SarahBeenySpringIssue2017 - 61

IF YOUR CHILD IS
STRUGGLING TO
AFFORD THEIR
OWN HOME, THERE
MAY BE WAYS
YOU CAN HELP

Q

I'm considering buying a
cheap property at auction,
then doing it up and selling or
renting it - but I'm a novice.
Is this one of those jobs best
left to the professionals?

A

'There's no need to leave it to the
professionals if you take the right
steps to prepare yourself,' says Susan
Alexander, founder of The Property
Mentor (thepropertymentor.com).
'The secret to purchasing at
auction, renovating and reselling is
gaining as much understanding as
you can and where possible getting
support from a mentor who has been
there and done it before. Research!
Research! Research!
'To do this, speak to the auctioneer
about the property first, as they are
very helpful. Always view the property
and take a builder to get a quote
on the works. Also, have a solicitor
review the legal pack and give you
feedback before the auction.'
She continues: 'Speak to a couple
of estate agents to understand the
potential resale values and obtain
a decision in principle from your
finance broker before you place a bid.
'Most importantly, decide on your
maximum bid and stick to it. Don't
get auction fever!'
BIDDING AT AUCTION?
DECIDE ON A PRICE AND
STICK TO IT

COMPILED BY: NATALIE BOWEN, IMAGES: GETTY IMAGES,
SHUTTERSTOCK, SOURCE: *ASSOCIATION OF BRITISH INSURERS

Q

My child is struggling to
get on the ladder. Am I
legally allowed to purchase a
property and rent it to them?

A

Dennis de Kloe, operations
director at Why Property Works
(whypropertyworks.co.uk), has good
news: 'There is no legal ruling that
stops you from renting out a property
to a relative. The main consideration
is the way you'll finance this new buyto-let property. If you are paying with
cash, there will be no issues. However,
if you take out a buy-to-let mortgage,
you will need to check the lender is
happy for you to let to a relative.
'Please make sure you put in place
a tenancy agreement, inventory, and
so on, and ensure you comply with all
other regulations, such as gas safety,
fire safety and Legionella checks.
'As this will be an extra income
stream, make sure you complete the
relevant tax returns.'

HIGHLY
RATED
Stamp duty
is zero for
first-time
purchases
of homes
worth
less than
£125,000,
but rates
increase
as the
property
value rises.

Q

I've been stuck in a chain
for ages and I'm scared my
seller is going to pull out - what
can I do to speed things up?

A

Property mentor Mandy St John
Davey (mandystjohndavey.com)
says: 'Ask your conveyancer or estate
agent to follow things up and make
regular calls to ensure they chase
your buyers. Have all your paperwork
up-to-date and keep any certificates
regarding the property to hand.
'Putting a deadline on exchange
or completion dates can sometimes
help, but if the worst happens
and your seller does pull out,
considering renting a place
to live for a short period.
'Although this can be
an extra expense, it will
put you in a great position
to secure a deal on a future
property where you can
move quickly.'

www.athomemagazine.co.uk MAY 2017 | 061


http://www.thepropertymentor.com http://www.mandystjohndavey.com http://whypropertyworks.co.uk http://www.athomemagazine.co.uk

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