Any experienced property devlopers here?

[foxhole]

Would like some advice as I would like to enter this area.

[Kaz]

I'm not hugely experienced as I've only done 3 properties so far, currently looking for my 4th but I'll try and help you as best I can

[foxhole]

Need to assess the money situation, not sure what %'s I need for deposit/fees/mortgage payments etc and have quite a bit of equity in my home I would like to use to make my first purchase.
[I will be taking a cash lump some from my pension scheme to help finance.]
Also what contingency plans I need to ensure I don't run out of cash before house is bought renovated and sold.?
Mortgage advice? is it possible to arrange a loan against my property and not actually touch the funds or part of till needed?

[Kaz]

Originally Posted by foxhole

Need to assess the money situation, not sure what %'s I need for deposit/fees/mortgage payments etc and have quite a bit of equity in my home I would like to use to make my first purchase.
[I will be taking a cash lump some from my pension scheme to help finance.]
Also what contingency plans I need to ensure I don't run out of cash before house is bought renovated and sold.?
Mortgage advice? is it possible to arrange a loan against my property and not actually touch the funds or part of till needed?

Hi Foxhole

To release the equity in my house I took out a Further Advance with my current lender and didn't have to draw down or pay interest on it until I needed it and then you don't have to draw it all down in one go.
Until now I've bought, refurbished and sold on straight away but that's becoming increasingly difficult as lenders are apparently not lending on properties where the seller has owned it less than 6 months.
The solution to that is to rent it out on a short let for say 3-6 months and then sell. If you need a mortgage as well, you can get a Buy to Let mortgage on an interest only basis.
If you buy a repossession, you'll need a 10% deposit straightaway and then complete around 28 days later. But mortgagees in possession are putting all sorts of nasty clauses in the contracts so beware!

I've just noticed that you live in NW Kent, coincidentally, so do I. I'm in Rainham, what part are you in?
We could continue this conversation by email if you like
Kaz

[foxhole]

Thanks, I am in Bexley , so looking in my immediate area out as far a Greenhithe.

[googler]

"Until now I've bought, refurbished and sold on straight away but that's becoming increasingly difficult as lenders are apparently not lending on properties where the seller has owned it less than 6 months."

I've not developed anything, but this problem seems to be getting referred to more and more.....

Do you want to keep your redeveloped property for 6 mths? Can you afford to?

[Kaz]

Hi Googler

Not sure if your reply was aimed at me or foxhole. For myself, no I neither want to nor can afford to keep hold of my developments for 6 months but I've just heard from a friend of mine who works at the Nationwide that they do lend on houses that have been owned less than 6 months so maybe the problem isn't as widespread as I'd feared

[garry]

we have completed a wide range of developments down the years and there certainly is an awful lot to learn in propert development.

We have been taking part in the development in a selection of old churches recently. But do a lot of work for large organisations such as the NHS.

[tony keller]

Get a good designer / architect.

How is it going?

[Neil Tunnicliffe]

Im experienced. what do you need to know.