
  13. 00mrmark00

    relaxed planning permission ending May 2019- advice please!!

    This link maybe explains it a bit better - https://designfor-me.com/advice-and-tips/how-big-can-i-build-an-extension-without-planning-permission/
  14. https://www.rightmove.co.uk/property-for-sale/property-76917212.html
  15. 00mrmark00

    relaxed planning permission ending May 2019- advice please!!

    Hi Lauren, from what I know having built an extension last year, whereby we where unable to utilize the permitted development rights (3m rule) introduced to relieve the burden of red tape for small developments. This was due to a condition having been imposed on our plot as part of the overall planning permission to build the house originally. So we had to withdraw the permitted development request and put in a full planning application. It takes a bit longer and cost a bit more (couple hundred quid) but assuming you have a good architect, it should be fairly straight forward. So either way it doesn't really matter so long as you don't try to build anything that is not in keeping with the surrounding area. Hope that helps.