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	<title>Property Investment &#187; Project 1- Buy Property, Become A Landlord</title>
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	<link>http://www.propertyinvestmentproject.co.uk/blog</link>
	<description>DOCUMENTING ONE MAN&#039;S JOURNEY TO BECOMING A PROPERTY MILLIONAIRE</description>
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		<title>Mission Complete: Property Purchased, Landlording In Progress</title>
		<link>http://www.propertyinvestmentproject.co.uk/blog/mission-complete-property-purchased-landlording-in-progress/</link>
		<comments>http://www.propertyinvestmentproject.co.uk/blog/mission-complete-property-purchased-landlording-in-progress/#comments</comments>
		<pubDate>Sat, 17 Mar 2007 14:50:44 +0000</pubDate>
		<dc:creator>The Landlord</dc:creator>
				<category><![CDATA[Project 1- Buy Property, Become A Landlord]]></category>

		<guid isPermaLink="false">http://www.propertyinvestmentproject.co.uk/blog/?p=4565</guid>
		<description><![CDATA[Wooooah! Crack open the high-street branded sparkling wine (I can&#8217;t afford anything else right now!). It took 122 days (4 months and 2 days), but I eventually came through the [...]]]></description>
			<content:encoded><![CDATA[<p><img src="http://www.propertyinvestmentproject.co.uk/images/champers.jpg" height="230" width="400" title="Popping Champaign" alt="Popping Champaign" class="border" align="left" /></p>
<p>Wooooah! Crack open the high-street branded sparkling wine (I can&#8217;t afford anything else right now!).</p>
<p><strong>It took 122 days</strong> (4 months and 2 days), but I eventually came through the other end of the tunnel in one piece. Surprsingly, so did my mortgage broker and conveyance solicitor. There were times when I was ready to kill. Slowly and painfully. Albeit, my project is officially complete. I now officially own a buy-to-let property, which I am currently renting out, meaning I am also officially a Landlord.</p>
<p>I started this project on the 13th of November, 2006 (seems like a distant memory away), it stretched through Christmas and a New Year. I completed on the 15th of March, 2007. The whole process took longer than expected, especially since I was told that the <a href="http://www.propertyinvestmentproject.co.uk/blog/how-long-does-it-take-to-buy-house/" title="average time taken to buy a house">average time taken to buy a house</a> is 6-10 weeks.</p>
<p>However, I genuinely don&#8217;t know where the time has gone. Even though times appeared stressful, especially when I thought the whole deal was about to collapse, time has still managed to flyby.</p>
<h5>Quick recap of my project</h5>
<p><strong>The Mission: </strong> Buy a property, become a landlord</p>
<p>13th Novemver 2006 &#8211; <a href="http://www.propertyinvestmentproject.co.uk/blog/popped-into-the-estate-agents/" title="My Property Investment Adventure Begins">My Property Investment Adventure Begins</a> </p>
<p>14th Novemver 2006 &#8211; <a href="http://www.propertyinvestmentproject.co.uk/blog/house-viewings/" title="Viewing A House For The First Time">Viewing A House For The First Time</a></p>
<p>22nd Novemver 2006 &#8211; <a href="http://www.propertyinvestmentproject.co.uk/blog/bingo-i-found-it-the-ideal-house/" title="Bingo! I Found The Property I Want To Buy">Bingo! I Found The Property I Want To Buy</a></p>
<p>25th November 2006 &#8211; <a href="http://www.propertyinvestmentproject.co.uk/blog/playing-hard-to-get/" title="Property Buying Strategy- Playing Hard To Get">Property Buying Strategy- Playing Hard To Get</a> </p>
<p>28th November 2006 &#8211; <a href="http://www.propertyinvestmentproject.co.uk/blog/i-made-my-cheeky-offer/" title="Buying Property- Making A Cheeky Offer">Buying Property- Making A Cheeky Offer</a></p>
<p>30th November 2006 &#8211; <a href="http://www.propertyinvestmentproject.co.uk/blog/agreed-price-yeehaw/" title="Vendor Compromised With A Sale Price">Vendor Compromised With A Sale Price</a></p>
<p>5th December 2006 &#8211; <a href="http://www.propertyinvestmentproject.co.uk/blog/conveyance-solicitor/" title="Finding A Conveyance Solicitor">Finding A Conveyance Solicitor</a></p>
<p>6th December 2006 &#8211; <a href="http://www.propertyinvestmentproject.co.uk/blog/the-dreaded-mortgage/" title="Organising The Dreaded Mortgage">Organising The Dreaded Mortgage</a></p>
<p>12th December 2006 &#8211; <a href="http://www.propertyinvestmentproject.co.uk/blog/home-insurance/" title="Organising Landlord Building Insurance">Organising Landlord Building Insurance</a></p>
<p>12th December 2006 &#8211; <a href="http://www.propertyinvestmentproject.co.uk/blog/mortgage-agreement/" title="Applying For A Mortgage Policy">Applying For A Mortgage Policy</a></p>
<p>19th December 2006 &#8211; <a href="http://www.propertyinvestmentproject.co.uk/blog/my-mortgage-application-got-refused/" title="My Mortgage Application Got Refused">My Mortgage Application Got Refused</a></p>
<p>8th January 2007 &#8211; <a href="http://www.propertyinvestmentproject.co.uk/blog/my-mortgage-broker-is-an-idiot-and-so-is-my-mortgage-lender/" title="My Mortgage Broker And Mortgage Lender Are Idiots">My Mortgage Broker And Mortgage Lender Are Idiots</a></p>
<p>9th Janaury 2007 &#8211; <a href="http://www.propertyinvestmentproject.co.uk/blog/mortgage-application-approved/" title="My Mortgage Application Finally Got Approved">My Mortgage Application Finally Got Approved</a></p>
<p>3rd February 2007 &#8211; <a href="http://www.propertyinvestmentproject.co.uk/blog/drainage-search/" title="The Drainage And Water Search Is Taking Ages">The Drainage And Water Search Is Taking Ages</a></p>
<p>6th February 2007 &#8211; <a href="http://www.propertyinvestmentproject.co.uk/blog/property-chain-about-to-collapse/" title="Property Chain Is About To Break">Property Chain Is About To Break</a></p>
<p>13th February 2007 &#8211; <a href="http://www.propertyinvestmentproject.co.uk/blog/exchanging-contracts/" title="I’m Ready To Exchange Contracts">I’m Ready To Exchange Contracts</a></p>
<p>15th February 2007 &#8211; <a href="http://www.propertyinvestmentproject.co.uk/blog/arranging-a-letting-agency/" title="Finding The Best Local Letting Agent">Finding The Best Local Letting Agent</a></p>
<p>18th February 2007 &#8211; <a href="http://www.propertyinvestmentproject.co.uk/blog/additional-costs/" title="Extra Unforeseen Costs Of Buying A House">Extra Unforeseen Costs Of Buying A House</a></p>
<p>21st February 2007 &#8211; <a href="http://www.propertyinvestmentproject.co.uk/blog/how-long-does-it-take-to-buy-house/" title="How Long Does It Take To Buy A House?">How Long Does It Take To Buy A House?</a></p>
<p>2nd March 2007 &#8211; <a href="http://www.propertyinvestmentproject.co.uk/blog/completed-i-now-officially-own-a-house/" title="Completed- I Now Officially Own A House">Completed- I Now Officially Own A House</a></p>
<p>15th March 2007 &#8211; <a href="http://www.propertyinvestmentproject.co.uk/blog/pictures-of-my-house/" title="Pictures Of My House">Pictures Of My House</a></p>
<p>15th March 2007 &#8211; <a href="http://www.propertyinvestmentproject.co.uk/blog/finding-tenants-using-letting-agent/" title="Finding Tenants Using A Letting Agent">Finding Tenants Using A Letting Agent</a></p>
<p>I&#8217;m not entirely sure if I&#8217;ve caught the infamous &#8220;property bug&#8221; that&#8217;s been circulating around the country for a few years now, but I can definitely see the fascination of investing in property. I&#8217;ve poured my money into something I can physically touch and admire, and it won&#8217;t complain or run away with another guy. Seems like a good move to me.</p>
<p>I&#8217;m not saying I&#8217;ve found a new meaning to life, but what I am saying is, I&#8217;ve enjoyed myself, and the concept of building my future in bricks and mortar for long-term security seems viable and sensible, and something I&#8217;m willing to invest more time and money into.</p>
<h5>Thank you to everyone</h5>
<p>I&#8217;d just like to say a quick thank you to everyone who has followed me through this journey, whether it be during real-time, or years after it all happened. I&#8217;ve definitely learnt a lot along the way, and I hope others have also learned something new, whether it be something small, big, useful or useless, I don&#8217;t care, I&#8217;ll take anything.</p>


