Property Blog [ Page 11 ]

Landlord Obligations / Regulations – The Law

19 Feb 2007 / Landlord Legal Obligations/Issues / 112 Comments

As a landlord there are a number of legal obligations you MUST (and should) abide by. These are all necessary obligations; failing to comply with these could result in prosecution. Gas safety appliances The Gas Safety Regulations 1998 place a statutory duty on all landlords of residential property to ensure that all gas appliances, pipe [...]

Additional Costs That Have Incurred During This Project So Far

18 Feb 2007 / Project 1- Buy Property, Become A Landlord / 0 Comments

Fortunately, I left a little pot on the side for contingency costs. A few additional costs did pop up during the purchase, and I think it’s important that people realise that costs ALWAYS pop up, so it’s always sensible to keep a little on the side. You need to monitor all costs, regardless of how [...]

Contracts Exchanged

18 Feb 2007 / Project 1- Buy Property, Become A Landlord / 0 Comments

Regardless of the completion date being delayed until the 2nd of March, we still managed to exchange contracts Friday afternoon. So I’m pleased about that. At this point it’s more than likely that everything will go through, but i’ve heard of cases that even after exchanging contracts things have turned sour. But as far as [...]

Delay In The Chain

15 Feb 2007 / Project 1- Buy Property, Become A Landlord / 1 Comment

For God’s sake, I knew it was too good to be true. Just as soon as things were starting to go smoothly, a small glitch creeps in at the top of chain. I said in an earlier blog entry that I was meant to exchange contracts today and hopefully complete tomorrow; unfortunately my solicitor informed [...]

Arranging A Letting Agency

15 Feb 2007 / Project 1- Buy Property, Become A Landlord / 0 Comments

Like I said I would, I managed to call a local Letting Agency to get a quote. Yes, I know, “a letting agency” does not imply plural- I’m slacking! However, the agency I did call is called Kings- they’re located in Harlow, Essex. I enquired about their pricing scheme; they want a 10% (roughly 900 [...]

Deposit and Conveyancing Fees Paid

15 Feb 2007 / Project 1- Buy Property, Become A Landlord / 0 Comments

I have a few topics to blog about today, but I don’t want to throw everything into one entry because the blog title wouldn’t match the entire content, so I decided to break things down into chunks. That way the title will be content specific and it will probably be a lot easier to digest. [...]

Exchanging Contracts

13 Feb 2007 / Project 1- Buy Property, Become A Landlord / 0 Comments

Oh yes, I got the call I’ve been waiting for. My solicitor called me earlier to confirm that we we’re ready to exchange contracts. The vendor’s solicitor’s responded to all the queries my solicitor raised, and he was pleased with the responses. All he needs now is a copy of my building insurance schedule and [...]

Looking For Tenants Before Owning A BTL Property

12 Feb 2007 / Project 1- Buy Property, Become A Landlord / 0 Comments

Will letting agencies look for tenants for a property that I don’t own yet? I have no idea, but I’m going to find out. Do any of you guys know the answer to that question? I thought about this earlier today, and I realised that it could take weeks until a letting agency finds me [...]

Paperclip To House

09 Feb 2007 / Ranting Landlord / 0 Comments

I’m sure a lot of you are already familar with this story, but I was recently reminded about it, and decided to write a little something about it- just to inform the uninformed and refresh the informed. I’m generous like that. The story is old, and was (and still is) extremely viral when people were [...]

Experts Don’t Have A Clue About UK House Prices

09 Feb 2007 / House prices And Interest Rates / 0 Comments

It’s come to my attention that no one really knows whether house prices are going up or down, not even the experts. I have no qualms if someone doesn’t know the answer to a question, because that was me all through school, but there’s something distasteful about an expert just “blagging it”. Evidently, the experts [...]

What Is The Age Of My House?

07 Feb 2007 / Property Investment Tips & Info / 0 Comments

How can you determine the age of a house, and more importantly, why would you want to? The other day I was talking to a friend who is also starting a property investment venture. He’s only at the early stages; browsing through potential properties with his estate agent. He was shown this one particular property [...]

Drainage Search Is Finally Complete

06 Feb 2007 / Project 1- Buy Property, Become A Landlord / 0 Comments

Ok, I know it was only about 20mins ago when I was licking my sore wounds due to the stress Joslin Rhodes had applied on me, but i’m a better mood now. I know, I sound like a skitzo. However, they are starting to redeem themselves. Although, I still think they’re a shambles of a [...]

Property Chain About To Collapse

06 Feb 2007 / Project 1- Buy Property, Become A Landlord / 0 Comments

I’m in a pretty foul mood right now, and I completely blame Joslin Rhodes Conveyancing. They are the worst company I have ever dealt with. I can’t believe those so-called parasites are lawyers. See what they have done to me? They have reduced me into an individual that results to petty name-calling! Basically, what I [...]

Questions Buyers Should Ask Estate Agents

06 Feb 2007 / I Dislike Estate Agents / 2 Comments

If you’re in a position where you’ve found a house you’re willing to purchase, make sure you ask your Estate Agent some prerequisite questions before you commit; this is often a critical step to determine how smoothly your sale will go. Remember, it’s not just you who has to make the purchase run smoothly, the [...]

