Don’t forget to appoint the solicitors

solicitors

If you are buying a house – don’t forget to appoint your solicitor.

This is another painful lesson I have had to endure.

The process for buying a house in the UK is as follows:

  • View properties
  • Get mortgage in principle – you can speak to FA (financial advisor)
  • If you like a property, bid for it
  • With a bit of luck, your bid is accepted
  • Then you go to FA and get most suitable mortgage product
  • Your FA will then arrange mortgage offer with the lender
  • Appoint your solicitor
  • Patiently wait for your completion date

My latest BTL property

From start to finish, this took 5 months to complete.

This had a lot to do with COVID. A little bit was due to me working away. It was also to do with me not appointing my solicitor.

Schoolboy error!

I could come up with a couple of excuses. Trying to self-publish my 1st book: New Book. Or busy with work. Or a few other feeble excuses.

The point is it is big part of the process. Appointing my solicitor should have been on my mind from the start. Especially with COVID causing delays.

The stamp duty holiday has also been a factor. Mortgage companies have been very busy and this has slowed the process of many house sales.

What does this mean for DUFF PROPERTIES …

It means I need to up my game. It means I have to stop making avoidable mistakes.

DUFF PROPERTIES will be my full-time job as a property investor. My latest mistake or lesson shows how far I have to go.

A brief history of my property journey:

  • 1st property at 19
  • Had small portfolio in early 20s
  • Took a little 13-year break from buying houses due to 2007/2008 financial crisis and a few other excuses
  • Start of 2019 started getting back into property
  • End of 2020 average results mainly due to trying to do property investing on my own
  • Start of 2021 – networking more with courses and PIN meetings: PIN.

I need help if I am going to become a full-time property investor. I need to get around other investors and learn from the experts. Learn from people who are further on than me.

The thing is I don’t mind making mistakes. What I do mind is the prospect of working away until my late 50s or even 60s.

That is why I have to find a way to be successful in property. It is possible and I am 100% going to find a way.

What to do …

If you are like me, your job is a means to an end. You want at least a plan B. And really you want your Plan B to take over your Plan A.

Property is very powerful when you know what you are doing. I have learned the hard way and am finally making the right investment decisions.

Learn from some of my mistakes at: DUFFMONEY. Then go and learn from the experts in property.

People like Simon Zutshi, Rob Moore, Rob Dix and many more in the UK. Or even Grant Cardone in the US.

When you start reading their books you will see what is possible. Especially when you see case studies of their students who are smashing it in property.

Anything is possible. Just don’t forget to appoint your solicitor during the buying process …

Book of the week: Believe It, by Jamie Kern Lima. This book demonstrates what is possible with hard work and believing in your gut (or intuition). It is an underdog story that is worth reading.

For a hard copy visit the excellent Imagined Things Bookshop: Imagined things.

Leave a Reply