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  • FIRST POST
    • TallGirl
    • By TallGirl 16th Sep 16, 2:46 PM
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    TallGirl
    The trials & tribulations of a 1st time landlord & investor
    • #1
    • 16th Sep 16, 2:46 PM
    The trials & tribulations of a 1st time landlord & investor 16th Sep 16 at 2:46 PM
    Dear all
    I've been around a long time on this MFW for a long time and I love it. Keeps me on track and helped me pay off my mortgage 9 years early. I'm on the verge on starting something new so I thought I would start a new diary and focus it more on money saving and less on personal stuff. My life was quite steady and stable until April 2015 when I left my husband and took a one year job in London all made easier and more ore possible because I was mortgage free.

    My job ended in July 2016 and I had hoped to stay within the organisation in a new job but I didn't get it and they didn't recruit anyone else. I am a great believer in that things will happen for the right reason and good things come to good people. Whilst on holiday and on my birthday I was told my ex had died and as we were still married I now owned the whole house plus his pensions and share in the small family business.

    I applied for a new job whilst on holiday and I start that Monday its 28 hours a week with Friday's off and it's obviously on less month than my previous full time one.

    I have been busy in the last two months sorting the house out so I can rent I out from October which will give me an income as well.

    I have been trying to get his affairs in order so I can apply for probate and I'm getting there. So good folks if you want to read about the following kinds of topics then please feel free to read and or comment:
    • How to be an accidental landlord
    • How to go about getting probate and IHT sorted
    • How to invest an inheritance
    • How to keep accounts as a landlord
    • How to save money on everyday things whilst living in London

    There will be more and I often stray into personal totally unrelated money stuff so just gloss over that if you find it boring.

    So here we are start of something new so a quick update on where we are with the above topics.

    1. Property should be ready after 27/9 as carpets going down then. Estate agent doesn't want to market it before it's completely ready. Once painter is done need to arrange final clean and my old cleaner to hang curtains.

    2. My accountant friend has suggested the valuation of the family business is ok to use and my new IFA confirmed the two pensions are outside inheritance tax so I should be able to more forward on this very soon.

    3. Meeting the IFA 30/9 potential inheritance will be around £190k will need to pay funeral expenses but want to invest most of it.

    4. I need to read up on how to keep accounts as a landlord not sure I need an accountant but as I'm now a part business owner I might have too. Will definitely register with Inland Revenue but as house isn't rent out yet nothing has changed.

    5. Finally I love saving money from getting the best deal to using coupons and tokens. I'm very good but can also be very bad. It's expensive to live in London but I'm a property guardian so my rent is so so cheap so I should really save lots of money. I promise I'll do a budget once I get my new wages, I would rather live on this than have to use my income from my property but might be difficult .

    Ok I will end there and try and keep on the straight and narrow in terms of sticking with money saving stuff.
    Last edited by TallGirl; 17-06-2017 at 9:25 AM.
Page 29
    • TallGirl
    • By TallGirl 16th Apr 19, 12:45 PM
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    TallGirl
    Thanks really appreciate that perspective that is spot on if the contract wasn’t just final extension and that’s it but never mind I need to focus on what I need going forward. Thanks for letting me moan.

    Dg has left bootcamp her knee gave out and her close friend tried to kill her self it got too much really. I’m sad but she’s done well staying that long. Not spoken to her yet.

    No news about house so hopefully particulars being prepared pretty much everything I’ve earmarked on Rightmove has gone within 6 weeks so shows it’s moving.

    Tired and fed up but best get back to work taking 10 min out right now much needed.
    • TallGirl
    • By TallGirl 17th Apr 19, 6:06 AM
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    TallGirl
    Oh dear this is turning into a moan diary instead sorry about that. Dg is ok she's staying in a Travellodge for a couple of nights getting her head around things. We are fine it just got too much everything and camp was too soon. Also sounds like camps was much tougher than last time we did it so we have agreed we will do it together next time and finish it but becfit before we go. Possibly October and maybe only 5 days. I'm sad she didn't finish it but she's taken a lot away with her I can hear that.

    To make matters worse yesterday the council where my house is called me as I registered for council tax on empty house, surprise they have just scrapped that rule so they now only give 1 month free. So delightful and no single persons discount. I might register myself down there I think it's outrageous you have to pay full when the discount is because you use less services as 1 person so when it's empty you obviously use none.

