Mortgage Free - so good they'll do it twice! Wynnvegas aiming for the big house

wynnvegas

Hiya Gally,

I like your non-rapey pacmen. It's like a bunch of British holidaymakers trying their collective hand at riverdance after a week of sun-worship! I hire my Colin out on occasion but I've got him pretty busy for the coming few months! Everyone should have one!

Cheers,

Billy

abouttimetoo

gallygirl wrote: »

I want a Colin

...... goes off in a huff .......

Can I borrow him for a little while Billy please

Gally, when Billy finishes your wing in the big house I would be writing an 'access to Colin' clause into your T&Cs

wynnvegas

Morning All,

A brief update on the various bits and pieces - everything is getting increasingly confused!

Work is going fine. Got a couple of projects I want to push through this year and these should tie quite nicely into business #3.

BTL piece is cracking on at a great pace. We should, all things being equal (which it turns out isn't as often the case as I had thought), start taking posession of the properties in question by the end of next week. We've been getting valuations that are, on average, £9,000 under the home reports which I'm told is a fudge as it is necessary to keep the mortgage lenders happy. I'm assured by the financial advisor that we'll be able to get valuations at or above the actual market value as and when it suits our purpose to do so. As such, the £300 per valuation is a complete nonsense as you can apparently tell the valuer exactly what you want him to come up with. My ever sceptical and paranoid mind is away to the races and I'm back to trusting no-one! Job for this week is to confirm likely rental income, repair schedules and entry dates for all five properties.

Business #2 should be well on the way to being formalised tomorrow. My Colin and I are at the lawyers to see what needs doing to tie everything up legally for the equity split. We're going with the notional figures of 60/40 (Colin/Me) on his business and 45/45/10 (Moyra/Me/Colin) on the BTL piece. I've literally no experience in this area so it will be an interesting session.

Secret project is up for discussion on Thursday night. The more it is whispered about, the more it looks like this could be a proper money spinner!! Won't be in a position to discuss it properly for a couple of months at least so this is the last I will mention of it.

Cheers,

Billy

katsu

wynnvegas wrote: »

Morning Katsu,

It's very much a fleeting desire - normally cured by a visit to any of my family who tend to see it as their duty to produce offspring as quickly as they can possibly manage.

Sounds like we are quite similar. The occasional urge is well cured with the presence of children:D Perhaps instead of contraceptives, enforced babysitting shifts should be prescribed?

Mind you, saying that, I was a lot keener to have children when I was around them all the time, before I got into a child free adult environment

gallygirl

wynnvegas wrote: »

Secret project is up for discussion on Thursday night. The more it is whispered about, the more it looks like this could be a proper money spinner!! Won't be in a position to discuss it properly for a couple of months at least so this is the last I will mention of it.

Cheers,

Billy

Hmmm, isn't there a decision due on Rangers tonight? So, the takeover's still on then

wynnvegas

Hi Gally,

That's the case finished. If we're all to believe the venerable Rangerstaxcase blogger, legend that he is, they'll be gubbed before long. I honestly think them going bust would beat becoming mortgage free!!

So, as they say, we welcome the case...

Cheers,

Billy

wynnvegas

Morning All,

We may have hit a fairly major snag in our gran BTL plan. For some unknown reason, the first two valuations have come back dramatically lower than the home reports. Property 1 was £95k at home report (6 months ago) and was valued on Monday at £88,000. Property 2 was, 3 monthds ago, £95,000 and the refreshed home report has come back now at £85,000. Something is very amiss as house prices in the last few months have, if anything, edged up by a fraction and there is nothing in either of the reports to show any problems with the properties.

The IFA is really concerning me as he is saying that this is all fine and purposeful as it's what the banks want but that we can get a revaluation at or above the "real" price in six months time when we enter back into the mortgages.

I'm significantly unconvinced...

Cheers,

Billy

abouttimetoo

wynnvegas wrote: »

Secret project is up for discussion on Thursday night. The more it is whispered about, the more it looks like this could be a proper money spinner!! Won't be in a position to discuss it properly for a couple of months at least so this is the last I will mention of it. Cheers, Billy

This bodes well for your book Billy, you certainly know how to leave your audience wanting more

wynnvegas wrote: »

Morning All,

We may have hit a fairly major snag in our gran BTL plan. For some unknown reason, the first two valuations have come back dramatically lower than the home reports. Property 1 was £95k at home report (6 months ago) and was valued on Monday at £88,000. Property 2 was, 3 monthds ago, £95,000 and the refreshed home report has come back now at £85,000. Something is very amiss as house prices in the last few months have, if anything, edged up by a fraction and there is nothing in either of the reports to show any problems with the properties.

The IFA is really concerning me as he is saying that this is all fine and purposeful as it's what the banks want but that we can get a revaluation at or above the "real" price in six months time when we enter back into the mortgages.

I'm significantly unconvinced...

Cheers,

Billy

Billy I don't know the answers here I'm afraid but what I would say is that you've mentioned this IFA a few times and on a few occassions his advice/comments has left me a little 'unsettled'. I know you may not be averse to telling Sky a couple of whoppers but you strike me as a man that likes to be above board and also needs this to be squeaky clean as a lot of money is involved as well as other parties such as the people you are buying from.

What does he mean by 'purposeful'? What you and the banks 'want' is for the numbers to be accurate. I'm very uncomfortable about him saying you can get another evaluation at or above the real price in a few months time and it's not the first time he has told you he can more or less get any valuation you want/need whenever you need it.

In my mind this raises questions of his professionalism, integrity and reliability. Is he suggesting he has a valuer in his pocket, does he think this is different to oft mentioned 'liar loans' that has blown up in many people's faces with their mortgage repayments etc. If he can get the valuation he thinks you want why can't he do it now????????? (not that I approve )

Regards
ATT

wynnvegas

Hi ATT,

The whole snag looks like it's being ironed out. I understand what the IFA was trying to say now but I'm far from convinced about him and his professionalism, integrity and general way of working. It's all a bit slapdash and his view on "an extensive conversation" couldn't differ more from my own.

You're perfectly right. I'm a proper ethical soul (despite my occasional dealings with corrupt multinational behemoths). On the first re-offer we've submitted, it has been accepted so we're getting our 20% discount on the reduced price and I'm getting closer to agreeing that the surveyors are being ultra pessimistic and pricing in significant price decreases over the coming 18 months to cover themselves in the event of a proper crash. We're probably somewhere in the middle and that doesn't worry me at all - we're just back in the game of buying the right properties at the right prices - just with the extra £150 per property revaluation before the offer stage inserted into the process flow.

My main worry through a lot of this is how we're being perceived by the sellers. We have effectively gone in with an offer well below market value, agreed a deal (subject to valuation) and then gone back when the valuations show a massive drop (yesterday's beauty was £80,000 to £65,000 in 7 months) to submit an offer at 80% of the current valuation. If I was the seller, I'd be priming my gun at this point!!

This period will be a massive chapter in the book - I'm pretty sure I spotted a grey hair today!!

Cheers,

Billy

lulabelle1

Just one grey hair? All things considering, that is an amazing achievement!