Types of houses

05 Feb 2007 / Property Investment Tips & Info / 3 Comments

The most common types of houses in England are as follows: Bungalow Cottage Detached End of terrace Flat Semi-detached terrace Bungalow Although people often think Bungalows and Cottages are the same, theyâ€™re actually not, although some may appear the same. Bungalows are low profiles types of housing, as are a lot of cottages, but the [...]

Drainage Search Is Taking Fucking Ages

03 Feb 2007 / Project 1- Buy Property, Become A Landlord / 0 Comments

I’ve officially been waiting 3 weeks for a simple drainage search to be completed. This simple search is holding up the entire completion, and i’m worried the delay will cause the seller to pull the plug on the deal. The seller’s Estate Agent keeps calling me every day, asking me to find out when I’ll [...]

Tips For Landlords That Use Letting Agencies

01 Feb 2007 / Good & Bad Landlord Practices / 16 Comments

These are a few things Landlords should consider when dealing with Letting Agencies. Choosing the right Letting Agency Unfortunately, a large portion of letting agents are clueless cowboys that carry no expertise whatsoever. I advise not to opt for the cheaper option, but to work with the agents that come most recommended. Do some research [...]

15 Tips For All Landlords

01 Feb 2007 / Good & Bad Landlord Practices / 2 Comments

This is basically a few tips for upcoming and/or new landlords. There is a lot of responsibility that comes with being a Landlord, and also a lot of risks. Please note that these tips are based on the assumption that the Landlord is not working with a Letting Agency. 1) Know the relevant law Regardless [...]

Sarah Beeny Pictures

29 Jan 2007 / Sarah Beeny / 1 Comment

Here in my world, Property Investment Project, Sarah Beeny is our Property Guru. Over the past few months I’ve wrote a few articles about her, and now i’ve even created a category section dedicated to her. It made logical sense since I want this site to be as organized as possible, and the best way [...]

Steps To Buying A Property

29 Jan 2007 / Buying Property Tips / 0 Comments

There are only a few significant steps you need to take in order to purchase a property- from start to finish. I’m going to avoid mentioning all the if’s and buts because there are potentially thousands of different issues that can crop up and sway the entire journey of buying a property. Please bare in [...]

Freehold and Leasehold

25 Jan 2007 / Property Investment Tips & Info / 38 Comments

It’s important to know the differences between freehold and leasehold properties when buying property. Most people will be familiar with the terms freehold and leasehold; commonhold and flyimg freehold, however, maybe new to you, so i’m also going to talk a little about that. Essentially, freehold and leasehold are types of estates. Commonhold is a [...]

Sarah Beeny Facts

22 Jan 2007 / Sarah Beeny / 14 Comments

Sarah Beeny facts…. Full name: – Sarah Lucinda Beeny D.O.B: – Sarah Beeny was born on 9th January 1972. Family life: – Sarah is married to an artist, Graham (lucky guy). She has four children. Rafferty, Charlie, Laurie and Billy, and one currently on the way. – Beeny was 10 years old her mother died [...]

Full Steam Ahead- My Mortgage Is All Sorted, But Shit Got Complicated

22 Jan 2007 / Project 1- Buy Property, Become A Landlord / 1 Comment

So much has happened; it’s been like a rollercoaster ride. However, things are finally back on track, kinda. It was all pie in the sky for a bit because Northern Rock required further documentation before they were willing to offer me the mortgage I wanted. After providing Northern Rock with everything they required I soon [...]

15 Tips For Selling a House

22 Jan 2007 / Selling Property Tips / 0 Comments

These are my personal tips for when selling a house. They’re not expert tips, they’re just a brief guideline I would follow when selling my home. 1) Multiple Estate Agent Evaluations Get your property valued by as many Estate Agents as you can. Never settle for just one evaluation. I would recommend at least 3. [...]

15 Tips For Buying Property

20 Jan 2007 / Buying Property Tips / 4 Comments

These are my personal tips that you should consider when buying a property. By no stretch of the imagination are these wise words from an expert, although an expert may share some general consensus on a few of the tips. 1) Research is the key Always do research. You can never do enough research. A [...]

15 Reasons Why Estate Agents Are Idiots

20 Jan 2007 / I Dislike Estate Agents / 105 Comments

The message i’m trying to get across here is, “don’t trust your Estate Agent, he/she is probably an idiot” The majority of this list is based on acts of ‘deceit’, ‘immorality’ and just basic ‘idiocy’. The list is not fictional, every example is common practise used by Estate Agents nationally, from the bottom man, all [...]

How Much Stamp Duty Do I Have To pay?

15 Jan 2007 / Tax And Property / 2 Comments

The amount of Stamp Duty you pay depends on the purchase price of the property. The rates can change- Chancellor Gordon Brown increased the rates 4 times in 4 years. As it stands, these are the current rates: Stamp Duty for UK Homes: Up to £175,000 – You don’t have to pay any stamp duty [...]

