Plan B - Next project - BTL and?

[minsky1]

Sounds like you've done the homework.

You will probably get a good discount on the asking price once you sound serious and start making the right noises anyway.

Get the wife to manage the tenants where possible, and have a chat with e3 ASAP. The more time he has to work with the better.

Are they selling with the tenancy still in force? Usually vacant possession is the norm unless its a distressed sale. Best to check that out, also make sure the plot is viable to build on also. Planning perm is just that, permission. I've seen a few situations where ground conditions are not suitable for standard construction, so the build cost can turn very nasty. Once the vendor knows they are on a hiding to nothing they put it up for sale.

If it all checks out, then dive in. You wont regret it.

[MarillionFan]

Sounds like you've done the homework.

You will probably get a good discount on the asking price once you sound serious and start making the right noises anyway.

Get the wife to manage the tenants where possible, and have a chat with e3 ASAP. The more time he has to work with the better.

Are they selling with the tenancy still in force? Usually vacant possession is the norm unless its a distressed sale. Best to check that out, also make sure the plot is viable to build on also. Planning perm is just that, permission. I've seen a few situations where ground conditions are not suitable for standard construction, so the build cost can turn very nasty. Once the vendor knows they are on a hiding to nothing they put it up for sale.

If it all checks out, then dive in. You wont regret it.

Numbers crunched. Will have a cash flow issue on the build in June 2012, so BTL mortgage company spoken to. They won't lend if I buy outright for 12 months, so will borrow up front and pay the fees or use combination of LTD director loan<5000 0%, loan>5000 (4% I believe for short-term), credit card(2.8-3.0% balance transfer), 2010/2011 divvy, 2011/2012 divvies and personal loans(6-6.9%).

Best BTL deal so far, 2.89%+base + Fee £1999, may be able to negotiate down to £499. The numbers actually say, to take the BTL deal!!!

Tenancy has just ended, hence the sale. Messy divorce and not 100% sure, but looks like the vendor may have been made bankrupt according to a Google search. Location is well known to me. It's two hours away, but it's where the in-laws live, so down there a lot. Bezzy mate from school is a civil engineer, now Director in a major construction firm (he's sent his guys to kit out all of my shops in the past) and will deal with negotiations with a local building firm and check their work, he'll also do the survey and I've asked him to check out ground conditions(Good call. Thx)

Fingers crossed.

[scooterscot]

My 1-bed in Glasgae rents for more / cost less to purchase, although that was 2003.

1st rule of BTL, never buy in the country.

[scooterscot]

Best BTL deal so far, 2.89%+base + Fee £1999, may be able to negotiate down to £499. The numbers actually say, to take the BTL deal!!!

Just our of curiosity which mortgage company is this?

[MarillionFan]

My 1-bed in Glasgae rents for more / cost less to purchase, although that was 2003.

1st rule of BTL, never buy in the country.

I used to be able to get pissed on three pints for a fiver and get rice and curry sauce & change from a fiver on the way home. It ain't 2003 now fella.

[DimPrawn]

You know there is no recession/depression/doom when people are jumping on the BTL wagon again.

Bricks 'n' Mortar! You can't beat it!!!

[MarillionFan]

Just our of curiosity which mortgage company is this?

Buy to Let Rate Mortgages | Barclays Best Buy to Let Mortgage Rates - Barclays

Sorry 2.98%

[scooterscot]

I used to be able to get pissed on three pints for a fiver and get rice and curry sauce & change from a fiver on the way home. It ain't 2003 now fella.

Of course your correct.

I remember the day a fish supper was £2.50 and the fish was wrapped separately.

[MarillionFan]

You know there is no recession/depression/doom when people are jumping on the BTL wagon again.

Bricks 'n' Mortar! You can't beat it!!!

Stick to Gold Dim. You know it makes sense.

[MarillionFan]

Of course your correct.

I remember the day a fish supper was £2.50 and the fish was wrapped separately.

And it was wrapped in old newspaper. Oh the smell was divine.