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MrBig

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About MrBig

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    HPC Newbie
  1. He should live in Liverpool and commute . There is at least one billionaire who has a very nice apartment in the Albert Dock.
  2. 2.9% for 10 years - wow. What happens when there is a run on the pound due to BREXIT or BREXIT fears - interest rates will need to go up. The sentiment appears to be that interest rate can't go up and are going negative - this suggests to me that the exact opposite is going to happen.
  3. MrBig

    Btl Portfolio Dumping

    The Sutton Kersh auction that prompted this thread was today. Not sure about the full detail of the results but there were a number of large house conversions near me with sitting tenants that all failed to sell. One in particular was listed in the October 2015 auction with a guide of £625k but postponed to yesterday's auction, with a guide of 400k. The guide price was then dropped to £275k with two days to go and was unsold.
  4. MrBig

    Btl Portfolio Dumping

    It does seem like many more lots that previously: 170 lots vs. 95 in December and 87 in the 2015 Feb auction. They say it is their largest ever auction. I bought at auction about 4 years ago. There was limited finance available then, so not much competition from BTL investors. Similar properties have sold for about 70% more last year at auction. Some of the local landlords have large portfolios of property they got for what seems like buttons. Tax changes may have nudged them to sell.
  5. MrBig

    Goodbye Hpc...

    It was mainly at the lower end of the market, but also larger properties what had some blight (leasehold, structural issues). You need to be patient to find something that is just right. I initially subscribed to the EIG auction information service, but this is costly. It gives sold prices also, which is useful to see what comes up and how often. However you can negotiate the price down. If you have decided on an area then finding auctioneers is easy - yellow pages plus the national auctions.
  6. MrBig

    Goodbye Hpc...

    I’ve just bought a house at auction, at less than 50% of the peak selling price and hope my story offers encouragement. We sold up in May 2007, and went abroad to work for a year. Coming back to the UK we decided to rent. We had been looking off and on since then for somewhere to buy through estate agents, but the asking prices were unrealistically high, and not dropping. We were looking in the North of England, and hardly anything was selling, but occasionally perfect houses would sell at near peak prices. This was disheartening. We made offers (c20% less than asking prices) but no one was entertaining them. So we decided we needed to take an alternative approach and look exclusively at auction sales where the vendor had to sell. A year has passed since then. We had looked at a handful of auction properties; most had some downside, legal or physical. We missed out on a few. We recently found a property being sold by a local council. Externally it was in perfect shape but a bit of a mess inside. When viewing it the other interested parties all walked out within 2 minutes as the inside was such a disappointment compared to the kerb-side view they were put off. However, the interior grimness was superficial and with a bit of imagination and relatively small outlay we decided we could have the perfect house, in the perfect location with a refurbished interior just as we wanted. Property developers weren’t interested as the layout and conversion required wasn’t a quick win. We had the cash available, the time to get the necessary work done and had a family friend who is a builder to work on it. The local council set a low reserve as they need to sell and developers weren’t interested as it didn’t tick all the boxes for them. On the day we managed to buy it at very near the reserve. I’d just like to encourage anyone wanting to buy to hold on and don’t give in to deluded sellers. If possible look to auctions, and be imaginative as first impressions can be deceptive. MrBig
  7. Hi, Does anyone have a link to a graph of commercial property prices? I'd especially like regional graphs (NW). Thanks, Andrew
  8. Hi, I'm considering buying a house that was converted into 3 flats. I'd like to know about: 1. Stamp Duty - is this payable on the total purchase price of 3 flats or on 3 separate transactions 2. Solicitors fees - will their be 3 sets of solicitors fees 3. Conversion - I would like to combine two flats into one, Anyone have experience of this, is the planning/building regulations difficult etc? Regards, Andrew
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