FAQs
The road to a successful property investment journey involves sourcing the perfect property. But what makes the property perfect? Various factors are at play that determine whether a property is fit for investing, such as the location, average rental growth in the locality, change in property prices, the extent of refurbishment required, etc.
Here is where we start aiding in your journey. Our robust system allows us to source perfect properties for you, relieving you of the hassle required for this process. Owing to our due diligence, we pride ourselves on the properties we source for our clients.
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If you want a buy-to-let deal through us, you must attend our Webinar. After the webinar, we will add you to a WhatsApp Broadcast Group, where you will get deals through us.
It depends on your choice in which your background plays a part. So does your risk appetite. The way of financing the same is usually cash purchase or mortgage. You should invest in category-3 properties as you get maximum capital gain. Later, you should also invest in categories 2 and 1 in a mix-and-match fashion for optimum gains.
Cash purchase means payment of the entire investment amount in week 12 (completion date) of the purchase process. But it is generally advisable to buy via mortgage of 2 or 5 years. Landlords go for remortgage in most cases.
Purchase can be either by personal name or by way of a new Ltd company. The tax structure will be different for both scenarios, with higher interest rates for an Ltd Company. If one of the partners is in a higher tax bracket and the other in a lower bracket, you should buy jointly in a 99:1 ownership ratio. In either case, we take care of the entire process.
Whoever in a couple is in a lower tax bracket, buying in a personal name must focus on them. However, if their combined annual income is above £50,000 p.a., it is advisable to form a Ltd company as an SPV unit for the purchase.
There are three categories of property in Galaxy of Homes ambit:
Category 1 – investment £42-44K, price-£50-65K, rent- £450 p.c.m.
Category 2 – investment £46-48K, price-£65-80K, rent- £475-525 p.c.m.
Category 3 – investment upwards of £48-50K, price-£80K+, rent- £525-575 p.c.m.
In case of multiple purchases from us, the typical suggested property buying ratio (average) should be 2(category-3): 2(category-2):1(category-1). The rest depends on the buyer’s realities at the time of purchase.
We offer a Galaxy Discovery tour on weekdays where we show them our 10,000 sq. ft. office, meet and greet with our office members, and take landlords for a drive to show different types of properties, which are not refurbished, semi-refurbished, and fully refurbished along with their property as well.
Properties in the northern part of England are much cheaper compared to the southern and eastern parts of the UK. Rental demand is comparatively high in the northern part of the country compared to the other parts. Capital appreciation is also decent in the north, so people investing there will get a decent rental and capital yield for their investment to acquire the property.
Category 1 – investment £42-44K, rent income – high, long-term capital gain - low.
Category 2 – investment £46-48K, rent income – medium, long-term capital gain - medium.
Category 3 – investment upwards of £48-50K, rent income – medium, long-term capital gain - high.
The choice of category of property to be purchased will be on the above. Also, the purchasing power, risk appetite, mode of purchase, and funding determine a choice.
Yes
Yes, we certainly do. We currently have clients from Australia, Singapore, Hong Kong, UAE, Netherlands, etc.
We have a full-fledged India Office in Kolkata looking after our business. We have directors there who look after your needs if required.
If someone is uncomfortable in English, they can re-attend the webinar and understand it because the language is simple. If somebody still has difficulty understanding, they should attend the webinar again.
You cannot buy in your child's name unless they earn. You may add them in the joint name, but it is not advisable as they will lose the benefits for a first-time buyer and will not get the stamp duty exception.
Buy your Residential house (usually of much higher value) to get a good stamp duty exemption.
If you are not investing now, you are losing by 18%. If you are not investing now, your money will get hit by a 9% inflation rate and lose the capital and rental return of about 9% that could have been your return if you had invested in buy-to-let properties. So, to sum up, the loss of property return, and inflation will total up to 18% as of now.
If you put in a healthy deposit and have a decent income, you can borrow 75% of the purchase price. For example, if the price of a property is £60,000, the bank will lend you 75% of £60,000, i.e., £45,000.
