http://www.bennettpropertymgmt.com/

Bennett Property Management, 20-22 Wenlock Road, London (2026)

29/03/2024

Offer accepted 💪

Taken longer than usual to get a buyer for my first BTL which was purchased way back in 2014 as the freeholder went AWOL and left all the flat owners and commercial unit in limbo for the last 18 months!

Without instruction from the freeholder, our original management company contract terminated and the freehold company was eventually struck off from Companies House, reverting it to the Crown. It's then been a lengthy process applying to the governments Bona Vacantia department to get it back, which is still ongoing.

Figuring out how to convince the buyers lender that I have the situation in hand has been a challenge, but by providing solicitors letters of the purchase, bank statements of our community account we've set up and sharing a signed agreement by all the property owners, I've managed to get them onboard 🥳

Can't wait to get this over the line so I can use the funds to start booking this summer's motorcycle adventure 🏍

19/09/2023

Absolutely livid to finally discover that the builder that I've paid over £120k to is a prolific con artist who has been impersonating another well-established local construction company since I hired him back in February 🤯

After arriving in Liverpool on the scheduled completion date of the 1st July to a half finished house, somehow I've managed to get the house fully functional by the end of summer with all 6 bedrooms now rented out 🥳

I'm so grateful to be supported by an incredible network of coaches, mentors, friends, family, and experienced professionals who have guided me through the most challenging year of my life. I may have lost my entire summer to this project and scumbag of a builder, finishing off and redoing a significant amount of the work myself, but the real hard work has only just begun...

23/05/2023

Absolutely disgusted with NatWest for rejecting my business loan application last month which would have funded the final third of the renovation! With no cash in the bank and 6 days until a crew of tradesmen would have been demanding their next payment of £14k, the bank pulled the rug out after a month of appeals and a previously successful application last year (a key factor in starting this project).

Spending several weeks for each application forecasting financial statements, creating business plans and providing every personal financial detail under the sun to meet their black boxed affordability criteria has been tedious to say the least. So receiving the final rejection of appeal stating that once they 'sensitised' the forecasts, they didn't think there would be sufficient profit to service the level of borrowing requested, it was a bitter pill to swallow.

There were always backup funding sources available, however the bridging fees were significantly more than the banks (£10k vs £3k for 3 months), so I was fortunate when family stepped up and trusted me with over £50k. The banks might not of had faith in me, but luckily I and others do. Because of this, 4 weeks before the project is due to complete, I've tenanted the whole property starting 1st July at £750pw week and will be able to pay back my investors when the property is remortgaged and the additional equity can be released.

*Here's me enjoying a very last minute trip to Portugal after securing the funding and finding my sanity 🙌

01/04/2023

🎉Big News!🎉 We're thrilled to announce that starting today, we're taking on our first client as a property management agent! 🏠🎉

We want to extend our sincerest thanks to the flat and business owners in Great Ashby, Stevenage for trusting us with their valuable asset. We couldn’t be more excited to be managing their property and building a lasting and successful relationship together.

To help with day to day operations, we're also hiring our very first assistant as we expand our businesses. So if you're looking for a property management company that puts their clients first, contact Bennett Property Management today to see how we can help take the hassle out of property management! 🙌🏼💼

26/02/2023

"We've found significant structural issues with the property…" 😣 That dreaded phone call nobody wants to receive on a major renovation. Until you take a property back to brick, you never truly know the condition of the underlying structure. Having found major cracks in the brickwork, the structural engineer will not allow the RSJs (steel beams) that will support the dormer to be installed, until the damage is rectified.

With the property being over 130 years old, you hope for the best but plan for the worst! Contingency is key, with 4 weeks buffer on the completion date and additional financing options already explored, after negotiating the additional costs, we're currently still on track to deliver the project on time and only £5k over budget.

For the smaller cracks, metal tie bars with epoxy resin can be used, whereas the larger ones will need entire sections of brickwork removed and rebuilt. Although unwelcomed, it's worth the peace of mind to know the building will be safe and still standing for years to come!

07/02/2023

Get in! Contract signed by the new contractor in 7 days 💪 With several daily calls to determine the terms and scope of works over the last week, we've also managed to negotiate a dormer and new roof for a fraction of the cost as they'll already be renovating the rest of the property. This will allow for the 6th bedroom and ensuite while still providing a spacious kitchen & living room for the tenants.

We now need to move to a buildings renovation insurance, start marketing for the next academic year (July), schedule a second appointment with the videographer at max rip out, and determine the heating solution to be used in the property (gas CH, heat pump or infrared panels) after evaluating all of the options.

And with a 16-week project timeline and 4 weeks of contingency, there should be sufficient time to complete the project before the next student cycle so we don’t have to Airbnb any of our tenants over the summer 🙏

27/01/2023

Ending a week at the office with our main contractor having pulled out of the renovation project we've been planning for nearly a year, days before it was due to start! 🤯

Fortunately I listened to my gut and saved some time by requesting quotes from other contractors in the area when he stopped answering calls and was reluctant to sign the contract over Christmas.

Even after knowing the contractor for a couple years and receiving advice on my 1st mini renovation back in 2020, was recommended by a close friend, had seen several of the properties he'd renovated in the area and confirmed his profile on the Federation of Master builders, without a signed contract he's not legally bound to the project. What I should have done is have a contract signed early last year, or least before signing up short term tenants at the end of summer in preparation for the project.

Quick 4 hr drive up tonight to Liverpool to meet another contractor tomorrow who is happy to sign a contract, show me some of his latest projects in the area, and returns all my calls!

18/11/2022

Tapping into a wealth of knowledge and expertise during our monthly London Chamber of Commerce Commerical Property meeting.

Having received some solid advice from a multi million pound contracts expert, we're now prepping a JCT minor works contract with our contractor which sets out roles & responsibilities, schedule of works, payment milestones etc

JCT might be overkill for a little home renovation, but you should always try and get something in writing before the work starts. If your contractor refuses, be wary! 🚨

18/11/2022

Floor plans agreed with architect 🤩

With all the challenges getting a dormer through planning since Article 4 was introduced in Liverpool, we've decided to go for a 5 bed 5 ensuite instead to ensure all rooms have adequate space.

As the 1st floor extension isn't under permitted development we'll still need to submit a planning app, but as it's matching the profile of the adjacent house we're confident we'll get it through!

30/08/2022

Tired of wasting valuable time and energy searching for and expensing sub standard hotels each week?

With Bennett Property Management you'll only have to deal with one accommodation supplier and payment each month for your team during the entire project, allowing you to focus on more important business!

Message us via Facebook and Instagram or give us a call on 📞 0207 846 0131 for more info

15/08/2022

Looking for the best deals for your employees accommodation needs? Look no further!

As part of our commitment to you the customer, if you're able to find a cheaper like for like quote, we will not only match it, we will beat it!

Call us now on 📞 0207 846 0131 to find out more!

Bennett Property Management

29/03/2024

19/09/2023

23/05/2023

01/04/2023

26/02/2023

07/02/2023

27/01/2023

18/11/2022

18/11/2022

30/08/2022

15/08/2022

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