    Better get it sold very quickly agent is working on things he emailed yesterday. Need to be at work for 9.30 so need to eat my breakfast and get on with things. Onwards and upwards as they say.
    • Moneyfordreams
    • By Moneyfordreams 18th Apr 19, 1:10 PM
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    Moneyfordreams
    grief is awful... time does usually make things less raw, and your memories comforting. Your GF has only had a short time without her mum hasn't she? I hope she feels better soon.

    Good luck with the house stuff...
    Mortgage restart June 2018 £119950
    May 19 mortgage £111600, £4700cc, £6000, £1400, car £6550.
    • Tahlullah
    • By Tahlullah 18th Apr 19, 6:55 PM
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    Tahlullah
    I don't see you as moaning, just offloading, as it looks like you can't share your problems with DG at the moment as she already has so much on her plate.

    Fingers crossed everything starts to go your way soon.

    Tx
    Still striving to be mortgage free before I get to a point I can't enjoy it.

    15 February 2019 - Mortgage debt - £78,400
    23 April 2019 - Mortgage debt - £85,000
    28 May 2019 - Mortgage debt - £83,300
    • TallGirl
    • By TallGirl 22nd Apr 19, 7:49 PM
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    TallGirl
    Thanks Tahlullah yes you are right dg isn't able to take on my issues but I've made a decision I'm not getting annoyed about ceo and all that crap I'll do my job and let them do their thing but still give my options etc it's up to them if they do it.

    Mum is here and it's lovely to see her, been pottering around went to see School of Rock nightly recommend it. We had the cheap seat at the back but they were great really comfy and could see and hear it all.

    Been to golf today had to get out and enjoy the weather as we have no balcony in our fifth floor flat.

    House is now on Rightmove and first viewing was this morning. Will be interesting to get feedback. Feel strange letting it go but also good as I've got a new one to find. My mums house will be on the market soon strange as it's my childhood home but would be nice for her to get something much smaller and nearer town so she isn't so cut off in winter.

    Hope you're all enjoying the lovely weather I'm also off tomorrow as mum isn't going back until Wednesday morning .
    • TallGirl
    • By TallGirl 24th Apr 19, 8:22 PM
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    TallGirl
    First buyers offered £12k under asking price then estate agent got them up to £10k under which I was happy to accept. Agent then told me to sleep on it and when she called back this morning she said they had concerns over them as they had pulled out of a purchase for no reason last year and then just last week they offered on another property. She said to keep it on the market until they book survey which I thought sounded reasonable. When she called them to let them know they just oh well we will just carry on with the one we were buying. Oh well fine leave things as they are but people viewing tomorrow haven't sold yet. There is no rush only been on since Easter Sunday so plenty of time.

    Dg came with me to volunteer today she was great and my mum got back fine so alls well. Went to a big shopping centre near work so dg could get her old phone a new battery. Took a couple of hours and I spent £67 on two dresses and a top from Mango was in the sale and really nice. Ideal for upcoming weekend away and cruise later on this year.

    Really tired going to go to bed soon.
    • TallGirl
    • By TallGirl 25th Apr 19, 8:29 PM
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    TallGirl
    Packed and ready for weekend away golfing with friends from old club look forward to seeing them again been a while actually since last trip. Used to be my escape from ex but not now obviously.

    Got feedback from estate agent from second viewer didn't want to be on an estate and garden not sunny enough and too overlooked. That's ok I can live with that 3 more booked to view and early days less than a week on the market.

    Work ok but now off until Monday really happy about that. Early start so night night from me.
    • TallGirl
    • By TallGirl 29th Apr 19, 6:56 PM
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    TallGirl
    Weekend amazing lovely bunch of people I've 'ow a long time and some new really nice pens too. Several other switcher like me lol.

    News not promising from estate agent no more viewings and only one might still be interested but then again he's not called back.

    Feedback is it's smaller than they would like and something else has more potential to extend. Onwards and upwards as they say and I won't book anything to view next weekend obviously.
    • TallGirl
    • By TallGirl 2nd May 19, 6:27 PM
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    TallGirl
    Another viewing today no feedback yet and one doing a second viewing on Monday so I think that is 7 in total. Would be lovely with some news.

    DGs interview went well this was for a consultancy role and then she has one a specialist field she always wanted to get into but didn't expect to but we shall see it's not until week after next as we are away.

    My ceo has more or less offered her a months work checking our cases a bit surprised at that but heyho we shall see.

    Movie now and chill and last day at work before a week off
    • TallGirl
    • By TallGirl 8th May 19, 7:09 AM
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    TallGirl
    Sorry more work moaning alert in this post.

