I am tempted to offer up my buy to let purchase story to the Eastenders script writers. All I am missing for this tale is the Queen Vic and a dog named Wellard. So here is how it went...
I threw a super strop last week and retracted my offer. The selling agent immediately leapt into action, chased up the vendor’s solicitors and guess what? The outstanding information arrived at my solicitors that very afternoon.
Why, oh why did it have to take me being a super-cow to get things done?!?!?!
Anyway, I digress.
This then set into action a chain of things which needed to happen from my side, which saw me running around North West Kent in the style of Challenge Anneka. All I needed was a jumpsuit, a chopper and Graham the cameraman.
In summary, I transferred my exchange monies, went down to the solicitor’s to get my Independent Legal Advice - (this took five minutes - £500 later – I can’t talk about it – it’s still too raw) signed all the documents, drove home and then drove back again as they forgot to get me to sign an important form…
I have set up a tenant deposit account and I have met the tenant – nice chap – Italian. The solicitor was able to get the Report on Title to Paragon in time to beat their funds cut off deadline and, AND we have now EXCHANGED CONTRACTS and COMPLETED today!!!!!!
So I am now officially a landlord, which sounds far too grown up for my liking and frankly, worries me a bit. But we shall gloss over that for now, as I am just so bloody glad to have the whole saga over and done with!!!!
So there it is. A 15-blog run down of one of the slowest buy to let purchases in history! Thanks so much to all who sent such lovely emails saying that they were enjoying reading my little updates and for sharing (enduring) my incessant whinging….
(Landlady – not the Peggy Mitchell type, mores the pity, although one could say our MD bears a striking resemblance to Phil ;) – “Oh saucy!”)
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.
You might also be interested in:
27.07.2015 Buy to let - from personal to limited company ownership
Prior to now, when asked by clients whether buy to let properties should be bought in their own names or whether they should use a limited company we have always said “it all depends”. Well the Summer Budget 2015 has altered everything and whilst the answer is still “it all depends”, the balance has shifted markedly in favour of limited companies.
11.11.2015 Setting up an SPV Limited Company
Buy to let lenders which offer mortgages to limited companies usually require the limited company to be an SPV (Special Purpose Vehicle). Jeni explains what one is and how to get one.