First time buying for letting purposes

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  • First time buying for letting purposes

    hello
    looking for some advice here .As i recently inherited one small cottage i am hoping to let , i am now looking to make a further purchase but am uncertain about a number of points ie who to let through type of property etc/Basically i can afford to pay cash for a small two bedroomed house ,in a less salubrious location, or a two bedroomed flat in a better one.I do have a small house in mind which is fine but for the fact its situated in an estate which has a bit of a poor reputation, not council but near one.It would probably be let-able through the council ok, but its the re-salability which could prove a stumbling block .
    The next option - a flat is a bit more complex. So far I have been advised to avoid large complexes because of exorbitant maintenance costs, and freehold converted house flats because of potential difficulties in maintenance and resale( apparently lenders are very reluctant to give mortgages for such properties).The only realistic option would appear to be a converted leasehold house flat.Most such properties round here incur maintenance costs in the region 1000 + pa which would be quite a dent in my takings.One option i came across was an arrangement whereby the freeholder who lives in the downstairs section,would come to an agreement with the leaseholder upstairs whenever any maintenance works have to carried out to the property.I am not at all sure about this, whether is satisfactory or not and was hoping for some advice on it.Seems to me there should be some kind of legal agreement over it to prevent abuse.
    my third option would be to wait to see if the market drops further and ain for a terraced house in a more favoured location.
    thanks

  • #2
    There are thousands of threads on this part of LZ. Most deal with problems caused:
    a. by bad L for good T; or
    b. by bad T for good L.

    Unless you read at least some of them, to gain a flavour of the pitfalls, you'll lose out.

    You can minimise at least some risks- by buying/letting a whole (undivided) freehold house [not a flat] and ensuring that it's not an HMO.
    JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
    1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
    2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
    3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
    4. *- Contact info: click on my name (blue-highlight link).

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    • #3
      Originally posted by jeffrey View Post
      There are thousands of threads on this part of LZ. Most deal with problems caused:
      a. by bad L for good T; or
      b. by bad T for good L.

      Unless you read at least some of them, to gain a flavour of the pitfalls, you'll lose out.

      You can minimise at least some risks- by buying/letting a whole (undivided) freehold house [not a flat] and ensuring that it's not an HMO.
      Pardon me but what is an HMO?

      Comment


      • #4
        Originally posted by donmaico View Post
        Pardon me but what is an HMO?
        Houses in Multiple Occupation

        Comment


        • #5
          Originally posted by SALL View Post
          Houses in Multiple Occupation
          thank you

          Comment


          • #6
            I'm afraid your last post indicates the lack of necessary knowledge which Jeffrey is warning you about. Please take his advice and read many of the threads on here to give you some more insight into the problems involved.

            Look at the ones for Letting Agents, Finance etc. too.

            Good luck
            Mrs Jones
            I am not an expert - my posts are my opinion and should not be taken as fact!!

            Comment

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