<p>Related posts:<ol><div><img src='/images/articleimages/agreed.jpg' height='100' width='58' title='Finding Tenants Without A Letting Agent- Mission Accomplished (Part 5)' alt='Finding Tenants Without A Letting Agent- Mission Accomplished (Part 5)' /><span><a href='http://www.propertyinvestmentproject.co.uk/blog/finding-tenants-without-a-letting-agent-mission-accomplished-part-5/' title='Finding Tenants Without A Letting Agent- Mission Accomplished (Part 5)'>Finding Tenants Without A Letting Agent- Mission Accomplished (Part 5)</a></span></div>
<div><img src='/images/articleimages/default.jpg' height='100' width='58' title='houseprices' alt='houseprices' /><span><a href='http://www.propertyinvestmentproject.co.uk/blog/uk-house-prices/' title='Experts Don&#8217;t Have A Clue About UK House Prices'>Experts Don&#8217;t Have A Clue About UK House Prices</a></span></div>
<div><img src='/images/articleimages/doodle2.jpg' height='100' width='58' title='Eager To Invest In Property, But No Suitable Property For Sale' alt='Eager To Invest In Property, But No Suitable Property For Sale' /><span><a href='http://www.propertyinvestmentproject.co.uk/blog/eager-to-invest-in-property-but-no-suitable-property-for-sale/' title='Eager To Invest In Property, But No Suitable Property For Sale'>Eager To Invest In Property, But No Suitable Property For Sale</a></span></div>
</ol></p>]]></content:encoded>
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		<title>Finding Tenants Using A Letting Agent</title>
		<link>http://www.propertyinvestmentproject.co.uk/blog/finding-tenants-using-letting-agent/</link>
		<comments>http://www.propertyinvestmentproject.co.uk/blog/finding-tenants-using-letting-agent/#comments</comments>
		<pubDate>Thu, 15 Mar 2007 22:22:24 +0000</pubDate>
		<dc:creator>The Landlord</dc:creator>
				<category><![CDATA[Project 1- Buy Property, Become A Landlord]]></category>

		<guid isPermaLink="false">http://www.propertyinvestmentproject.co.uk/blog/2007/03/15/kings-letting-agent-the-perfect-tenant/</guid>
		<description><![CDATA[I previously wrote a blog post about Finding The Best Local Letting Agent, where I discussed how I planned on filtering down a list of local letting agents, and then [...]]]></description>
			<content:encoded><![CDATA[<p><img src="http://www.propertyinvestmentproject.co.uk/images/foxtonsmini.jpg" height="230" width="400" title="Letting Agent Car" alt="Letting Agent Car" class="border" align="left" />I previously wrote a blog post about <a href="http://www.propertyinvestmentproject.co.uk/blog/arranging-a-letting-agency/" title="Finding The Best Local Letting Agent">Finding The Best Local Letting Agent</a>, where I discussed how I planned on filtering down a list of local letting agents, and then unleashing them out of their traps to find me tenants.</p>
<p>I swindled a list of about eight letting agents down to two. I already briefly discussed the time when the first agent popped round to take pictures on the same day I completed and <a href="http://www.propertyinvestmentproject.co.uk/blog/completed-i-now-officially-own-a-house/" title="Officially Owned The Property">Officially Owned The Property</a>.</p>
<p>After having both agents take multiple viewings each, I had about three sets of tenants wanting to rent the property. Not a bad position to be in if you ask me.</p>
<h5>Don&#8217;t Accept the First Offer</h5>
<p>One trait which quickly became apparent about both the letting agents was that they wanted to fill the vacancy as quickly as possible. Now, that may sound like a good concept in principle, but it was kind of annoying. They wanted to fill the vacancy quickly, but the quality they wanted to fill the vacancy with was questionable.</p>
<p>Apparently EVERY applicant which showed interest was &#8220;suitable&#8221;. I find that hard to believe; surely some were more suitable than others, making the initial suitable prospects..err&#8230;not so suitable. You with me? Good.</p>
<p>Both agents actually wanted me to accept the first tenants that came along, but I insisted to wait a week, so I can assess each applicants credentials and make a more informed decision. Each agent knew I was using multiple agents, so they wanted to seal the deal quickly. May the best man win.</p>
<p>However, accepting the first prospective tenants that showed interested didn&#8217;t make sense to me, especially when each agent received plenty of interest from the property.</p>
<h5>Consider each tenant</h5>
<p>Before the viewing, each prospective tenant filled in a <a href="http://www.propertyinvestmentproject.co.uk/blog/tenancy-application-form/" title="Tenancy Application Form">Tenancy Application Form</a>, which contained details such as, employment details (past and present), guarantor details, references and any previous rental history.</p>
<p>I asked both my agents if I could quickly sift through them to determine which set of tenants appeared to be most desirable. I was focusing on the obvious details, such as employment details and previous rental history.</p>
<h5>The final result</h5>
<p>After a week of viewings, I narrowed it down to one lucky applicant. She actually moved in earlier today. Just to jog your memory, <a href="http://www.propertyinvestmentproject.co.uk/blog/completed-i-now-officially-own-a-house/" title="I completed the purchase">I completed the purchase</a> on the 2nd of March 2007, so that took just under 2 weeks to get my property occupied. I don&#8217;t think that&#8217;s bad at all.</p>


<p>Related posts:<ol><div><img src='/images/articleimages/agreed.jpg' height='100' width='58' title='Finding Tenants Without A Letting Agent- Mission Accomplished (Part 5)' alt='Finding Tenants Without A Letting Agent- Mission Accomplished (Part 5)' /><span><a href='http://www.propertyinvestmentproject.co.uk/blog/finding-tenants-without-a-letting-agent-mission-accomplished-part-5/' title='Finding Tenants Without A Letting Agent- Mission Accomplished (Part 5)'>Finding Tenants Without A Letting Agent- Mission Accomplished (Part 5)</a></span></div>
<div><img src='/images/articleimages/hunter.jpg' height='100' width='58' title='Finding Tenants Without A Letting Agent- An Update (Part 2)' alt='Finding Tenants Without A Letting Agent- An Update (Part 2)' /><span><a href='http://www.propertyinvestmentproject.co.uk/blog/finding-tenants-without-a-letting-agent-an-update-part-2/' title='Finding Tenants Without A Letting Agent- An Update (Part 2)'>Finding Tenants Without A Letting Agent- An Update (Part 2)</a></span></div>
<div><img src='/images/articleimages/smellycat.jpg' height='100' width='58' title='Finding Tenants Without A Letting Agent- An Update &#8211; A Smelly Cat &#038; A Slight Change Of Plan (Part 3)' alt='Finding Tenants Without A Letting Agent- An Update &#8211; A Smelly Cat &#038; A Slight Change Of Plan (Part 3)' /><span><a href='http://www.propertyinvestmentproject.co.uk/blog/finding-tenants-without-a-letting-agent-an-update-smelly-cat-a-slight-change-of-plans-part-3/' title='Finding Tenants Without A Letting Agent- An Update &#8211; A Smelly Cat &#038; A Slight Change Of Plan (Part 3)'>Finding Tenants Without A Letting Agent- An Update &#8211; A Smelly Cat &#038; A Slight Change Of Plan (Part 3)</a></span></div>
</ol></p>]]></content:encoded>
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		<title>Pictures Of My House</title>
		<link>http://www.propertyinvestmentproject.co.uk/blog/pictures-of-my-house/</link>
		<comments>http://www.propertyinvestmentproject.co.uk/blog/pictures-of-my-house/#comments</comments>
		<pubDate>Thu, 15 Mar 2007 21:52:18 +0000</pubDate>
		<dc:creator>The Landlord</dc:creator>
				<category><![CDATA[Project 1- Buy Property, Become A Landlord]]></category>

