One in five middle aged people are “paper millionaires”, a new study by the Office for National Statistics has revealed. The study looked at combined assets of property, savings and pensions, minus outstanding mortgage repayments.
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13.4 per cent of all mortgage funding went to buy to let investors over the first quarter of 2013, a 13 per cent rise year-on-year
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Ex-Take That star Robbie Williams made a loss on his multi-million pound Hollywood mansion – to the tune of £200,000. The singer purchased the property, set in the exclusive Mulholland Estates, for £2.3m in 2005. But after being on sale for half a year, the mansion fetched just £2.1m.
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Many landlords may have missed the reference in the recent Queen’s Speech to the proposal to make it a legal requirement for landlords to undertake checks on their tenants’ right to be in the country.
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What protection does a buy-to -let investor have if he or she buys a property on the strength of a valuation only to find that it is actually worth less than the valuer’s figure, both in terms of its freehold value and likely market rent?
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