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
Follow Jeni as she recounts her experiences of becoming a buy to let investor for the first time.
Part 1 - It was that or a Range Rover
Part 2 - I've made £800 already and I haven't got the mortgage yet
Part 3 - The demise of Nathaniel Pig
Part 6 - Business bank account interview or Center Parcs?
Part 8 - The method behind the madness
Part 9 - Join me in a buy to let fist pump?!
Part 10 - The silence is deafening
Part 11 - Throwing toys out of prams
Part 12 - Stuck with the Mini... for now
Part 14 - The end of my sad little tale...
Part 16 - A year on my buy to let portfolio grows by default
Part 17 - If Carlsberg made tenants - shame the same can't be said for the tax man
Part 18 - Always open the envelope
Part 20 - Buy to let mortgages and tenants are like buses
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