		<guid isPermaLink="false">http://www.propertyinvestmentproject.co.uk/blog/2007/03/15/pictures-of-my-house/</guid>
		<description><![CDATA[I know these pictures are long overdue, but I&#8217;ve been ridiculously busy. I&#8217;m going to spare you from my tears, but what I will say is that there seriously needs [...]]]></description>
			<content:encoded><![CDATA[<p>I know these pictures are long overdue, but I&#8217;ve been ridiculously busy. I&#8217;m going to spare you from my tears, but what I will say is that there seriously needs to be more hours in the day! </p>
<p>My house isn&#8217;t the biggest or the best, but it is mine, all mine; it&#8217;s my little baby! I like this house because it&#8217;s tucked away in the corner (as you can see from picture 2) and it&#8217;s an end of terrace. It has two allocated parking spaces and a bike hub on the side of the property, which can potentially be used to extend on the house.</p>
<p>I also found out today that similar mid-terraced houses in the same block, recently sold for 10k more than what I purchased mine for. Since mine has that extra hub on the side (accessible from both front and rare), two allocated parking spaces, and is tucked away in the corner, I could get a bit more. So that&#8217;s good news! Already my investment is gaining equity!</p>
<p>I met my neighbour the other day; she&#8217;s the nicest and sweetest old lady. She&#8217;s a bit &#8220;out of it&#8221;, but I can live with that. It&#8217;s like she&#8217;s living in another planet, but that&#8217;s why she&#8217;s so awesome. Getting crappy neighbours can literally ruin lives, so I&#8217;m relieved I have a decent neighbour. But just as equally, she&#8217;s lucky she has an awesome landlord running a tight ship next door to her! Oh yeessss!</p>
<p>Anyways, here are the pics. It&#8217;s proper cute, ain&#8217;t it?</p>
<p><img src="http://www.propertyinvestmentproject.co.uk/images/myhouse.jpg" width="400" height="300" title="My house, Front View" alt="My house, Front View" /></p>
<p><img src="http://www.propertyinvestmentproject.co.uk/images/myhouse1.jpg" width="400" height="300" title="My house, Angle Front View" alt="Angle My house, Front View" /></p>
<p><img src="http://www.propertyinvestmentproject.co.uk/images/myhouse2.jpg" width="400" height="300" title="My house, Back Garden" alt="My house, Back Garden" /></p>
<p><img src="http://www.propertyinvestmentproject.co.uk/images/myhouse3.jpg" width="400" height="533" title="My house, Front View with shed" alt="My house, Front View with shed" /></p>


<p>Related posts:<ol><div><img src='/images/articleimages/sarahbeenypics.jpg' height='100' width='58' title='Sarah Beeny Pictures' alt='Sarah Beeny Pictures' /><span><a href='http://www.propertyinvestmentproject.co.uk/blog/sarah-beeny-photos/' title='Sarah Beeny Pictures'>Sarah Beeny Pictures</a></span></div>
<div><img src='/images/articleimages/default.jpg' height='100' width='58' title='destroyed' alt='destroyed' /><span><a href='http://www.propertyinvestmentproject.co.uk/blog/pictures-of-destroyed-homes-by-natural-disasters/' title='Pictures Of Destroyed Homes By Natural Disasters'>Pictures Of Destroyed Homes By Natural Disasters</a></span></div>
<div><img src='/images/articleimages/1billionhouse.jpg' height='100' width='58' title='Most Expensive House In The World, The $1 billion house' alt='Most Expensive House In The World, The $1 billion house' /><span><a href='http://www.propertyinvestmentproject.co.uk/blog/the-1-billion-house/' title='Most Expensive House In The World, The $1 billion house'>Most Expensive House In The World, The $1 billion house</a></span></div>
</ol></p>]]></content:encoded>
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		<title>Completed- I Now Officially Own A House</title>
		<link>http://www.propertyinvestmentproject.co.uk/blog/completed-i-now-officially-own-a-house/</link>
		<comments>http://www.propertyinvestmentproject.co.uk/blog/completed-i-now-officially-own-a-house/#comments</comments>
		<pubDate>Fri, 02 Mar 2007 18:00:23 +0000</pubDate>
		<dc:creator>The Landlord</dc:creator>
				<category><![CDATA[Project 1- Buy Property, Become A Landlord]]></category>

		<guid isPermaLink="false">http://www.propertyinvestmentproject.co.uk/blog/2007/03/02/completed-i-now-officially-own-a-house/</guid>
		<description><![CDATA[The technical term is &#8220;Completion&#8221;, and it&#8217;s defined as follows: Once all matters between exchange and completion have been dealt with, the money for the property is transferred from buyer [...]]]></description>
			<content:encoded><![CDATA[<p>The technical term is &#8220;Completion&#8221;, and it&#8217;s defined as follows:</p>
<blockquote><p>
Once all matters between exchange and completion have been dealt with, the money for the property is transferred from buyer to seller. The sale is now completed and the keys are handed over. The property now belongs to the buyer.
</p></blockquote>
<p><img src="http://www.propertyinvestmentproject.co.uk/images/keys.jpg" height="212" width="320" title="House Keys" alt="House Keys" class="border" align="left" /><br />
In other words, I now officially own a motherf&#8217;ing house! How about that?</p>
<p>I was hoping to complete this morning, as I had arranged for a letting agent to evaluate the house at 11:30am. However, I called my estate agent at 9:30am to find out when we would complete and when I could pick up the keys. He said it would be at about 2pm. I was like, &#8220;sh*t!!&#8221; I asked if there was anyway I could have the keys to the property for 10mins at 11:30, since the vendors had already vacated. But as suspected they couldn&#8217;t do that, since it would be breaking the law. I quickly contacted my letting agent and explained the situation and asked if I could reschedule. He was extremely understanding, and our appointment was rearranged for 3pm.</p>
<p>2pm approached, and I received a call from Sophia (the only helpful member of staff at Joslin Rhodes, my <a href="http://www.propertyinvestmentproject.co.uk/blog/conveyance-solicitor/" title="Conveyance Solicitor">Conveyance Solicitor</a>, that I have encountered), and she gave me the good news- my purchase was complete- I could pick up my keys. </p>
<p>I jumped into my car and put my on the gas and made my way to my estate agents offices; picked up the keys, and went to my shiny new investment. I was a little nervous about opening the front door because I had no idea what the condition of the property would be like. Moreover, I couldn&#8217;t even remember what the property looked like from inside. Everything was a blur.</p>
<p>I slowly opened the door, peeked in, and to my surprise, the place appeared larger than I remembered (probably because it was empty). What&#8217;s funny is that it was also completely different to what I remember. I thought the kitchen was at the front of the house, and the living room was at the back, when it was actually the other way round. Albeit, it was a pleasant surprise as everything looked better than I remembered. I think where I viewed so many similar houses initially, my mind was a little confused.</p>
<p>I had a look around the house; I was kind of relieved, nothing much needed to be done to it. I only noticed a few things; a sliding door at the back needs a little sanding down and a lick of paint, and I think the kitchen sink needs replacing, it looked a little worst for wear.</p>
<p>By the time I had adjusted to my new surroundings, I heard a knock on the door; it was the letting agent I had arranged to come over. He went through the current condition of the letting market, their process of finding a tenant, their fees, and the different packages they offer. Everything seemed reasonable, so I was prepared to give him an opportunity to find me tenants.</p>
<p>Immediately after I gave him the go ahead, he pulled out a camera from the inside of his suit pocket and started snapping the place like he was the paparazzi. Like a true poncy photographer, he kept saying, &#8220;ooh, lovely shot. This looks great&#8221; I couldn&#8217;t help but think, &#8220;typical. Twat!&#8221;</p>
<p>After his snapping spree, he informed me he&#8217;ll arrange viewings, and contact me when he has viewings lined up. He seemed pretty confident that the place would get snapped up quickly because of the desirable location the property was in. But then again, that sounded like snake-oil salesman talk to me. Either way, until then, it&#8217;s pretty much a waiting game. </p>
<p>I&#8217;ll take pictures of the house tomorrow and post them. But for now, I&#8217;m going to go out and have a little celebratory drink.</p>
<p>By the way, you can all call me Mr Landlord from now on. Actually, scrap that, Sir Landlord :)</p>