    Friday dg came it's me to work she did a good job and I finally managed to speak to a member of my team that I don't feel is doing her role the most productive at a time with scares resources. I had checked it's the CEO she hadn't asked her to do anything particular down at our second office she hadn't. We had the chat and literally as she left my office the ceo sent me an email she is going o change that persons job to mainly focus on the second office and by the way she will manage her, this was sent to all of the senior managers not just me.

    I was livid dg stopped me from sending a snotty reply and to make matters worse another member of my team asked what the changes were so ceo had obviously discussed it with her too. I don't mind the changes but they won't work due to the way this person manages her work so she needs close technical supervision which I can just about do but ceo certainly can't. Rant over fun to come back to next week.

    Dg didn't get the job she went for an interview for shame really but sounds like they weren't ready for consultants at this stage. She had one more interview and my ceo has only freed her a months work which is good as it will help her and certainly me with my limited resources at work.

    Been down South sorted a load of stuff out and seen various family members DGs. Going down to Plymouth today for a 4 day break dg wants to scatter her mums ashes on her birthday tomorrow and I have a good friend joining us too who I cannot wait to see. Will also be time to go out and some chil time. We have a flat so will be doing some of our own food better for the diet and the wallet.

    House has had 9 viewings no more booked right now but one second viewing who is interested but sounds like a right pain. Popped into the estate agents yesterday but saw the junior who didn't introduce me to the person I deal with so might pop in again to day. He looked like he was 12 and didn't have a clue so he really should have found someone else.

    Seen a road we both really like with bungalows. It was a recommendation from someone at the ladies weekend away would love to live there but no houses for sale currently but then again mine hasn't sold either.

    Have played lots of golf two rounds at the affiliated course so free round just £19 for a buggy and nine holes at my old course with rental carts but only £27 for us both so well cheap.

    Dg is awake better get on with things.
    • Tahlullah
    • By Tahlullah 12th May 19, 8:55 PM
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    Tahlullah
    Wow TG. You seem to be having a lot of problems at work - silly things, but it's always the small things that irritate the most.

    I wouldn't worry about the CEO taking over management of the member of staff. If she thinks she can do it, leave her at it. She will learn soon enough that she doesn't have the technical skill to manage her appropriately.

    Hope DG's trip to Plymouth goes ok, and that the house sale picks up momentum for you.
    Still striving to be mortgage free before I get to a point I can't enjoy it.

    15 February 2019 - Mortgage debt - £78,400
    23 April 2019 - Mortgage debt - £85,000
    28 May 2019 - Mortgage debt - £83,300
    • TallGirl
    • By TallGirl 17th May 19, 7:47 AM
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    TallGirl
    Thanks Tahlullah lots has happened since then and yes I’m happy she’s taken over the member of staff isn’t doing the job properly and is not competent to do certain parts let her deal with that.

    Plymouth was fab really enjoyed it and saw my old neighbour which was super amazing so so nice. Visitors another friend on way back which was also good.

    Dg didn’t get the consultancy job she went for a real shame but this week she went for an interview combining her experience and her masters degree and guess what she starts on Tues. I’m so happy for her and relieved but it means her staying in London and I’ll move down permanently unless something dramatic changes. Her new job is one bus ride from our flat so ideal virtually no travelling two miles max. It’s £9k more with lots of benefits as it’s in the private sector.

    The dream of us working together in our own firm will still happen just not yet. This step for dg means she could go straight into own firm in this specialist area which was always her long term goal. As for me I can work part time in something I enjoy and study. Also see my friends and play lots of golf plus garden once I leave London.

    My friend who lodges with us is happy too as he can stay in the flat with her poss move someone else in from his work.

    On my way to work then weekend of studies dg going out tomorrow night and has golf tomorrow daytime.
    • vandanfc
    • By vandanfc 17th May 19, 4:14 PM
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    vandanfc
    Sounds like things are progressing the right way.
    • TallGirl
    • By TallGirl 18th May 19, 9:13 PM
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    TallGirl
    Thanks VandaFC it does indeed dg still feels it is surreal she got the job but she did and she's clever so she'll do well I'm sure. Will be strange living apart but it will be worth it and hopefully only three nights a week.

    Done my mock assignment on one module still got the other to do completely but getting there and I've got tomorrow to do more. Feels good to be back into it again.

    Been for a run which was good but hard had almost a month off. Need to loose a bit of flab before the cruise.

    Done my tax return but needed two figures so couldn't quite complete it. Need to make a phone call for one but the other will be coming any day now.

