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The Property Podcast

TPP384: Development projects and lockdown: How one investor faced this nightmare scenario

The Property Podcast

Rob Bence & Rob Dix

Education, Business News, Business, News, Investing

4.82K Ratings

🗓️ 23 July 2020

⏱️ 21 minutes

🧾️ Download transcript

Summary

A couple of weeks ago The Robs interviewed serviced accommodation specialist Chris Ryder to find out how the coronavirus had affected his business. Well now they’re back this week with another guest, Natalie Gascoyne who’s going to talk us through how she handled renovating two major projects through lockdown.  Natalie is the owner of Davis Properties and she’s no stranger to tackling plain BTL’s and HMO’s. At the moment she’s currently working two commercial-to-residential conversions and we’re keen to find out how those have been affected by what’s currently going on. When COVID-19 first hit, Natalie was due to exchange on two properties, so rather than pulling out completely and losing thousands that she’d already invested, she decided to delay the process.  Unfortunately, one project was delayed further with another party member pulling out, however, on the other property she managed to bag a £30,000 saving!  How? You’ll have to tune in and listen to the rest of Natalie’s story... We don’t often talk about commercial-to-residential projects on the podcast as it’s never really been a strategy we’ve advised investors to do.  But Natalie seems to have quite a good strategy in terms of the kind of properties she looks for and the areas that she sources them in.  It’s certainly not the kind of project for the faint hearted and you’ve definitely got to be able to envision the end product to take something like this on.  So who knows, after hearing about Natalie’s journey and strategy, maybe this could be something to consider for your next purchase.    In the news this week, it seems like the rest of Great Britain weren’t too pleased when England received a stamp duty holiday. Now it seems that Scotland and Wales have jumped on the bandwagon and are also offering a stamp duty holiday up to £250,000. However they are slightly different… In Scotland investors still have to pay the surcharge which is 4% and in Wales you have to pay the surcharge and property investors are exempt from the stamp duty holiday. So some good news across the country, even if investors won’t 100% benefit from it.   This week’s Hub Extra it’s a book that Rob D is already calling his book of the year! So you know it’s got to be good. It’s called ‘A Bit of a Stretch: The Diaries of a Prisoner’ by Chris Atkins. He’s more commonly known as a documentary filmmaker who got caught up in a tax avoidance scheme to do with the film industry and ended up getting sentenced to five years in prison!  The book is based on the diaries he wrote whilst in prison and it gives you a really good insight as to what prison life is really like and hopefully it will be the only experience you’ll ever have.   We’d love to hear what you think of this week’s Property Podcast over on Facebook, Twitter or Instagram. You might even have a topic you’d like us to cover in the future - if so, pop us a message on social and we’ll see what we can do. Make sure you’ve liked and subscribed to our YouTube channel where we upload new content every week!  If that wasn’t enough, you can also join our friendly property community on the Property Hub forum. See omnystudio.com/listener for privacy information.

Transcript

Click on a timestamp to play from that location

0:00.0

Hi Rob B. Here,

0:03.9

here with Rob D and yes you are listening to the Property Podcast

0:07.0

now doing a refurb project.

0:09.0

That's pretty tough at the best of times.

0:12.0

But what if you were doing a refurb

0:13.6

project in the middle of lockdown? And then imagine you were doing more than one. How

0:19.1

would you handle it? Well this week we've got a guest who's been through that experience and is going to share it with us all.

0:27.0

Welcome to the Property Podcast where every Thursday investors come to be informed and inspired.

0:37.0

I love these episodes where we speak to a real investor who's out there doing projects and finding out what life is like for them right now.

0:44.8

So that's what we've got coming up. It's going to be a great conversation.

0:47.4

And make sure you stick around after that because in Hub Extra I'm going to be sharing a book that I've absolutely loved.

0:53.5

So time for our new story of the week.

0:56.3

And Rob, what's grabbed your attention this week?

0:58.8

Yes, good news this week for investors in Scotland and Wales.

1:02.3

Each country has its own version of Stamp Duty,

1:04.8

though they call something slightly different, and initially when England and Northern Ireland

1:09.6

announced the extension in the Zero Rate Band of Stamp Duty Scotland and Wales didn't.

1:15.5

But in the last week or so they have the threshold in both countries where we have to pay nothing

1:20.8

at all has been extended up to 250,000. That's lower than it is in

1:26.6

England but the reason for that is that property prices are generally lower so

1:30.1

the idea is that roughly the same percentage of properties end up falling within the zero rate

1:36.0

band. But it's not purely good news. In Scotland, just as in England and Northern Ireland, investors

...

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