<p>Related posts:<ol><div><img src='/images/articleimages/1billionhouse.jpg' height='100' width='58' title='Most Expensive House In The World, The $1 billion house' alt='Most Expensive House In The World, The $1 billion house' /><span><a href='http://www.propertyinvestmentproject.co.uk/blog/the-1-billion-house/' title='Most Expensive House In The World, The $1 billion house'>Most Expensive House In The World, The $1 billion house</a></span></div>
<div><img src='/images/articleimages/confused.jpg' height='100' width='58' title='What Is The Age Of My House?' alt='What Is The Age Of My House?' /><span><a href='http://www.propertyinvestmentproject.co.uk/blog/the-age-of-a-house/' title='What Is The Age Of My House?'>What Is The Age Of My House?</a></span></div>
<div><img src='/images/articleimages/default.jpg' height='100' width='58' title='viewing' alt='viewing' /><span><a href='http://www.propertyinvestmentproject.co.uk/blog/house-viewings/' title='Viewing A House For The First Time'>Viewing A House For The First Time</a></span></div>
</ol></p>]]></content:encoded>
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		<title>How Long Does It Take To Buy A House?</title>
		<link>http://www.propertyinvestmentproject.co.uk/blog/how-long-does-it-take-to-buy-house/</link>
		<comments>http://www.propertyinvestmentproject.co.uk/blog/how-long-does-it-take-to-buy-house/#comments</comments>
		<pubDate>Wed, 21 Feb 2007 13:09:39 +0000</pubDate>
		<dc:creator>The Landlord</dc:creator>
				<category><![CDATA[Project 1- Buy Property, Become A Landlord]]></category>

		<guid isPermaLink="false">http://www.propertyinvestmentproject.co.uk/blog/2007/02/21/my-property-investment-project-has-hit-a-century/</guid>
		<description><![CDATA[I&#8217;ve been told that the average time it takes to buy a house in the UK is 6-10 weeks. That&#8217;s 42 &#8211; 70 days. However, there is no guaranteed time [...]]]></description>
			<content:encoded><![CDATA[<p>I&#8217;ve been told that the average time it takes to buy a house in the UK is <strong>6-10 weeks</strong>. That&#8217;s 42 &#8211; 70 days. However, there is no guaranteed time to complete the process of buying a house; it will depend upon many factors.</p>
<p>My current situation is a prime example of how buying a property can easily get delayed. The 70 day mark is but a distant speckle of dirt in my rear view mirror. My project, &#8220;Buy a house, become a landlord&#8221;, actually started exactly 100 days (14 weeks) and I&#8217;ve not even completed yet. I approximate it will take another 2 weeks, so I&#8217;m looking at 16 weeks in total for completion. </p>
<p>But on a more positive note, it doesn&#8217;t feel like it&#8217;s taken me 3 months to get this far. Time has literally flown by, and it&#8217;s kind of scary. But strangely, even though everything has moved so quickly, I don&#8217;t even remember the early stages of my journey. I don&#8217;t recall house hunting; I don&#8217;t recall doing any of my brain numbingly boring research, I don&#8217;t recall any of the issues I went through with my mortgage broker, and I don&#8217;t even remember building this damn website. I&#8217;m not entirely sure what my point is, or whether I even have a point&#8230; I&#8217;m just saying 3 months has gone by quickly, and I remember very little.</p>
<h5>How Long Is A Piece Of String Vs How Long Does It Take To Buy A House</h5>
<p>Even though there is a national statistic for how long it takes to buy a house on average, I still feel it&#8217;s a question that can be answered somewhat accurately when the facts on the table. Even then, there are so many uncontrollable and unforeseeable circumstances that can crop up in the world of property buying that even the estimation based on relevant details can be completely off the mark.</p>
<h5>Factors that affect how long it takes to buy a house</h5>
<ul>
<li><b>Preparation</b>- like with the success of most tasks, preparation is key. It&#8217;s important to get all finances, insurance policies and solicitors all in place at the early stages to minimize any hold-ups. It becomes extremely transparent when someone is ill-prepared.</li>
<li><b>Good legal team</b>- I made the mistake of using an extremely poor legal team, and in my opinion that&#8217;s what played a major part in the delay of my purchase. Good Conveyancing Solicitors will work quickly, be organised and know exactly what they&#8217;re doing. If solicitors seem to be taking their time, don’t feel guilty about contacting them, enquiring about the process. Just make sure you have completed your end of the bargain by filling in all the necessary forms as quickly as possible.</li>
<li><b>Property Chain</b>- Obviously, the bigger the property chain, the greater the risk of delays occurring. If there are several parties in a chain the knock on affects are generally rippled through from top to bottom./li>
<li><b>Leasehold/freehold</b>- freehold properties are generally less complicated to purchase, so they generally complete quicker than leasehold properties. Leasehold properties require more paperwork because solicitors having to invesigate the lease on the property. How much this adds on depends on what they find.</li>
<li><b>Survey report</b>- the result of the structural survey can often delay the buying process if any serious issues are highlighted. In this case, delays are likely, if not complete abandonment.</li>
</ul>


<p>Related posts:<ol><div><img src='/images/articleimages/1billionhouse.jpg' height='100' width='58' title='Most Expensive House In The World, The $1 billion house' alt='Most Expensive House In The World, The $1 billion house' /><span><a href='http://www.propertyinvestmentproject.co.uk/blog/the-1-billion-house/' title='Most Expensive House In The World, The $1 billion house'>Most Expensive House In The World, The $1 billion house</a></span></div>
<div><img src='/images/articleimages/money.jpg' height='100' width='58' title='Extra Unforeseen Costs Of Buying A House' alt='Extra Unforeseen Costs Of Buying A House' /><span><a href='http://www.propertyinvestmentproject.co.uk/blog/additional-costs/' title='Extra Unforeseen Costs Of Buying A House'>Extra Unforeseen Costs Of Buying A House</a></span></div>
<div><img src='/images/articleimages/finish.jpg' height='100' width='58' title='Completed- I Now Officially Own A House' alt='Completed- I Now Officially Own A House' /><span><a href='http://www.propertyinvestmentproject.co.uk/blog/completed-i-now-officially-own-a-house/' title='Completed- I Now Officially Own A House'>Completed- I Now Officially Own A House</a></span></div>
</ol></p>]]></content:encoded>
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		<title>Extra Unforeseen Costs Of Buying A House</title>
		<link>http://www.propertyinvestmentproject.co.uk/blog/additional-costs/</link>
		<comments>http://www.propertyinvestmentproject.co.uk/blog/additional-costs/#comments</comments>
		<pubDate>Sun, 18 Feb 2007 11:43:38 +0000</pubDate>
		<dc:creator>The Landlord</dc:creator>
				<category><![CDATA[Project 1- Buy Property, Become A Landlord]]></category>