    Had to pay £33 extra for empty property cover on my insurance on the highway use down south. After 90 days the cover ends and then I'll need to pay £300 and do all sorts of things. The water tank is leaking so I'll called out British Gas they never cover anything but at least I could get them to check it out. Shame if I have to spend more money but it's old and migth well need replacing. Will probably have to be drained the joys.

    Changed our standing orders for rent it's gone up by £50 so we have upped what dg pays now she will be on more money than me. We will also pay £100 more each into our fun fund. It was only £50 each but it kept being raided so this way it will build up nicely now. Takes the pressure of dg is going to be on good money so soon only had to sub her for the bills for 1 month which is pretty good. I could never give up my job like that but it worked and she was out of work 1 month only and ofthat she was on holiday for 2 weeks.

    Watching Eurovision and supporting Denmark even if I think Sweden and a Norway are much better. Dg is out with some friends she used to work with. It's good she's enjoying herself it's been intense. Really don't mind an early night and relax.
    • Tahlullah
    • By Tahlullah 19th May 19, 8:47 AM
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    Tahlullah
    So pleased everything is going the right way. Any more viewers for the house sale?
    Still striving to be mortgage free before I get to a point I can't enjoy it.

    15 February 2019 - Mortgage debt - £78,400
    23 April 2019 - Mortgage debt - £85,000
    28 May 2019 - Mortgage debt - £83,300
    • TallGirl
    • By TallGirl 20th May 19, 7:47 PM
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    TallGirl
    Thank you house is plodding along had a total of 14 viewings taken place and one who's viewed twice. An offer today £50k below asking price which they told me to reject as stupid so I did.

    The estate agent I'm dealing with phoned me today and said his wife had seen the property online and would like to view it was I ok with that. I was rushing into a meeting but I couldn't really see any issue with it. I guess he knows I'll accept less than the asking price but so what if he's serious I'll let him for sure. Three viewings today so hopefully get some feedback tomorrow most say rooms or garden too small or something else I cannot change, it's too soon to drop the price at the moment only 3 weeks in.

    Sorted water companies out don't have to pay thank god. Council tax is a pain and I've moved to no standing charge on gas and electric so that's something.

    Work driving me mad but now that dg is staying in London I'm tempted to look at part time work up here. Very part time but wages so much better. Not sure I could stay where I am due to ceo but let's see.

    Other than that no interesting news should have been at a late meeting but bailed which was nice actually late on Thursday so that's enough this week I think.

    Dg starts job tomorrow fingers crossed it goes well it's only the induction so should be fine.
    • TallGirl
    • By TallGirl 21st May 19, 6:40 PM
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    TallGirl
    Bit of an update DGs first day went well very overwhelming but sounds very professional and organised so that's good. She was at the main office but tomorrow she will be at her own smaller office so all good.

    British Gas repaired the water tank so no cost for a change DGs uncle was amazing took the stress out of everything thank god.

    Feedback from last nights viewings was that estate agent is interested but needs to sell his and there is a second viewing from someone else to being their fianc! as she wasn't there last night. All good really plus one more booked Friday.

    Work was good saw 4 clients but a total of 6 needs help wont take them all on hopefully the team can step up and help a bit. Really humbled by the stories and their situations feels good to be able to help just some of it is so so complex the world of benefits.

    Did my run this morning and eating hasn't been too bad. Tired but long day full on with clients at a drop in.
    • TallGirl
    • By TallGirl 23rd May 19, 12:23 PM
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    TallGirl
    Ive accepted an offer on the house

    Itís the estate agent itís £20k under but he has first time buyer on his with another interested after one day on the market. Iím really happy feels like weíre finally moving forward. Likely exchange is September which would be perfect as I can stay in London until I find the perfect house and Iíll be a cash buyer by then. Iím likely to take some time to find a new job so can study in the period.

    On my lunch break best get back to things. Busy to say the least
    • Moneyfordreams
    • By Moneyfordreams 23rd May 19, 12:39 PM
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    Moneyfordreams
    Congratulations... Hope it goes smoothly for you
    Mortgage restart June 2018 £119950
    May 19 mortgage £111600, £4700cc, £6000, £1400, car £6550.
    • TallGirl
    • By TallGirl 27th May 19, 6:38 PM
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    TallGirl
    Congratulations... Hope it goes smoothly for you
    Originally posted by Moneyfordreams
    Thank you I really hope so would be really nice. Luckily there are no properties I really fancy even looking at so things can progress on the sale first.

    Played golf Saturday then Sunday in a completion and then DGs two friends came over and a drunken night in a local Spoons followed. Bit fragile this morning so no study done. Been nice to relax though but need early night.

    Done DGs tax return completed mine and paid next instalment.
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