Photo by Hayhurst Estates

Happy New Year! I hope you all had a relaxing break and are now ready to hit the ground running. We had a fairly quiet final quarter last year with all the budget speculation, but I’ve got a good feeling about this year.

This month, I’d like to talk about choosing your power team. As we start the new year, it’s a great time to reflect on what went well last year and what could be improved. A strong power team can really accelerate your growth – speed is so key in property, and that comes from getting good advice from the people around you.

I’ve had so many enquiries recently from clients who have had a bad experience with their existing broker or solicitor. At best, this has meant they’ve had to put more money into a deal; at worst, they’ve lost the property altogether or had to start again with a new application. Most of the issues I’m seeing could have been prevented, which is incredibly frustrating.

Here are my top tips to help you avoid making the same mistakes…

Find a broker who’s happy to have a proper conversation and understand the quirks of your deal.

It might be an HMO with a small communal area, low outside income, a company group structure, or a challenging property – but most scenarios require more than just gathering basic details and sourcing a product from a system. I’m seeing many clients chasing the lowest-cost option without considering whether the deal will actually complete. Valuation and admin fees are generally non-refundable, so make sure you’re not wasting money (and time) on an application that’s never going to go anywhere.

A good broker should give you one clear recommendation based on what you’ve asked for.

I see far too many emails listing multiple lender options with no explanation as to why you’d choose one over another. I will sometimes provide options – for example, based on the valuer being used, valuation methodology, or a two- versus five-year product – but not just a list for you to pick from with no guidance. That’s lazy broking.

They should challenge your numbers, not just take them at face value.

Common examples are the purchase price or the end GDV. While we can never be 100% certain, I’ve recently seen many cases where the GDV was never realistically achievable. Clients have wasted money on architects, valuations and solicitors before discovering issues that should have been discussed at the outset.

I’ve had one case this week where the GDV was based on the aggregate value of a small block of flats – calculated by adding together the individual unit values. This approach is only appropriate where a block is likely to be sold off as separate flats. In this case, the block included a very small unit and was a converted house, making it far more likely to be sold as a single investment. In situations like this, you would typically deduct 10–15% from the aggregate value, which makes a significant difference. We’ve taken a different approach with a different lender based on this information – something that really should have been identified from the start.

A broker with a strong network is invaluable.

You need someone who can recommend a good solicitor and insurance broker as well. We work with you to ensure every part of the transaction runs smoothly, because that benefits everyone involved. We’re here to add to your power team so you can focus on the other areas needed to grow your business.

Find a broker who generally completes on the terms agreed at the outset.

Occasionally, issues with valuations or legal matters will arise, but you shouldn’t be cycling through two or three lenders on every deal. A broker who truly understands lender criteria will know where to go first – and that isn’t always the cheapest option. Trust is crucial. While it can be tempting to chase the lowest rate, having someone you trust to guide you towards a solution that completes quickly is far more valuable when building your portfolio.

Choosing your solicitor

Ideally, you want someone you’ve worked with before, or someone recommended by your broker. Having a solicitor who communicates openly with the wider team – and is happy to work with your broker if things don’t quite go to plan – can take weeks off the conveyancing process.

Again, it’s not about cost. Finding a good solicitor goes far beyond that. Building a relationship allows you to draw on their experience and can save significant time and money by spotting and resolving issues early.

Some lenders have specific requirements for solicitors, or operate approved panels, so make sure you confirm you can use your chosen solicitor before you instruct them and start ordering searches (which come at a cost).

I hope this has been useful and helps save you time and money in the long run. If there’s anything specific you’d like to discuss, please get in touch via the HMO Roadmap. Wishing you all a very successful 2026!

About the Author:

Ellie Broadhurst is a specialist mortgage broker working at Baya Financial in partnership with The HMO Roadmap. She works with HMO property investors throughout their journey, from clients starting on their first project through to experienced portfolio landlords and developers. Learn more about Ellie here.