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  • Property-a-holics

    Calling on the wisdom of Jonathan Clarke!

    So you're buying at £325K with a 25% deposit = £81K deposit and a £234K mortgage in your own name and around £16K stamp duty and you're spending £20K on a refurb so you're putting in around £117K.

    And you are investing in your own name with a rental income of £16K.

    if you do this and hold what you have you must be close to S24 issues ...

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.


    > buy a flat within moments for the City for £325k, needs £20k refurb and will let for £1600

    I'm intrigued. What part of London can you buy for £325k and let for £1600pcm?

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     I’ll share it with you once I bought it :-))))

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    That would have been exactly my answer as well ;->

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    I appreciate you don't want to say too much, but can you tell me...

    - 1 or 2 bed

    - purpose built or ex-local

    - how long left on lease

    - cost of service charge and ground rents

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    It is a large 1 bed that I’m turning into a 2 bedder, service charge £110pcm, ground rent £10/y, 100years left of the lease. It’s in a 90 year old ex-local authority building

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    Thanks for sharing. Makes perfect sense now. Relatively low service charge for a '2' bed will help with cashflow.

    I recently bought a 2 bed flat in East London for £325k. Spent £5k on decorating, flooring and furniture and now rents at £1550

    I hope you are as successful with your purchase!

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    Thank you. It is not really the ideal rental. I plan to refurbish it to a very high standard and sell straight on.

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