		<guid isPermaLink="false">http://www.propertyinvestmentproject.co.uk/blog/2007/02/18/additional-costs/</guid>
		<description><![CDATA[During the planning stage of buying a property, I set aside a small contingency budget to cover any unforeseen and miscalculated circumstances. Something was ALWAYS bound to pop up. So [...]]]></description>
			<content:encoded><![CDATA[<p><img src="http://www.propertyinvestmentproject.co.uk/images/penny.jpg" width="650" height="208" title="Every penny counts" alt="Every penny counts" class="border" /></p>
<p>During the planning stage of buying a property, I set aside a small contingency budget to cover any unforeseen and miscalculated circumstances. Something was ALWAYS bound to pop up.</p>
<p>So far I think i&#8217;ve been fortunate, I haven&#8217;t had to dig too deeply into my contingency pocket. I&#8217;ve been lucky for now, but the project is far from over, so I don&#8217;t want to count all my blessings just yet.</p>
<p>However, I just want to highlight a few of the extra costs that did crop up. Before I start, I just want to say that the expenses and list is going to seem lousy in comparison to some heart-stopping situations I&#8217;ve read about. Nonetheless, I just want to get across that unforeseen expenses nearly always occur, so it&#8217;s imperative to have a contingency, even if it&#8217;s only a small one.</p>
<h5>Extra costs I didn&#8217;t anticipate:</h5>
<ul>
<li><strong>&pound;20.00</strong> for a new driving license that my Conveyancing Solicitor lost (even though they deny it)</li>
<li><strong>&pound;4.50</strong> for Special Delivery post to my Conveyancing Solicitor</li>
<li><strong>&pound;25.00</strong> fee for transferring money electronically. Halifax changed &pound;25.00 for transferring my deposit into my Solicitor&#8217;s account. I thought that was ridiculous. Anyways, I could have got a banker&#8217;s draft for free, but it would have held up the exchange in contracts by the time the draft arrived to my solicitors and cleared.</li>
</ul>
<p><b>TOTAL: &pound;49.50</b></p>
<p>Like I said, not much at all for now. It&#8217;s pathetic, I know. Not even worth mentioning. However, I&#8217;m a firm believer that every penny counts.</p>
<h5>Common areas where unforeseen costs occur</h5>
<p>Here&#8217;s a list of common areas where a lot of buyers end up spending their contingency. Perhaps if you avoid these areas, the contingency can be minimized&#8230;</p>
<ul>
<li><b>Solicitor</b>- Some <a href="http://www.propertyinvestmentproject.co.uk/blog/conveyance-solicitor/" title="Conveyance Solicitors">Conveyance Solicitors</a> stipulate that they charge extra if a deal isn&#8217;t completed with in a certain time scale i.e. they charge extra for delays. A lot of people aren&#8217;t aware of this, and since delays are extremely common, they&#8217;re often shocked when they see the added legal fees.</li>
<li><b>Repairs</b>- while viewing a property it&#8217;s not always possible to check every nook and cranny to see if everything is in working order. So once you&#8217;ve moved into your new home and start using all the appliances and utilities, it slowly becomes apparent what needs repairing. That&#8217;s why it&#8217;s always important to thoroughly check a property before purchasing it, especially the electrics, heating, plumbing and the roof. Being thorough during a viewing can often save a lot of stress and cold cash. Here&#8217;s a more elaborate <a href="http://www.propertyinvestmentproject.co.uk/blog/house-viewings/" title="list of things to check when viewing a house">list of things to check when viewing a house</a>. Spending money on unanticipated repairs is probably one of the biggest area where the contingency budget gets spent on.</li>
<li><b>Decoration</b>- much like with repairs, it&#8217;s not always possible to see how badly decorated a property truly is during the viewing, but when the property is empty and it comes to moving day, everything becomes clear.</li>
<li><b>Temporary accommodation</b>- when there&#8217;s multiple parties involved in a chain, some parties complete sooner than others. That&#8217;s when some people may need temporary accommodation, in the case where they have sold their property, but their vendors is still waiting on those above them in the chain.</li>
</ul>


<p>Related posts:<ol><div><img src='/images/articleimages/mortgagecalc.jpg' height='100' width='58' title='Minimizing Landlord Maintenance Costs' alt='Minimizing Landlord Maintenance Costs' /><span><a href='http://www.propertyinvestmentproject.co.uk/blog/minimizing-landlord-maintenance-costs/' title='Minimizing Landlord Maintenance Costs'>Minimizing Landlord Maintenance Costs</a></span></div>
<div><img src='/images/articleimages/money.jpg' height='100' width='58' title='An Example Of How Much Extra Letting Agents Charge' alt='An Example Of How Much Extra Letting Agents Charge' /><span><a href='http://www.propertyinvestmentproject.co.uk/blog/an-example-of-how-much-extra-letting-agents-charge/' title='An Example Of How Much Extra Letting Agents Charge'>An Example Of How Much Extra Letting Agents Charge</a></span></div>
<div><img src='/images/articleimages/danger.jpg' height='100' width='58' title='The Dangers Of Buying A House With An Extension' alt='The Dangers Of Buying A House With An Extension' /><span><a href='http://www.propertyinvestmentproject.co.uk/blog/buying-a-house-with-an-extension/' title='The Dangers Of Buying A House With An Extension'>The Dangers Of Buying A House With An Extension</a></span></div>
</ol></p>]]></content:encoded>
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		<title>Finding The Best Local Letting Agent</title>
		<link>http://www.propertyinvestmentproject.co.uk/blog/arranging-a-letting-agency/</link>
		<comments>http://www.propertyinvestmentproject.co.uk/blog/arranging-a-letting-agency/#comments</comments>
		<pubDate>Thu, 15 Feb 2007 19:38:07 +0000</pubDate>
		<dc:creator>The Landlord</dc:creator>
				<category><![CDATA[Project 1- Buy Property, Become A Landlord]]></category>

