Podcast Summary
Property investment strategies: Listeners seeking investment advice can explore various strategies like refurbishment, HMOs, or starting a portfolio. Education is crucial in making informed decisions.
Listeners can easily submit their questions for the Ask Rob and Rob podcast by visiting propertyhub.net/ask. Rick, a listener from Leeds, shared his gratitude for the podcast's educational content and asked for advice on investment strategy. He explained that he's a full-time director of tech businesses and recently purchased his first buy-to-let property. This summer, he'll have £50,000 available for further investments. Rob encouraged Rick to consider various investment strategies, such as property refurbishment, HMOs, or even starting a property portfolio. Rick's question highlights the importance of education and the various strategies available in property investment. It's never too late to start, and resources like the Ask Rob and Rob podcast can provide valuable insights and guidance.
Property investment strategy: The speaker is considering expanding his property portfolio by purchasing more similar properties or investing in a more expensive one for potential capital growth. He's leaning towards the former due to familiarity and success in the market, but is concerned about slow rate of value appreciation.
The speaker is looking to expand his property portfolio by setting up a new limited company and making efficient investments to accelerate growth. He currently owns a two-bed property with a yield of around 7% and plans to purchase more similar properties with his available capital. While these properties have good yields and potential for capital growth, he's concerned about the slow rate of value appreciation. The speaker is considering whether to continue with this strategy of purchasing multiple properties or to invest in a more expensive property to start with. He's leaning towards the former due to his familiarity with the area and success in that market, as well as the advice of friends who have followed a similar path. However, he's worried about the potential lack of significant capital growth and is seeking advice on whether to consider a different strategy. Overall, the speaker is focused on maximizing yield and accelerating portfolio growth with his available capital.
Property investment strategy: Assess your current approach early on and consider pivoting for long-term growth potential. Stay adaptable and open to change in the property market.
It's essential to assess your property investment strategy early on and consider whether your current approach aligns with your long-term goals. While there may be advantages to sticking with what you know, if your objectives involve capital growth, it's worth exploring new opportunities. It's natural to find comfort in familiarity, but delaying a pivot could mean missing out on potential growth. If you're unable to find a suitable investment for your desired strategy, it might be wise to reconsider your approach, but making an investment is generally preferable to making no investment at all. Overall, it's crucial to stay adaptable and open to change in the property market to maximize growth potential.
Leaseholder's right to inspect invoices: Leaseholders have the legal right to request and inspect individual invoices and receipts from their freeholder before making service charge payments for transparency and understanding of costs.
As a leaseholder, you have the right to request and inspect individual invoices and receipts from your freeholder before making payment of service charges. This information is crucial for ensuring transparency and understanding the breakdown of costs. The freeholder is legally obligated to provide this information. If you don't receive a summary or breakdown of the different areas covered by your service charge, then the charge cannot be legally demanded. It's important to advocate for your rights and ask for clarification if you're unsure or if you notice significant increases in service charges. Remember, it may be uncomfortable to push for more information, but it's a necessary step towards ensuring fairness and understanding in the leasehold process.
Section 22 inspection rights: Leaseholders have the right to inspect related documents under Section 22 of the Landlord and Tenant Act 1985 within six months of receiving the summary, but it's unclear whether to pay disputed service charges while disputing them, and seeking advice from the Leasehold Advisory Service can be helpful.
If you're a leaseholder and believe there's an issue with the service charge you've received, you have the right to inspect related documents under Section 22 of the Landlord and Tenant Act 1985. To do this, write to the freeholder or managing agent requesting access within six months of receiving the summary. You can find template letters online to help you get started. However, whether or not to pay the service charge while disputing it is less clear-cut, as there may be penalties for late or non-payment. An alternative is to pay under protest, making it clear in your payment that you dispute the charge and intend to challenge it later. Remember, it's essential to understand the potential consequences of late payment before making a decision. For additional advice, consider contacting the Leasehold Advisory Service, which offers free telephone consultations.
Prop2up Q&A sessions: Submit your questions for the upcoming live Q&A sessions on Prop2up.net/ask. The team will also be featured in the Sunday Times answering additional questions.
Prop2up.net/ask is the platform where you can submit your questions for the upcoming Q&A sessions. The team will be back next week for another live Q&A session, but before that, they will also be featured in the Sunday Times answering more questions. You can check out the home section of the Sunday Times to see their previous answers. In the meantime, take care and have fun. Remember, the live Q&A sessions provide an excellent opportunity to get your queries answered directly by the team. So, if you have a question, don't hesitate to submit it on Prop2up.net/ask. The team will be back next week with more insights and answers. Stay tuned for their Thursday podcast and Sunday Times appearances.