Podcast Summary
Tenant with CCJ: Evaluate situation thoroughly before renting to tenants with CCJs, considering factors like risk tolerance, property demand, and availability of a guarantor.
While having a tenant with a CCJ (County Court Judgment) may not be ideal, there are circumstances where it could still be considered, depending on the specific situation and the landlord's risk tolerance. Rob, from Ask Rob and Rob, clarified that he personally would not change his stance against renting to tenants with CCJs for his high-end properties due to the abundance of applicants. However, he acknowledged that not all landlords have the same strategy and urged caution for those considering tenants with CCJs, especially if they have no guarantor or if the property is not in high demand. It's essential to evaluate the situation thoroughly and consider all factors before making a decision. If you have any questions or need clarification, don't hesitate to reach out to Ask Rob and Rob.
Tenants with CCJs: Assessing tenants with CCJs requires thorough evaluation, including checking creditworthiness of guarantors and utilizing additional protection like a letting agent or SPV.
While considering tenants with County Court Judgments (CCJs) depends on the location of the property, having a guarantor and letting agent protection can make a difference in accepting such tenants. An SPV (Special Purpose Vehicle) and a limited company are essentially the same, but the former is specifically used for property investment. For beginners investing £100,000, setting up a limited company purely for property investment is advisable, as mortgage lenders require it. Regarding tenants with CCJs, it's essential to assess the situation thoroughly, including checking the creditworthiness of the guarantor. While the decision ultimately depends on the specific circumstances, having additional protection can make a significant difference.
Company setup for property investment: You don't need a company set up before investing in property, SIT codes can be changed later, and the company can be set up during the mortgage application process.
You don't need to have a company set up before making an investment in property. SIT codes, which describe what a company does, can be chosen when setting up a company and changed later. If you're unsure which SIT codes are most appropriate for your investment, you can consult your broker during the purchase process. The company can then be set up on the same day as making the mortgage application. This process can be simplified by waiting to set up the company until after finding an investment. Remember to submit your questions for the next "Ask Rob and Rob" session at propertyhub.netforward/ask. Tune in to the Property Podcast on Thursday and the Sunday Times on Sunday for more answers to your property-related questions.