Diary of a Buy to Let Purchase Part 4 – Call off the dogs…

My mortgage has been agreed in principle!!!!!!

The relief is immense.

Firstly because I can’t be bothered to fill out another application form but mainly because the shame of having to admit to being turned down on this blog would be hideous.

I think I would prefer to do the school run in my underwear.

Paragon has produced my agreement in principle and asked for a few things:

1) The direct debit on the app form to be completed. Now to do this I need a bank account….. Let’s gloss over this. Today was frantic at work and I hardly had time to make a brew let alone give away (what I have now built up in my head to be) several hours of my day


2) That I confirm the name and address of the vendor. For this I need the memorandum of sale from the estate agent. Which they only produce once the vendor has supplied their solicitors’ details. Which they still haven’t done.


3) To ask my accountant to confirm that I am the sole shareholder of the company and that the company will only be letting out property and not doing anything else.

An accountant? Really?

This last one threw me into a blind panic.

I do not and have zero intentions of, engaging an accountant.

I can do the company’s annual return online myself, just like I do a tax return so why on earth would I bother?

Cue hysterical email from me to the lender.

Thankfully they are decent people who have the ability be pragmatic and they have confirmed that if I send over the company M&A this will be sufficient to satisfy these queries.

I certainly feel like I am dodging a financial bullet with these little extra potential costs that keep popping up. Long may that continue…

Contingency property hunting

So I am now in limbo with progressing my mortgage application as I have to wait for the vendor to get around to sorting out a solicitor. Which takes all of three minutes so who can blame him for taking FOREVER to get this done.

Actually, a nasty thought occurred to me as I was hoovering the stairs earlier on (I never promised you glamour in this blog):- What if the vendor is not going to sell the property?

Or worse still, be the slowest vendor known to man, so much so that I miss the end of March deadline and end up with an extra £6k of stamp duty to pay?

To be frank, if it’s the latter, he can sing for it. But it would be nice to know now so I can start looking for something else.

So jobs for tomorrow:

• Hassle the estate agent (hunter becomes the hunted)


• Have a look at what has come up for sale in the last week, just in case


• Think about setting up a bank account 

 

Diary of a Buy to Let Purchase

2.12.2015 Part 1 It was that or a Range Rover

4.12.2015 Part 2 I've made £800 already and I haven't got the mortgage yet

7.12.2015 Part 3 The demise of Nathaniel Pig

8.12.2015 Part 5 @***** bank account

17.12.2015 Part 6 - Business bank account interview or Center Parcs?

21.12.2015 Part 7 - Reality bites...

29.12.2015 Part 8 - The method behind the madness

12.01.2016 Part 9 - Join me in a buy to let fist pump?

25.01.2016 Part 10 - The silence is deafening  

16.02.2016 Part 11 - Throwing toys out of prams 

23.02.2016 Part 12 - Stuck with the Mini... for now

3.03.2016 Part 13 - Time is running out

14.03.2016 Part 14 - The end of my sad little tale...

30.03.2016 Part 15 - Just call me Peggy


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