		<guid isPermaLink="false">http://www.propertyinvestmentproject.co.uk/blog/2007/02/15/arranging-a-letting-agency/</guid>
		<description><![CDATA[I&#8217;m anticipating the completion of my first ever buy-to-let property in the next few days, so I need to be thinking about Finding Tenants at this point. After completion, I&#8217;ve [...]]]></description>
			<content:encoded><![CDATA[<p>I&#8217;m anticipating the completion of my first ever buy-to-let property in the next few days, so I need to be thinking about <a href="http://www.propertyinvestmentproject.co.uk/blog/finding-tenant-guide-for-landlords/" title="Finding Tenants">Finding Tenants</a> at this point. </p>
<p>After completion, I&#8217;ve calculated that I&#8217;ll need about one week to get the property in shape, which will entail a thorough clean, a lick of paint in the main living room, and meeting all my <a href="http://www.propertyinvestmentproject.co.uk/blog/landlord-obligations/" title="landlord legal obligations">landlord legal obligations</a>. So ideally, if I act now, I&#8217;ll be able to have tenants ready to move in approximately two weeks time. Obviously I want to minimize the amount of time the property remains empty for, as each day will cost me money.</p>
<p>I plan on using local letting agents to help assist me finding the perfect tenant. But with abundance of rogue letting agents scouring the market, which one should I use? Now there&#8217;s the million dollar question.</p>
<h5 class="big">Guide on finding the best local letting agent</h5>
<h5>Get a list of local letting agents</h5>
<p>The first and foremost task is to get a healthy list of local letting agents beyond the ones you already know about. Here are a few methods of doing that:</p>
<ul>
<li><b>Rightmove</b>- they have a massive directory of letting agents, which you can filter by location using their <a href="http://www.rightmove.co.uk/estate-agents.html" target="new" rel="nofollow" title="letting agent search engine">letting agent search engine</a>.</li>
<li><b>FindAProperty</b>- as with Rightmove, FindAproperty also have a large database of letting agents, which you can filter by using their <a href="http://www.findaproperty.com/shortlistagents.aspx?edid=00&#038;salerent=0" target="new" rel="nofollow" title="letting agent search engine">letting agent search engine</a>.</li>
<li><b>Local Newspaper</b>- most local newspapers will have a letting section where the majority of the big letting agents will advertise.</li>
<li><b>Friends &amp; family</b>- it&#8217;s always worth asking your friends and family members if they know of any local letting agents, especially ones they would personally recommend.</li>
</ul>
<h5>Look for reviews</h5>
<p>With the internet being so easily accessible, and providing a platform where every Tom, Dick and Harry has the opportunity to become a published author, it&#8217;s extremely compelling to look for reviews about any service I&#8217;m contemplating on using.</p>
<p>With the above in mind, along with the love of how much people adore to complain, it&#8217;s likely that if a collection of people have received a bad enough service from a particular company, they would have written about it online.</p>
<p>I&#8217;m not entirely sure if giving publication powers to every Tom, Dick and Harry is necessary a good thing, but that&#8217;s how far the power of freedom has progressed in this digital age, and it can&#8217;t be entirely a bad thing.</p>
<p>Take advantage of the user generated information available online by looking for reviews of the letting agents in your local area. If they&#8217;re notorious for providing a poor service, believe you me, someone has probably written about it.</p>
<h5>Current time taken to fill vacancy</h5>
<p>Always ask a letting agent how long it currently takes them on average to fill a vacancy in the specific area you&#8217;re property is located. </p>
<p>If you ask enough local agents, you can get a good idea of which agency will perform better for you. But bear in mind, agents are notorious for sugar-coating the response this specific question, but it&#8217;s always good to know what they have to say.</p>
<h5>Consumer protection</h5>
<p>In an industry where consumer protection is limited, I would advise to only use Letting Agents that are members of regulatory bodies for Consumer Protection. Agent members of these schemes are required to abide by a code of conduct; failing to do so can have the consequences of financial compensation to the consumer.</p>
<p><strong>Look out for agents that are associated with TPO, ARLA or NALS</strong>.</p>
<p><b><a href="http://www.tpos.co.uk/index.htm" title="The Property Ombudsman (TPO)" rel="nofollow" target="new">The Property Ombudsman (TPO)</a></b> &#8211; provides a free, fair and independent service for dealing with unresolved disputes between sales and letting agents who have joined the TPO and consumers who are actual or potential buyers or sellers or landlords or tenants of residential property in the UK. The TPO is one of the schemes approved by the Office of Fair Trading (OFT).</p>
<p><img src="http://www.propertyinvestmentproject.co.uk/images/letting-agent-mods/tpol.jpg" height="52" width="150" title="The Property Ombudsman (TPO)" alt="The Property Ombudsman (TPO)" /></p>
<p><b><a href="http://www.arla.co.uk/" title="Association of Residential Lettings Agents (ARLA)" target="new" rel="nofollow">Association of Residential Lettings Agents (ARLA)</a></b> &#8211;  this will mean that the staff will be trained to the ARLA codes of practice and one or all the staff will have taken a written exam to qualify to use the ARLA logo. The agent will follow their codes of practise; have Client money protection &#038; Professional indemnity insurance.</p>
<p><img src="http://www.propertyinvestmentproject.co.uk/images/letting-agent-mods/arla.jpg" height="118" width="150" title="Association of Residential Lettings Agents (ARLA)" alt="Association of Residential Lettings Agents (ARLA)" /></p>
<p><b><a href="http://www.nalscheme.co.uk/" title="National Approved Lettings Scheme (NALS)" target="new" rel="nofollow">National Approved Lettings Scheme (NALS)</a></b> &#8211;  a NALS agent will also have to follow strict guidelines, have Client money protection insurance, Professional indemnity insurance and mandatory membership with the Ombudsman for Lettings. NALS is a government approved scheme.</p>
<p><img src="http://www.propertyinvestmentproject.co.uk/images/letting-agent-mods/nals.jpg" height="149" width="150" title="National Approved Lettings Scheme (NALS)" alt="National Approved Lettings Scheme (NALS)" /></p>
<p>If an agent is genuinely a member of one of the three schemes they will be listed on the schemes websites as members. If they are not listed but display the logo as being a member, I would recommend contacting the bodies for clarification.</p>
<h5>Letting agent pricing structure</h5>
<p>This goes without saying, but find out which agents offer the best rates. If your local area is anything like mine, there will be several agents to choose from in a close proximity, making it a very competitive industry.</p>
<p>Don&#8217;t be afraid to haggle. If certain letting agents have lower fees than others, don&#8217;t be afraid to use that as ammunition to get the other agents to lower their fees.</p>
<h5>Renewal Fees</h5>
<p>Many agents charge a <a href="http://www.propertyinvestmentproject.co.uk/blog/avoiding-tenancy-agreement-renewal-fees-with-a-letting-agent/" title="renewal fee">renewal fee</a>, and it&#8217;s often hidden in the small print.</p>
<p>I refuse to use any letting agent that charges a renewal fee because I consider it to be an unethical fee. It goes without saying, I would recommend avoiding any agency that charges a renewal fee.</p>
<h5>Marketing Avenues</h5>
<p>Make sure the letting agent uses the best marketing methods and platforms. I wouldn&#8217;t use a letting agent that didn&#8217;t market properties in at least a few of the following ways:</p>
<ul>
<li>Local newspapers</li>
<li>Rightmove, FindAProperty, and a few other of the key UK property portals</li>
<li>Gumtree</li>
</ul>
<p>They tend to be the most affective ways of reaching out to prospective tenants, consequently making it the quickest and easiest way to find tenants.</p>
<h5>Question their local knowledge</h5>
<p>Make sure the letting agent has local knowledge of the specific area you&#8217;re property is located. During viewings, tenants like to know about the local area, especially out-of-towners, so that extra bit of knowledge maybe key to push through a sale. </p>
<p>One of the main advantages of using an agent is their local knowledge of the market, without it, their role kind of becomes obsolete.</p>
<p>The best way to determine whether an agent has local knowledge is by finding out how many other properties they&#8217;re either currently managing or trying to find tenants for, in your location. Of course, the distance of their offices from your property will also play key, as most landlords generally use their closest agents.</p>
<h5>Agents Working environment</h5>
<p>I would recommend scoping out the working conditions of the office they operate from. If they have piles of paperwork on their desks and an unhealthy stock of half drunk coffee mugs, then it may have some reflection of the type of service you will receive. Unorganised and sloppy.</p>
<h5 class="big">Extra tips</h5>
<ul>
<li><b>Use multiple agents</b>- if you find a few good letting agents you want to use, then simply get both agencies to try and find you tenants. May the best snake-oil agent win. Unlike when selling property, there are no penalties for using multiple agents to find a tenant.</li>
</ul>
<h5 class="big">Any more tips?</h5>
<p>Does anyone have anything to add? Do you have any other tips on how to find the best local letting agent?</p>


<p>Related posts:<ol><div><img src='/images/articleimages/searching.jpg' height='100' width='58' title='Finding Tenants Using A Letting Agent' alt='Finding Tenants Using A Letting Agent' /><span><a href='http://www.propertyinvestmentproject.co.uk/blog/finding-tenants-using-letting-agent/' title='Finding Tenants Using A Letting Agent'>Finding Tenants Using A Letting Agent</a></span></div>
<div><img src='/images/articleimages/agreed.jpg' height='100' width='58' title='Finding Tenants Without A Letting Agent- Mission Accomplished (Part 5)' alt='Finding Tenants Without A Letting Agent- Mission Accomplished (Part 5)' /><span><a href='http://www.propertyinvestmentproject.co.uk/blog/finding-tenants-without-a-letting-agent-mission-accomplished-part-5/' title='Finding Tenants Without A Letting Agent- Mission Accomplished (Part 5)'>Finding Tenants Without A Letting Agent- Mission Accomplished (Part 5)</a></span></div>
<div><img src='/images/articleimages/hunter.jpg' height='100' width='58' title='Finding Tenants Without A Letting Agent- An Update (Part 2)' alt='Finding Tenants Without A Letting Agent- An Update (Part 2)' /><span><a href='http://www.propertyinvestmentproject.co.uk/blog/finding-tenants-without-a-letting-agent-an-update-part-2/' title='Finding Tenants Without A Letting Agent- An Update (Part 2)'>Finding Tenants Without A Letting Agent- An Update (Part 2)</a></span></div>
</ol></p>]]></content:encoded>
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		<title>I&#8217;m Ready To Exchange Contracts</title>
		<link>http://www.propertyinvestmentproject.co.uk/blog/exchanging-contracts/</link>
		<comments>http://www.propertyinvestmentproject.co.uk/blog/exchanging-contracts/#comments</comments>
		<pubDate>Tue, 13 Feb 2007 21:15:24 +0000</pubDate>
		<dc:creator>The Landlord</dc:creator>
				<category><![CDATA[Project 1- Buy Property, Become A Landlord]]></category>

		<guid isPermaLink="false">http://www.propertyinvestmentproject.co.uk/blog/2007/02/13/exchanging-contracts/</guid>
		<description><![CDATA[So, after the whole drama of frightfully watching my Property Chain Break because The Drainage And Water Search Taking Ages to complete, I finally received the news I was waiting [...]]]></description>
			<content:encoded><![CDATA[<p>So, after the whole drama of <a href="http://www.propertyinvestmentproject.co.uk/blog/property-chain-about-to-collapse/">frightfully watching my Property Chain Break</a> because <a href="http://www.propertyinvestmentproject.co.uk/blog/drainage-search/" title="The Drainage And Water Search Taking Ages">The Drainage And Water Search Taking Ages</a> to complete, I finally received the news I was waiting for. </p>
<p>I&#8217;ve been notified by my solicitor that the final drainage search results finally came through after four weeks of arse-scratching and finger sniffing (yes, in that order). It really shouldn&#8217;t have taken that long. Anyways, I&#8217;m not going to continue that rant any further, even though I quite easily could.</p>
<p>For a double helping of good news, it appears that my solicitor has learned a new trick called, &#8220;calling thou client&#8221;- something he has been struggling with since the beginning of time. Check it, he actually CALLED ME this time. Brilliant. I should probably toss him a banana for his advancement.</p>
<p>The vendor&#8217;s solicitor&#8217;s responded to all the queries my solicitor raised, and he was pleased with the responses. All my solicitor needs now is a copy of my <a href="http://www.propertyinvestmentproject.co.uk/blog/landlord-insurance-quotes/" title="landlord building insurance">landlord building insurance</a> schedule and my deposit.</p>
<p>I transferred my deposit, faxed my Building Insurance Schedule over and paid my solicitor fee. So, we exchanged contracts.</p>
<h5>What is &#8220;Exchange of Contracts&#8221;?</h5>
<p>The <strong>exchange of contracts</strong> is the all important moment when the transfer of title/ownership happens.</p>
<p>This is the stage where the buyer and seller sign final copies of the contract and send them to each other. Once contracts are exchanged, the agreement to sell and buy is legally binding and usually neither party can pull out without paying compensation. Buyers will usually pay the seller a deposit (usually 10 per cent of the purchase price of the property) at the exchange of contracts stage. So if you have ANY doubts at all, the best time to pull out is before the exchange of contracts.</p>


