How does Buy to Let END!

[sleepwello'nights]

12 minutes ago, Wight Flight said:

I think it changes in January.

https://www.gulbenkian.co.uk/uk-student-visa-news/#:~:text=Some major changes to the,visa to the work visa.

The law firm in your link have immigration as an area they specialise in. Interestingly look at the ethnicity of the lawyers who they show.  

Why Choose Us?

• Over 35 years of experience.
• Founded by Immigration Judges.
• 95% success rates with appeals.
• Over 15,000 successful applications

Edited November 14, 2023 by sleepwello'nights

[Wight Flight]

1 hour ago, sleepwello'nights said:

The law firm in your link have immigration as an area they specialise in. Interestingly look at the ethnicity of the lawyers who they show.  

Why Choose Us?

• Over 35 years of experience.
• Founded by Immigration Judges.
• 95% success rates with appeals.
• Over 15,000 successful applications

The firm that handled my son's immigration application to the US were mainly Indian.

If you are going poaching, take advice from an ex gamekeeper.

[spygirl]

12 hours ago, sleepwello'nights said:

On the development I manage recent sales of flats have been to Indian or Pakistani buyers. They are renting the properties through AirBnB and are getting high occupancy levels. Their target market is visiting business people due to a shortage of hotel accommodation in the area. 

I have no idea of their financing arrangements but even with a conventional business mortgage at current rates they will be profitable. Once the disruption caused by the return to the norm for interest rates has subsided then I feel that residential property will continue to be a safe and secure investment sector. 

See 

 

All threads lead to one ...

https://www.telegraph.co.uk/business/2023/11/14/serious-fraud-office-arrests-seven-axiom-ince-law-firm/

 

Fraud office arrests seven people following raids on collapsed law firm

More than £66m of client funds went missing from Axiom Ince’s accounts

ByAdam Mawardi14 November 2023 • 5:48pm

The Serious Fraud Office (SFO) has arrested seven people following a series of dawn raids in connection with a collapsed law firm.

Axiom Ince is at the centre of a criminal investigation launched by the SFO on Tuesday after £66m of client funds went missing from its accounts. 

More than 80 of the SFO’s investigators joined forces with the Metropolitan Police to arrest seven individuals on suspicion of fraud offences across nine locations around Bedfordshire. 

It comes after former managing partner of Axiom Ince, Pragnesh Modhwadia, admitted that most of the missing funds had already been spent. 

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Millions were spent purchasing six properties and redeveloping seven others, he told the High Court in September.

The former Axiom Ince boss reportedly owns a collection of houses, luxury London flats, office blocks and shopping malls, according to documents seen by legal website Roll on Friday. 

His portfolio built over nearly two decades reportedly included a £1.6m flat in Chelsea and a £4.6m office block in Edgware.

The Serious Fraud Office carried out searches across nine sites of law firm Axiom Ince and arrested seven people CREDIT: SFO

Mr Modhwadia also used the cash to buy two law firms in pre-pack administration deals.

This included £2.2m for Ince Group, once London’s largest listed law firm, which owed creditors £41m when it collapsed in April. 

He was suspended by the Solicitors Regulation Authority in August over suspected dishonesty, alongside two other law firm directors, Shyam Mistry and Idnan Liaqat.

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Scores of lawyers subsequently left Axiom Ince amid increasing regulatory scrutiny, including the former chief executive of Ince Group, Donald Brown. 

The London-based law firm was forced to appoint administrators last month after the SRA shut down its 14 offices across the UK.

The Metropolitan Police referred the case to the SFO which is now investigating how the missing funds were transferred from Axiom Ince’s client accounts at Barclays to the State Bank of India.

Solicitors across England and Wales could now be forced to pay out extra cash to cover compensation for Axiom Ince’s former clients, the SRA warned earlier this month.

Nick Ephgrave, director of the SFO, said: “There are a number of significant questions that need to be answered: clients from this law firm are missing many millions of pounds and more than 1,400 of its staff have lost their jobs. The impact on those affected is extremely serious.”

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It is the first search action conducted by Mr Ephgrave since joining the fraud prosecutor in September. He replaced Lisa Osofsky, who stepped down after five years at the helm following a series of high-profile failures. 

Mr Modhwadia previously said he will defend any legal action brought against him by Axiom Ince. 

Lawyers for Mr Modhwadia said that although his home was searched during the SFO dawn raids, the former Axiom Ince boss was not arrested. 

His defence lawyer Timur Rustem said: “As this is an ongoing investigation we cannot comment at this stage but I would like to emphasise that Mr Modhwadia’s focus throughout this matter has been towards his employees and clients.”

Mr Modhwadia told the Indian news website iGlobal in 2021: “I always knew I wanted to be a solicitor but there was always an entrepreneurial spirit within me which meant that I wanted to also run a business.”

I wonder, in another too distant future whether 'brown' people will attract a hefty risk premium.

[spygirl]

 

[sleepwello'nights]

41 minutes ago, spygirl said:

See 

 

All threads lead to one ...

https://www.telegraph.co.uk/business/2023/11/14/serious-fraud-office-arrests-seven-axiom-ince-law-firm/

 

Fraud office arrests seven people following raids on collapsed law firm

More than £66m of client funds went missing from Axiom Ince’s accounts

 

Who were their auditors?

[With a crooked smile]

BTL mortgages following the general direction of residential mortgages. 