What Is Stamp Duty?

15 Jan 2007 / Tax And Property / 0 Comments

Introduction to what stamp duty is: Stamp Duty is the tax you pay when purchasing property. It is a percentage paid on the purchase of a home or non-residential property, graded into bands. Your conveyancing solicitor will typically handle this fee; it will be added onto your solicitor’s fee, which will then be accordingly directed [...]

Risks involved with Mortgages

14 Jan 2007 / Mortgage Stuff / 0 Comments

The important question is, are you comfortable with the risks involved with Mortgages? It’s important that you’re aware of the risks, and it’s even more important that you’re prepared for the worst possible outcome. Mortgages have high risks and penalties if you fail keep up on top of them. Interest Rates can and most likely [...]

Interest-only Vs Repayment Mortgages

13 Jan 2007 / Mortgage Stuff / 2 Comments

There are two methods of repaying the amount you have borrowed from your Mortgage lender- the “repayment” option, and the “Interest-only” option. Repayment Mortgage: With this option your monthly payments gradually pay off the amount you borrowed, as well as paying the interest on the loan. If you stick to every payment, you would have [...]

Not happy with your Mortgage Offer?

13 Jan 2007 / Mortgage Stuff / 0 Comments

Is your Mortgage offer not to your likings? Well, don’t worry, same thing happened to me. I waited 2 months for my Mortgage offer to get accepted, then when it eventually got approved, I was indecisive, and decided I didn’t like the offer I was given. In my case, all I wanted to do was [...]

Don’t Cater For Your Own Taste

10 Jan 2007 / Property Development / 0 Comments

The single biggest mistake most amateur property developers make is catering for their own personal extravagant taste when developing a property. And this problem usually occurs with those who have expensive and controversial taste. You have to realise that you WILL NOT be living in this property, this is a business project, and nothing else. [...]

Sarah Beeny’s Property Ladder Is Awesome

09 Jan 2007 / Sarah Beeny / 4 Comments

Does anyone else watch this show? Most of the property shows on these days are boring and generic; consequently it’s difficult to extract any useful information from them. But I’ve always had a soft spot for Property Ladder. Why? Mainly because of the entertainment value it provides. It never ceases to amaze me how stupid [...]

My Mortgage Broker Finally Called Me Back With Instructions

09 Jan 2007 / Project 1- Buy Property, Become A Landlord / 0 Comments

I’m genuinely surprised that my mortgage broker called me back so quickly. I was expecting to do more waiting around and more chasing. I previously mentioned that Northern Rock were being hesitant about offering me a mortgage, which kind of made me worry. I started wondering whether my credit rating wasn’t good enough to meet [...]

My Mortgage Broker And Mortgage Lender Are Idiots, I Think!

08 Jan 2007 / Project 1- Buy Property, Become A Landlord / 2 Comments

I’m not sure who’s to blame, but there is a definite breakdown in what I had hoped to be a smooth purchase. I haven’t heard anything from my Mortgage broker in weeks- he was meant to get back to me regarding the acceptance/rejection of my mortgage offer. But of course, he never got back to [...]

Shit, My Mortgage Has Not Been Approved

19 Dec 2006 / Project 1- Buy Property, Become A Landlord / 0 Comments

I got a phone call from my Mortgage Broker earlier and it appears that things aren’t going as smoothly as we had initially anticipated. Northern Rock is being a bit iffy about offering me with the mortgage agreement I had chosen. Apparently they need to take my yearly salary into account. I found that odd, [...]

I’m Applying For A Mortgage Policy

12 Dec 2006 / Project 1- Buy Property, Become A Landlord / 0 Comments

I spoke to my mortgage broker, Lee, earlier today, and he basically went over my options. Currently, the best Mortgage policy for me is with Northern Rock; 5.47%, fixed rate for 2 years; 25 year policy. It’s the same one he mentioned previously in our discussion. I agreed to the offer. It’s not the best [...]

Organising Home Insurance

12 Dec 2006 / Project 1- Buy Property, Become A Landlord / 0 Comments

I haven’t blogged in a few days, but that’s purely because there hasn’t been much to report. There has been no real activity; I guess this is the calm before the storm. I imagine there will be a lot of points during this transaction where I’ll have to sit around and wait whilst all the [...]

Stamp Duty Land Tax (SDLT) Form

09 Dec 2006 / Tax And Property / 6 Comments

When I got my initial quote from my conveyancing solicitor, they offered me a lot of extra optional services for extra fees. Being naive, I declined most of the additional services because obviously I want to keep all fees to a minimal. However, I did make an exception for the “no competition, no fee”, insurance; [...]

Organising The Dreaded Mortgage.

06 Dec 2006 / Project 1- Buy Property, Become A Landlord / 0 Comments

I got a call earlier today from my Estate Agent’s in-house mortgage broker. He invited me to go into the office to see if I would be interested in taking out a mortgage through a lender they work in conjunction with. I agreed to meet him since getting a few quotes couldn’t do much harm. [...]