Welcome to London. The city of money making money.
London Property Millionaires have extensive knowledge in London properties market through our experiences in property improvement, renovation, management and investment for our own and our clients. We share information on buy, sell and rent out London property, homes, houses, flats, garages and parking spaces to make extra cash.
We also work with auditors and accountants for preparation and auditing of accounts for London property investors and developers for reporting with UK tax authority.
We are sharing our experiences in London property industry because we would like to encourage people to invest in assets that generating ongoing income and assets that appreciate in value over time. Buy to let and Buy to sell London property at a profit are the ways to go. The objective is to make extra cash through buy to let London property and/or buy to sell London property and re-invest the extra cash to buy more London properties until the extra cash generating from your London property portfolio could pay for your luxuries and you do not have to work for money anymore. By doing this, you would have plenty of cash to enjoy your life at old age and pass on your wealth to your next generations and give some cash to charities.
There are risks involved but it is manageable if you know the technical knowhow in this line of business.
If you have passion about London property investment then you are reading the good stuff.
The London property business
The information we shared here is suitable for people wanting to climb the London property ladder, first time buying a London property, London home owners that would like to turn their home to get extra rental income, people already investing in London property and would like to know more, potential property investors based overseas and locally would like to gain knowledge of London property market.
We encourage parents to teach their children to learn and understand the importance of collecting income generating assets from young to create a solid foundation financially and get through life stably during economy crisis. Investing in London property is one of them if they could understand and learn the knowhow.
There are other income generating assets available in the market such as buy and sell shares of companies listed in stock exchange, bonds, trading in foreign currencies, build a business that could generate income 24 hours a day and so on. Whichever method you choose to invest to create income generating assets, you must have the passion to learn the technical knowhow, without your passion you would most likely give up half way and loss the money. Be patience.
Buy sell and rent out your London property
We know how to make money working for us through buying, selling and renting out a London property. Renting out a London property gives you rental income and usually the value of the property would increase in the London property market unlike in some areas of the country or in the United States.
Understanding the buying and selling in London property market is the first step into the London property market game. What are the costs involved in buying and selling a London property such as the stamp duty payable to UK tax office, commission payable to estate agent, solicitor’s fee and surveyor’s fee and mortgage interests and so on. Your solicitor would be able to advise you on the time scale to exchange the London property ownership. Generally, if you buy a London property from someone who is “in the chain” would take longer to complete a property transaction. “In the chain” here means the seller would only agree to exchange the London property ownership when he/she found his/her new home.
The next step after successfully bought your London property is to rent it out to make extra money. Generally your rent should be greater than your mortgage payment and maintenance expenses.
For property investors, they would have normally have an idea which group of tenants (students, professionals or family) they would like to be their tenants for the London property they are buying.
For London property home owners, if you are turning your own home into investment property. First you must decide on the people you would like to take on as tenants and then furnish your London property accordingly if you intend to rent it out as furnished home. You may also choose to rent your London property out as unfurnished home.
Think about the suitability of your London property to the potential group of tenants bearing in mind the local areas such as the schools and colleges nearby, main transport links to central London, restaurants and shops in the area. Also think about which group of people would tend to look after your London property while living there, hassle free and would likely to stay throughout the tenancy period.
A well written tenancy agreement is important between landlord and tenants. Background check (estate agent often referred this as credit check) on the tenants affordability and previous landlord reference. Usually for students, it is best to have their parents to guarantee their rent and specify that in the tenancy contract.
Remember to specify what kind of repairs and maintenance to be taken care of by the landlord and tenants in the tenancy contract.
Landlords must also be aware of the laws governing letting out of a London property such as ensuring no haphazard in the property that would likely to cause injury to the people living in there, exit used for fire escape is not blocked or being used as storage and the fire alarm in the property must be functioning and so on.
Cash buy property investors
We work with reliable cash buy property investors. A cash buy property investor go through the buying transaction with the London property seller similar to that of the estate agent except that you do not have to pay them commission. They are more flexible and sometime could accommodate your cash needs such as they may be able to agree to cash out a lump sum for you to rent somewhere or to pay for a deposit to buy another property somewhere.
Some cash buy investors would offer to buy your London property at the value slightly lower than the market value. Do not be put off by the initial offer, try to negotiate with the cash buy investors directly. If your London property is of excellent condition you have a good chance to get more cash.
If your personal circumstances would require you to sell your London property quickly such as you would no longer like to keep your London property any more due to increasing cost of maintaining it or you would like to upgrade or downgrade your property size or you are moving to another country for good, we would say consider both options, that is to get an offer from cash buy investors and ask estate agents to provide you with the market value of your London property and also ask their commission to be paid by you on sale of your London property.
Sometime, after calculating the commission payable to estate agents, your personal time involve and the overall time to complete the sale of your London property, you would be better off to sell your London property to the cash buy investors as they are faster and they pay you cash. Sale of your London property between you and the cash buy property investor is also a private sale transaction. In other words, there would be no SALE signs in your front garden (if you have one) blocking your beautiful front view and killing your garden plants.
London Property Millionaires
We are sharing our experiences in managing London property portfolio because we would like you to be a property millionaire too. We live and we learn everyday in this line of business and we hope this knowledge is of useful and helpful to you and that one day you would share your experiences with London Property Millionaires and others.
Sharing and making money together are fun.