Your parents can offer to help you with your deposit, which they can gift you as part of the mortgage process. The lenders will usually require them to sign a gift deposit letter. The family offset mortgage is where a parent or close family member puts their savings in an account linked to the mortgage. Here, it is best to discuss your options with a specialist.
Yes, the personal details of our clients are safe with us as we never share them with anybody external to Galaxy of Homes.
No, the deposit money must come from personal savings or LTD company transfer. It may also be gifted to you by your parents.
Yes, many of our buyers are from outside the UK. You do not need to visit a property at any time to purchase. Everything gets done efficiently and remotely. You can then have the income paid into your international bank account. However, people from overseas will not get mortgages in the UK.
When a deal is sent to the prospective landlord through WhatsApp to select and lock it, they will reply to the WhatsApp message, saying something like, ‘Please lock this deal for me/us/our company’. From there, we require the name, address, phone and email ID with £2100 as our 50% booking fee.
Even overseas people can establish an LTD company in the UK and buy properties under that company name. They will not get a mortgage because they lack a British passport.
Because there is no substitute for local knowledge and expertise when choosing or letting a buy-to-let property. We have been in the business long enough to have let most types of property on most streets within our marketplace. We know what is achievable and will select the right tenants for you to avoid costly and distressing mistakes.
It is generally not feasible because we follow a particular model which won’t work in the given situation. However, certain exemptions may exist in some cases.
No, in such cases, the person concerned is not eligible for a mortgage for locking a buy-to-let deal.
If we have not refurbished, we will not take the responsibility to let out your property.
Yes, in this case, Galaxy of Homes can only source the property and not be liable to let it out because we never let the properties not refurbed through us. The client must arrange the letting on their own.
All our properties look the same from the inside to maintain our identity. Hence, we cannot compromise with anything during the refurb process.
The entire refurb process takes around 10–12 weeks.
The cost of refurbishment depends on the type of property you choose.
Yes, landlords can visit their properties after the refurbishment. We have a designated tour for landlords, where we take them around our 10,000 sq. ft. office and arrange a tour of a few under-refurbished properties, fully done-up properties, and the landlord's own property. We also introduce landlords to the refurbishment project manager, lettings team, and the compliance team.
We have a team of skilled and professional project managers who monitor the entire refurb process, ranging from the start of the project to plastering, paint, kitchen design, plumbing, etc. We ensure landlords get weekly updates on the refurb progress. After the refurb, we send professional marketing and final photos to all the landlords, along with a before-and-after video.
After refurbishing, we typically keep a window of six to eight weeks to find the right tenant for your property.
We market your property using online ads to get potential tenants. We conduct thorough background checks before letting anyone stay in your property.
In case the tenant fails to pay the rent, we will be liable to pay the rent to you if you opt for our 12% property management fee.
Yes. Most of our properties allow well-behaved pets.
We regularly post our to-let properties on Rightmove and our Facebook page.
Our inspection team will visit a property every quarter post tenancy.
If the tenant is not at fault, the landlord will cover the cost of repairs. However, if the tenant is responsible for any damages, then the tenant will be liable for any costs incurred.
Galaxy Financials provides comprehensive financial management services tailored specifically for investors in buy-to-let properties in the UK.
Galaxy Financials offers a wide range of services like investment structuring advice, meticulous bookkeeping, accurate ROI calculations, and comprehensive accounting and taxation assistance.
Galaxy Financials provides optimal suggestions based on each client's unique circumstances, considering taxes, liability, and financial management implications.
The bookkeeping service tracks all financial transactions related to buy-to-let properties, including rental income, property maintenance expenses, taxes, and other relevant financial data.
ROI calculations measure the profitability of an investment relative to its total cost, providing investors with insights into the performance of their investment properties. Galaxy Financials specialises in providing accurate and transparent ROI figures to help clients make informed decisions.
In addition to investment structuring and ROI calculations, Galaxy Financials offers a full range of accounting and taxation services tailored to meet each client's specific needs. This includes assistance with limited company formation, tax planning, compliance, and other financial matters related to buy-to-let investments.
Client financial records are stored securely in a cloud database accessible only by authorised personnel and clients. This ensures transparency and accuracy in financial reporting while maintaining strict confidentiality and data protection measures.
