Hi team,
Does anyone have info on buying IP’s or places of residence in Engalnd, preferably the London / SE region?
How easy/hard was it to purchase being a foreigner?.[evo]
not personally no, but my brother and sister in law live in London and live and buy properties in Peckham at the moment. a lot of new developments are being built and a public tram system will be put in for city commuters once all of the community housing (I call them slums) have been ripped down in the next 5 years. they have experienced good capital growth already in this area and have no problems getting good tenants. The area was hit badly in WW2 and the strip that was bombed the worst used to have a canal running thru it has been drained has now been converted into a beautiful park with nice lakes etc. Its quite nice really.
Hi loan
I was born and bred in Bournemouth and still have a house over there. SE England prices are as high if not higher than London itself.
You can’t go far wrong in the right area in the SE although obtaining finance as a FN is just as hard as it is over here.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
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Hi Loan wolf a guy I know in the UK has just started this service.
I’ll be sourcing properties in London, mainly around the Olympic area:
E2, E3, E14, E15, E10 and E11 or alternatively Bow, Bethnal Green, Stratford, Docklands, Leyton and Leytonstone. Deals go very quick in this area, sometimes in a matter of hours.We’ll be finding 3-4 Bedroom mainly Ex-Council properties, generating 8% Yield or more. No more than 10-15 Minutes from local transports (Tube, DLR, Train, Bus).
The majority of the properties will require some refurbishment and updating.
Property prices varies between £165,000 and £225,000 for a 3 bed; and £190,000 and £250,000 for a 4 bed. The majority of the properties will require some refurbishment and updating.
A 3-bed property will rent between £260.00 and £385.00 a week. A 4 bed will rent between £300 and £440.00 a week. These rents are achieved by renting the rooms individually. A double room will rent between £90.00 and £120.00 per week. A small room will rent between £65.00 and £85.00 per week.
PM me if you want any more details
If anyone is thinking about renting out by the rooms in England and Wales then please note that there are new HMO (Houses of Multiple Occupation) rules being introduced in April 2006. These rules are being backed with a fine up to £20,000 if not complied with and the tenants can claim back 12 months rent from you as well. Although there are general guidelines every local council is interpreting them differently and so local councils need to be contacted. Some estimates place the changes at about £5,000 per property (obviously depending on the age, facilities in the property and the council concerned).
This doesn’t mean that letting by the room is a bad idea but that you make not get the cashflow that you thought you would.
I know of some landlords around Peterborough who got caught out since the council actually has the manpower to call the ads that are placed in papers, and that is how they got caught. They are now applying to become HMO registered.
Karen
Counting down the days until we leave the UK for Oz – June 2007!
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