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Diary of a Buy to Let Purchase Part 14– The end of my sad little tale…

Diary of a Buy to Let Purchase Part 14– The end of my sad little tale…

….probably. The purchase of Jeni’s first buy to let hangs in the balance…

So for those of you who I have bored the socks off, with my little foray into the buy to let world (and thanks for bearing with me through this voyage of discovery), you will know that I put my offer in on the property at the start of December.

Which is well over three months ago.

And still, on the 14th March, we have not completed, because there are things my solicitor is waiting for from the other side. Things which were requested months ago.

My patience with this project has been wearing thin and today, prompted by an email from my lender telling me they need 10 days’ notice for funds, (i.e. I need to exchange tomorrow – I have more chance of seeing some Nathaniel pigs fly past my office window) I broke.

I have emailed the selling agent and told them that my offer is withdrawn unless the vendor drops the purchase price to the tune of what will be the increased cost in stamp duty because we aren’t, with the best will in the world, going to complete before the 31st March.

Now I am not someone who believes in pulling little stunts like this – when you agree a deal then that’s, well, the deal.

And last minute price reductions when people are over a barrel is something I really don’t agree with.

However, no-one is over a barrel in this scenario; there is no family home move linked to this deal, or some long chain where me pulling out will bugger up five other families’ lives.

If I don’t buy it, it will continue to be let and the vendor will just need to start again.

And I don’t feel great about this BUT I really do believe that the reason we didn’t complete weeks ago, which we should have done, is because of delays on the vendor’s side – not necessarily from them directly but from their end of the transaction.

So as I type, all bets are off. Although they may be back on again……. I shall keep you posted.

Now. Black or grey range rover?


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 4 - Call off the dogs...

Part 5 - @***** bank account

Part 6 - Business bank account interview or Center Parcs?

Part 7 - Reality bites...

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 13 - Time is running out

Part 15 - Just call me Peggy

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 19 - OMG EPC FFS

Part 20 - Buy to let mortgages and tenants are like buses



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9.12.2015 Borrowing through a newly set up Limited Company
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11.11.2015 Setting up an SPV Limited Company 
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26.11.2015 George hits buy to lets with 3% stamp duty surcharge
David Whittaker, MD at Mortgages for Business looks at the effects of the 3% stamp duty surcharge on buy to let properties and the restrictions of mortgage interest relief on landlords' portfolios. In essence his advice is to act now and not to wait until the new year. 


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