Binks

Registered with Property118.com
Tuesday 29th December 2015


Latest Comments

Total Number of Property118 Comments: 60

Binks

12:11 PM, 15th July 2021, About A week ago

Can I insist on Shower rather than a bath?

Reply to the comment left by Ian Narbeth at 15/07/2021 - 11:11
Totally agree Ian! We have several two bed flats all with two shower rooms, no baths. My husband and I hate tiny shower cubicles where one keeps hitting their elbows, so we installed shower enclosures that are 1m wide and 1.4m (or more) deep. Tenants love them. We literally didn’t have one potential tenant yet who said they wouldn’t take the flat because of no bath.
With regard to OP question, given how crazy the market has been, they probably don’t feel they have to be flexible, such is the reality. In a tough market they’d probably bend over backwards.... Read More

Binks

21:23 PM, 12th June 2021, About a month ago

BTL borrower overexposure limits?

Reply to the comment left by Crossed_Swords at 12/06/2021 - 18:49
Thank you, it’s a strange one isn’t it, but good to hear from someone with the same experience. I was told my current lender for the flat I’m currently remortgaging doesn’t accept new clients with this ‘feature’, but are willing to switch to a new deal, so that’s an option. Interesting regarding the “charge on freehold” suggestion - do you know how exactly that works? And how other lenders for the rest of the flats would feel about that? Could two or more different lenders have a charge on the freehold in some form? In any case, I will be using my own solicitor, so I will ask about this ahead of time.
On a different note, I’ve had very poor experience with Precise some years ago with a bridging loan, so still feel quite weary of them, have they been ok with your BTL?
Again, thanks for the feedback!... Read More

Binks

16:21 PM, 11th June 2021, About a month ago

BTL borrower overexposure limits?

Thank you all for the feedback so far. Just to clarify - we’ve mortgaged all the flats individually 5 years ago without any major issues. I’m aware we are classed as portfolio landlords, but there are still plenty of high street lenders that lend in that scenario. All our existing mortgages are currently with high street lenders.
What I have been told this morning as a follow up is actually a different rationale of why my lender of choice had an issue, which is apparently us owning the freehold as well as all the leaseholds (so in fact nothing to do with overexposure). I’m told most banks think that control over the freehold makes it possible for a borrower to ‘fight them harder’ if they were to try to repossess. I’m baffled that there isn’t a simple legal way of getting around that concern - surely at least some of the banks have figured something out?
Clearly, I’m trying to avoid ‘specialist’ lenders as their rates and fees are often extortionate.
Knowing now the actual issue, my broker is working through the lenders to see who is comfortable with this.
But if anyone here is aware of any particular lenders that don’t have a problem with the ownership of controlling freehold interest, I’d be grateful to hear! Thanks again... Read More

Binks

10:19 AM, 30th April 2021, About 3 months ago

Does new consumer unit mandate a new EICR?

If you have any work done after a passed EICR and the new work is compliant with current regulations and certified, then I don’t see why you’d need to have your EICR redone. Sounds to me like the electrician that told you otherwise is trying to make a quick buck.... Read More

Binks

7:55 AM, 24th April 2021, About 3 months ago

Majority of leaseholders consider service charges unfair

Frankly some of those answers smack of serious ignorance. 74% of leaseholders think it’s unfair to charge service charges? How do they think buildings maintain themselves? Unless one has a management company that’s ripping them off, service changes are essential. I own a period building with five flats (own the freehold as well as all the flats) and manage it myself so I know exactly what has to be spent to keep a building in good shape (without forking out for management company charges). Previously I owned a share of freehold in a similar building where all of us leaseholders managed it ourselves. Insurance costs alone are high and ever increasing, but any maintenance costs don’t magically disappear when one has a different tenure. I get that transparency and proper process regarding expenditure matter, but many leaseholders seem to think that a home ownership should have no cost, but presumably want clean communal areas, well insured building in good repair, maintained gardens and outside spaces etc. There are also ways and means to deal with unreasonable service charges and charges that were not properly advised, so perhaps people just need to educate themselves and get of their backside if they think something is dodgy.... Read More