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There's no mention in the advert of the areas I highlighted so I think this may be attracting people who aren't aware of the location so I've suggested the listing include this detail.
It's somewhat a blessing and a curse as you can't get a skip to the house for renovations, delivery drivers can't find your house, IKEA get very irate when delivering anything bigger than a spice rack, shopping has to be lugged from car to house however I'd guess it's probably the quietest location so close to the centre of town.
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Nationwide did actually mention this when I asked them so we'd likely look to remortgage with a dedicated BTL lender and release equity at that point.
If you explained the release as funds for improvement would the bank not be wanting to revalue the property after works and then notice you didn't improve the property?
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Yes, so our costs are likely:-
Gas and elec safety certs (+ any work to bring up to current standards as there is some older wiring in places)
Remortgage with dedicated BTL lender with exorbitant product fee
~10% p/m to letting agent
Taxes
Maintenance
Void periods
Refurb after tenancies if required, hopefully not (or go after deposit if necessary) -
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Has anyone any experience of remortgaging and renting their current home in order to buy elsewhere using the equity as a deposit on new place?
Getting a bit peeved with the same feedback from viewers on ours saying the parking/footpath situation puts them off (the house was built pre cars and is on a narrow footpath about 30m from street parking) as all of this information is available on Google/Maps and in the meantime the places we're viewing are being sold.
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If you have a copy of the Seller Property Information Form, or can get hold of it, check to see if the leak was mentioned, if not get on to the sellers solicitor for a forwarding address to send the bill to the previous owner.
Potentially you could get the cost covered if the issue was misrepresented by the seller.
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Thought I was asking a lot for mine at £400.