<p>Related posts:<ol><div><img src='/images/articleimages/painting.jpg' height='100' width='58' title='Lowering Rent In Exchange For Tenant&#8217;s Decorating' alt='Lowering Rent In Exchange For Tenant&#8217;s Decorating' /><span><a href='http://www.propertyinvestmentproject.co.uk/blog/lowering-rent-in-exchange-for-tenants-decorating/' title='Lowering Rent In Exchange For Tenant&#8217;s Decorating'>Lowering Rent In Exchange For Tenant&#8217;s Decorating</a></span></div>
<div><img src='/images/articleimages/default.jpg' height='100' width='58' title='steps' alt='steps' /><span><a href='http://www.propertyinvestmentproject.co.uk/blog/steps-to-buying-a-home/' title='Steps To Buying A Property'>Steps To Buying A Property</a></span></div>
<div><img src='/images/articleimages/default.jpg' height='100' width='58' title='drains' alt='drains' /><span><a href='http://www.propertyinvestmentproject.co.uk/blog/drainage-search/' title='The Drainage And Water Search Is Taking Ages'>The Drainage And Water Search Is Taking Ages</a></span></div>
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		<title>Property Chain Is About To Break</title>
		<link>http://www.propertyinvestmentproject.co.uk/blog/property-chain-about-to-collapse/</link>
		<comments>http://www.propertyinvestmentproject.co.uk/blog/property-chain-about-to-collapse/#comments</comments>
		<pubDate>Tue, 06 Feb 2007 17:11:29 +0000</pubDate>
		<dc:creator>The Landlord</dc:creator>
				<category><![CDATA[Project 1- Buy Property, Become A Landlord]]></category>

		<guid isPermaLink="false">http://www.propertyinvestmentproject.co.uk/blog/2007/02/06/property-chain-about-to-collapse/</guid>
		<description><![CDATA[As I&#8217;m slowly progressing through my first ever property purchase, I&#8217;m starting to understand why moving home is ranked highly as one of the most stressful moments in someone&#8217;s life. [...]]]></description>
			<content:encoded><![CDATA[<p><img src="http://www.propertyinvestmentproject.co.uk/images/breaking-chain.jpg" height="146" width="650" title="Breaking Chain" alt="Breaking Chain" class="border" /><br />
As I&#8217;m slowly progressing through my first ever property purchase, I&#8217;m starting to understand why moving home is ranked highly as one of the most stressful moments in someone&#8217;s life. I say &#8220;starting to understand&#8221; because I&#8217;m at the bottom of the chain as a first-time buyer looking to become a landlord, so i&#8217;m not even feeling the complete wrath of the property chain, yet I&#8217;m still feeling a squeeze. I dread to think how it feels to be caught in the middle. </p>
<p>Failing to move home because one buyer in a property chain drops out seems like a painful and expensive experience. I&#8217;m sure one day I&#8217;ll be there, and i&#8217;m sure when I am, I&#8217;ll be a very miserable and unpleasant soul to be around.</p>
<p>While I can appreciate i&#8217;m fortunate to be at the bottom, the situation doesn&#8217;t change, I&#8217;m still anxious and slightly unnerved by the delays I&#8217;m currently experiencing.</p>
<p>I&#8217;m going to be completely blunt here, because I have nothing to lose. I blame the delay on my <a href="http://www.propertyinvestmentproject.co.uk/blog/conveyance-solicitor/" title="Conveyance Solicitors"> Conveyance Solicitors</a>, Joslin Rhodes. I can put my hand on my heart and say they are truly a royal bucket of shit. I can&#8217;t believe those so-called parasites are lawyers.</p>
<p>Joslin Rhodes are taking so damn long to process just about everything, consequently the vendors are threatening to pull the plug on the deal. I can&#8217;t say I don&#8217;t blame them. The vendors are in a chain and their vendors are threatening to pull the plug because they&#8217;re also tired of waiting around, consequently the whole chain could hopelessly collapse.</p>
<h5>Why the delays are occurring&#8230;</h5>
<p>I&#8217;m not sure what the hell is going on at Joslin Rhodes, but I seem to be getting fobbed off. There&#8217;s a delay somewhere from my end, but no one is able to tell me anything. As I explained a few days ago, my solicitors are struggling to get the <a href="http://www.propertyinvestmentproject.co.uk/blog/drainage-search/" title="Drainage And Water Report">Drainage And Water Report</a>- which is what I suspect is causing the problem. In theory, it should be such a simple process.</p>
<p>Everyone else is ready to exchange contracts. My vendor is ready, their vendor is ready. In the mean time, my vendor&#8217;s Estate Agent is calling me every day, asking me what the delay is. Even he can&#8217;t get through to Joslin Rhodes, and he&#8217;s been trying just as much as I have been.</p>
<p><strong>Here&#8217;s a list of reasons why Joslin Rhodes is testing my patience:</strong></p>
<ul>
<li>As already mentioned, no one is communicating with me. No one is trying to contact me, and no one is returning my calls. I have wasted a lot of time waiting around for promised phone calls It&#8217;s beyond irritating.</li>
<li>Every time I call, I can&#8217;t get further than the receptionist, and she&#8217;s always happy to regurgitate the same old tired excuses to why I can&#8217;t speak to my solicitor.</li>
<li>Seeing as I can&#8217;t get through to my solicitor, I&#8217;m continually asking the receptionist why there is a distinct delay from my end. Her response is always the same, &#8220;We&#8217;re not to blame for the delay, we rely on external organisations to get us the relevant information we need in order for us to progress&#8221; For the record, I don&#8217;t blame her, she&#8217;s probably just doing her mundane job. She&#8217;s probably as bored of this as I am. Regardless, while the source of delays may legitimately root from third party associates, it still doesn&#8217;t excuse their complete lack of customer care. At least tell me WHEN, WHERE, and WHY the delay is, so I have something to report back. Moreover, I&#8217;m paying Joslin Rhodes, so any delays from third party associates they deal will is no concern of mine.</li>
<li>When I eventually got through to my solicitor, I made it clear how the delay could potentially jeopardise the the entire chain. It was obvious I was concerned. His response was a messy collaboration of useless excuses which ultimately directed blame onto the 3rd party organisations involved. To top it off, he was extremely rude. There was no sign of compassion, customer care or concern. He was clearly still getting paid.</li>
</ul>
<p>Basically, it&#8217;s a waiting game for me; a lot more arse-scratching and thumb twiddling. Maybe I&#8217;ll twiddle my thumbs up my arse, just to mix it up a bit.</p>
<h5 class="big">Property Chain Tips</h5>
<h5>I&#8217;m caught in a property chain, what do I do?</h5>
<ul>
<li>If you have exchanged contracts but your buyer is delaying or dithering, you can serve a &#8220;notice to complete&#8221; This sets a deadline for the other side to complete within ten days or face the loss of their deposit.</li>
<li>If you&#8217;re in the middle of a chain, depending on your circumstances, consider breaking the chain by moving into temporary or rental accommodation. The fewer parties there are in a chain, the less likely it is that things will go wrong.</li>
<li>Some companies specialise in repairing broken property chains by co-ordinating reductions in price. However, for various reasons, this can prove an even more expensive way of keeping a chain moving.</li>
</ul>
<h5>How to avoid getting caught in a property chain</h5>
<ul>
<li>Try to keep the time between exchange and completion at 2 weeks, maximum. The longer the process takes, the more likely it is that someone in the chain will pull out.</li>
<li>Before making any offers on a property, start by finding out the status of the people you are dealing with Remember, the longer and more complicated the chain, the greater the chance for disaster.</li>
<li>Be prepared from the start. Make sure all your finances, insurance policies and legal team are in place.</li>
</ul>