[Wight Flight]

2 minutes ago, With a crooked smile said:

BTL mortgages following the general direction of residential mortgages. 

Excellent. Does that mean rents can be reduced now?

[spygirl]

https://uk.trustpilot.com/review/www.themortgageworks.co.uk?stars=1

 

[dnb24]

On 17/11/2023 at 22:51, With a crooked smile said:

BTL mortgages following the general direction of residential mortgages. 

The reviews on this company are just brilliant- landlords complaining about valuations significantly under what they thought properties were worth, advisors telling BTL landlords they’re at the maximum they can borrow, BTL landlords complaining being put on massive variable rates at end of their teaser.
Some people won’t like this on here but it’s incredible BTL landlord bear food. 

Edited November 19, 2023 by dnb24

[With a crooked smile]

6 minutes ago, dnb24 said:

Some people won’t like this on here but it’s incredible BTL landlord bear food. 

Not on the real world there isn't. Rents up massively and rising. No shortage of tenants so you can weed out the shit ones.

Loan interest rates falling. Minimal landlord defaults.. 

Only have to look on here and view the moaning to realise its a landlords market.

[Hardhat]

The only thing that will really change rental demand is everyone who wants to be an OO becoming one. We're still a way off from that with the interest rates / house prices stalemate.

[Wight Flight]

2 hours ago, With a crooked smile said:

Only have to look on here and view the moaning to realise its a landlords market.

Or go on a landlord's forum and see the moaning and you would think the opposite.

[Bobthebuilder]

17 minutes ago, Wight Flight said:

Or go on a landlord's forum and see the moaning and you would think the opposite.

Or work with a lot, like I do.

Seems to be a two tier thing, the big ones with 40+ properties seem OK and investing, the small ones with one or two have been selling out at approx 30% volume in the last 12 months.

[With a crooked smile]

50 minutes ago, Wight Flight said:

Or go on a landlord's forum and see the moaning and you would think the opposite.

I think the consensus view on any type of forum such as here or probably on LL forums (I don't venture on any) will likely be extreme and non typical.

According to here LLs are fucked. I only know two couples who are considering exiting everyone else seems ok in their positions.  One has cladding issues on their own flat the other a quite international and other issues for them are at play.

[Bobthebuilder]

4 minutes ago, With a crooked smile said:

I think the consensus view on any type of forum such as here or probably on LL forums (I don't venture on any) will likely be extreme and non typical.

According to here LLs are fucked. I only know two couples who are considering exiting everyone else seems ok in their positions.  One has cladding issues on their own flat the other a quite international and other issues for them are at play.

I estimate that I have around 120 landlords as my clients, the difference I see across them is huge, from accidental ones who care more about the nice kitchen floor tiles than the fact the shit windows are falling out, to the pro guys who are currently still buying places.

High demand for rentals has had an interesting effect on remote LL, I see so many at the moment that are obviously sub let, it is very common if the LL is not around.

[Stuey]

12 minutes ago, With a crooked smile said:

I think the consensus view on any type of forum such as here or probably on LL forums (I don't venture on any) will likely be extreme and non typical.

According to here LLs are fucked. I only know two couples who are considering exiting everyone else seems ok in their positions.  One has cladding issues on their own flat the other a quite international and other issues for them are at play.

I think if you have cash it's a great time to get into BLT especially in the north. These high interest rates won't last forever. 

[JoeDavola]

6 minutes ago, Stuey said:

These high interest rates won't last forever. 

[Stuey]

Just now, JoeDavola said:

You are confusing mortgage rates and interest rates. 

[Phil]

I’ve been following our last rental, scumlord selling price £289,950 in June this year. Went to £274,950. Went back to rent Friday. We used to pay £750pm. New rent price £950.

thought I’d share.

[JoeDavola]

1 minute ago, Stuey said:

You are confusing mortgage rates and interest rates. 

OK - still doesn't look high historically. Now if you think they're gonna try and crush it right backk down again, that's another thing, but the current interest rates aren't abnormally high in terms of long term history.

[JoeDavola]

10 minutes ago, Stuey said:

I think if you have cash it's a great time to get into BLT especially in the north.

Knock yerself out then - buy another 2 up 2 down in your development. Should be able to snap one up for £100K or less.

[Bobthebuilder]

10 minutes ago, JoeDavola said:

Knock yerself out then - buy another 2 up 2 down in your development. Should be able to snap one up for £100K or less.

Watch what they do, not what they say.

[Stuey]

24 minutes ago, JoeDavola said:

Knock yerself out then - buy another 2 up 2 down in your development. Should be able to snap one up for £100K or less.

This is good value

https://www.rightmove.co.uk/properties/142108841#/?channel=RES_BUY

 

[JoeDavola]

3 minutes ago, Stuey said:

This is good value

https://www.rightmove.co.uk/properties/142108841#/?channel=RES_BUY

Absolutley - crazy cheap compared to most of the UK. Suspiciously so but I know nowt about the area so can't comment on that.

As a 40% tax payer however the BTL income after tax and costs wouldn't be great for you would it - I do understand why it's a better inflation hedge than money in the bank, as are most things.

Edited November 19, 2023 by JoeDavola

[Bobthebuilder]

12 minutes ago, Stuey said:

This is good value

https://www.rightmove.co.uk/properties/142108841#/?channel=RES_BUY

 

What would that rent for Stuey?