<p>Related posts:<ol><div><img src='/images/articleimages/propertychain.jpg' height='100' width='58' title='Renting To Avoid A Property Chain Disaster' alt='Renting To Avoid A Property Chain Disaster' /><span><a href='http://www.propertyinvestmentproject.co.uk/blog/renting-to-avoid-a-property-chain-disaster/' title='Renting To Avoid A Property Chain Disaster'>Renting To Avoid A Property Chain Disaster</a></span></div>
<div><img src='/images/articleimages/break.jpg' height='100' width='58' title='Tenancy Agreement Break Clauses' alt='Tenancy Agreement Break Clauses' /><span><a href='http://www.propertyinvestmentproject.co.uk/blog/tenancy-agreement-break-clauses/' title='Tenancy Agreement Break Clauses'>Tenancy Agreement Break Clauses</a></span></div>
<div><img src='/images/articleimages/default.jpg' height='100' width='58' title='drains' alt='drains' /><span><a href='http://www.propertyinvestmentproject.co.uk/blog/drainage-search/' title='The Drainage And Water Search Is Taking Ages'>The Drainage And Water Search Is Taking Ages</a></span></div>
</ol></p>]]></content:encoded>
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		<title>The Drainage And Water Search Is Taking Ages</title>
		<link>http://www.propertyinvestmentproject.co.uk/blog/drainage-search/</link>
		<comments>http://www.propertyinvestmentproject.co.uk/blog/drainage-search/#comments</comments>
		<pubDate>Sat, 03 Feb 2007 14:34:07 +0000</pubDate>
		<dc:creator>The Landlord</dc:creator>
				<category><![CDATA[Project 1- Buy Property, Become A Landlord]]></category>

		<guid isPermaLink="false">http://www.propertyinvestmentproject.co.uk/blog/2007/02/03/drainage-search/</guid>
		<description><![CDATA[Oh, dear Lord, more drama! Just when you put one fire out, another chump sparks up a ciggy in a no-naked flame zone. I&#8217;ve officially been waiting three weeks for [...]]]></description>
			<content:encoded><![CDATA[<p><img src="http://www.propertyinvestmentproject.co.uk/images/drainage.jpg" height="182" width="650" title="Drainage And Water Search" alt="Drainage And Water Search" class="border" /></p>
<p>Oh, dear Lord, more drama! Just when you put one fire out, another chump sparks up a ciggy in a no-naked flame zone.</p>
<p>I&#8217;ve officially been waiting three weeks for a simple drainage search to be completed. This simple search is holding up the completion of the purchase, and i&#8217;m worried the delay will cause the seller to pull the plug on the deal. The seller&#8217;s Estate Agent keeps calling me every day, asking me to find out when I&#8217;ll be ready for completion. Apparently the seller is getting anxious, and has been ready to exchange for over a month. </p>
<p>The agent also informed me that he had been trying to contact Joslin Rhodes (my <a href="http://www.propertyinvestmentproject.co.uk/blog/conveyance-solicitor/" title="Conveyance Solicitor">Conveyance Solicitor</a>) consistently on a regular basis, but to no avail. He&#8217;s either greeted by an annoying answer machine, or no one of authority returns his calls when a message is left with the receptionist. Welcome to my world, Mr Estate Agent! I&#8217;m paying Joslin Rhodes, and i&#8217;m getting the same results.</p>
<p>I&#8217;ve been <i>trying</i> to harass my Solicitor every day. &#8220;Trying&#8221; being the operative word. How am I meant to harass them properly if they can&#8217;t be contacted? It amazes that companies can operate like that, shrugging off their clients. They&#8217;re solicitors as well; f&#8217;ing solicitors. You&#8217;d expect some form of professionalism. Brilliant.</p>
<p>Waiting 3 weeks for a drainage search is excessive. I understand that the company that deals with the searches are subcontracted by Joslin Rhodes, so it&#8217;s not entirely their fault (so they could argue). However, I&#8217;m paying Joslin Rhodes for a quality service, i&#8217;m not paying the subcontractors. So ultimately, as far as i&#8217;m concerned, it is Joslin Rhodes fault. Maybe they should get more subcontractors, or better ones.</p>
<h5 class="big">Details on Drainage And Water Searches</h5>
<p>Since I&#8217;ve got nothing better to do, I decided to find out more details about drainage searches. God, I really must be bored. Or perhaps I just want to know why a process that usually takes a few days (so I&#8217;m told) is taking so long. Maybe if I understand the process of a drainage search a little better I&#8217;ll be able to appreciate why, where and how the delays could be occurring. </p>
<h5>What is a Drainage And Water search?</h5>
<p>This is a search of the water authority&#8217;s records to check details of water and sewerage assets under and around the property. The information is provided by the various local water companies in England and Wales</p>
<p>The documented report is called is known as CON29DW. The report is designed to help protect consumers by providing vital information during the early stages of purchasing a house. It has been a trusted part of the conveyancing process for many years and legal professionals have come to rely on it as part of their due diligence.</p>
<p><strong>The search search contain the following information:</strong></p>
<ul>
<li>Public sewer maps</li>
<li>Foul drainage and surface water</li>
<li>Public adoption of sewers and lateral drains</li>
<li>Public sewers within the boundary of the property</li>
<li>Public sewers near to the property</li>
<li>Building over a public sewer, disposal main or drain</li>
<li>Map of the waterworks i.e. water pipes, waste pipes and drains</li>
<li>Adoption of water mains and service pipes</li>
<li>Sewerage and water undertakers</li>
<li>Connection to mains water supply i.e. public or private</li>
<li>Confirmation of how the property is billed for water and wastewater charges</li>
</ul>
<h5>Do I need a Drainage And Water search when buying a property?</h5>
<p>The drainage and water is NOT a legal requirement. However, the search is pretty mandatory, and should always be undertaken in every conveyancing transaction when buying/selling a property, because it can reveal potential problems.</p>
<p>It&#8217;s important to make sure your solicitor or conveyancer obtains one to avoid nasty sewer or water shocks in your new home.</p>
<h5>How long does a Drainage And Water search typically take?</h5>
<p>The report is obtained from the local water companies. It simply is a case either filling in an online form, or requesting it via postal methods. It really shouldn&#8217;t take long at all, which leaves to wonder why there is actually a delay.</p>


<p>Related posts:<ol><div><img src='/images/articleimages/friends.jpg' height='100' width='58' title='Taking In Lodgers- &#8216;Rent-A-Room&#8217; Scheme' alt='Taking In Lodgers- &#8216;Rent-A-Room&#8217; Scheme' /><span><a href='http://www.propertyinvestmentproject.co.uk/blog/taking-in-lodgers-rent-a-room-scheme/' title='Taking In Lodgers- &#8216;Rent-A-Room&#8217; Scheme'>Taking In Lodgers- &#8216;Rent-A-Room&#8217; Scheme</a></span></div>
<div><img src='/images/articleimages/checklist.jpg' height='100' width='58' title='Tips For Taking On DSS Tenants' alt='Tips For Taking On DSS Tenants' /><span><a href='http://www.propertyinvestmentproject.co.uk/blog/tips-for-taking-on-dss-tenants/' title='Tips For Taking On DSS Tenants'>Tips For Taking On DSS Tenants</a></span></div>
<div><img src='/images/articleimages/doodle.jpg' height='100' width='58' title='The Greedy Landlord And The Piss-Taking Tenant' alt='The Greedy Landlord And The Piss-Taking Tenant' /><span><a href='http://www.propertyinvestmentproject.co.uk/blog/the-greedy-landlord-and-the-piss-taking-tenant/' title='The Greedy Landlord And The Piss-Taking Tenant'>The Greedy Landlord And The Piss-Taking Tenant</a></span></div>
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