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Richlist

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About Richlist

  • Birthday November 27

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    Essex
  • Interests
    Women, wine, music.....in that order

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  1. If it sells......don't forget to pay your taxes. CGT would be due in England & Wales, payable within 60 days of sale....I don't know what the set up is in IOM.
  2. * I always left the electric switched on so I could set up a couple of table lamps on timers in the evenings, the last thing you need is a break in. It's also an advantage to be able to switch lights on when people are viewing the property on dark, overcast days. * Contact all the utilities and get the bills transferred into your name. * Don't forget to check your council tax situation and pay it if necessary. * Make sure you take all the meter readings. * I'd turn the central heating off as it's the end of March.....unlikely to get any very low temperatures now we are in spring. * Make sure the hot water controls are off. * Inform your insurers it's now empty. * Don't forget to lock all doors & windows. * I always made sure I visited the property every 2 or 3 days to check all is ok. Good idea to have a next door neighbour keep an eye on it for you.......give your contact details in case of emergencies. * Above all else NEVER ASSUME your agents will keep an eye on things for you......they wont.....they just want their sales commission. Good luck.
  3. The big problem, which I have never understood, is why people just can't bring themselves to say the 'N' word. It not difficult, you just take a deep breath and say NO. The buying process has been honed over hundreds of years by millions of buyers and sellers. It's designed to afford some protection and guarantees around what, for many, is the biggest financial outlay of their lives. Why private individuals who have little or no experience of the conveyancing process think they know better and want to change the system is a total mystery to me. Unless a property has an overriding advantage for e.g. development, opportunity potential or price then why take the risk ? There are plenty of other properties around.
  4. Maybe I'm just guilty of being nieve but I'm still suffering from shock at the news.......it will likely take me some time to get over it. Of course I knew that the numbers were high, but nowhere in my wildest dreams did I expect it to be 9 million (16-64 year olds). That 9 million presumably will include the following......mature students, early retirees, prisoners (80,000), drug takers (0.5 million), long term sick (2.5 million), mums/homemakers, Prince Andrew and the idle rich etc. I used to consider myself one of the 9 million because I was fortunate to retire at 53 but now I much prefer to call myself a member of the idle rich.
  5. 1 in 5 working age adults are economically inactive ie. not working.....that's 9 million people + another 1 million are unemployed. We have 900,000 job vacancies in the UK......what's going on ! Where the hell are they all living ? How do they pay their rent ?
  6. Richlist

    Mice

    Your best bet is to ensure there are no gaps in the building for the mice to enter. Explain to the tenant where your responsibility ends and theirs begins and that they need to set traps or poison. Get the ball rolling by buying some proprietary items that'll cost you less than £20 just to get them started and tell them to get on with buying their own. If there is any food lying around that is not in a container, fridge or cupboard the mice will eat it and they'll keep returning. We had a lot of success with poison. It acts as a coagulant and dehydrates the mice very quickly so they die of thirst. Obviously care needs to be taken if there are pet's around.
  7. Richlist

    Mice

    Whenever I have had mice in rental property, it's as a result of having gaps/holes in the fabric of the building. Those buildings often had some form of cladding e.g. timber with small gaps in the wood or sealer. I accepted those gaps as my responsibility to fix and the mice my responsibility to eradicate. If your property is brick built without cladding or any gaps in the outside walls then the mice (and the damage they cause)are not your responsibility. However, it's probably in your best interest to help your tenant in any way you can and it doesn't cost much as there are lots of excellent products available. The only time we had nice in our own home was due to an integral garage. Garages have gaps especially around doors and if you leave food (pet food, bird food etc) in bags then the mice will get in and eat it. So we just made sure any food stored in the garage was in metal containers.
  8. I can't answer your questions in full but........It's important to remember that the freeholders will view the management of your development as a business and will expect to make a profit. In fact they will do what any business will do and go out of their way, wherever possible, to maximise any potential profit. I don't believe you have a right to have them send you copies of orders, receipts, invoices etc. However I think legislation permits you to visit their offices, by prior arrangement, once a year, to view the documents & accounts. You should always pay the fees every year, never, ever fail to pay as that could result in serious problems. It's always best to pay and then take action where necessary, afterwards.
  9. Thanks for clarifying that point. I'm a shareholder in e.g. Marks & Spencer but it doesn't confer any special rights to me seeing detailed documents or contracts that the directors enter into with their suppliers and business associates. I suspect that your situation may be the same. I'm sure they'd respond if you had specific questions regarding service charges, the work carried out, the legalities/ notices etc.
  10. This is where we really don't have enough information to be certain. Sammy didn't say he owns a share of the freehold just that he is a shareholder. This may mean he owns a share in the Company that manages the development (e.g. repairs & maintenance etc), along with all the other owners who own a share.
  11. I'm puzzled with the levels of management.......management company (who own the freehold), directors (appointed by who ?), managing agents (who presumably handle day to day work on the estate). As a leaseholder I assume you aquire one share when buying a property, directors are appointed at an annual shareholder/residents meeting and they delegate work required to the managing agents. Most of the requirements will be detailed in your lease. If you have issues with whats being done or when or how it's probably best to talk with the directors or you must have a contact supplied by the managing agents......talk to them. There is every chance that there won't be a single contract. Work such as repairs or maintenance will be handled on an ad hoc basis. They will bring contractors in with skills to deal with whatever work is required at the time.
  12. This probably won't help you much but it might give you someone else's perspective. When I read your note all I could see were mistakes that I wouldn't have made.... * I certainly wouldn't let a newly refurbed property to a single mum & son. * I wouldn't have furnished it & I wouldn't have supplied anything new. * I wouldn't have failed to increase the rent. * Regular inspection should have identified water leaks. * I'd have taken Rent Guarantee Insurance or a home owning guarantor to cover missing rent. * The landlord should be checking the Agents work......especially at check out. You have incorrectly assumed your Agent is going to do a good job. * You picked a bad tenant and a bad Agent. You have been unlucky but some of that is down to you.
  13. I never bothered with it for the 20 years I let property. I always assumed it was part of Direct Line Landlord Insurance.
  14. Why are premiums increasing sharply for home insurance ? What's the excuse this time ? We know car insurance is increasing for some cars.....and we know why but I can t work out why it's increasing sharply for property.
  15. I've heard a few landlords, including yourself Grampa, previously say that they have let to benefits tenants successfully. I think it's more of a problem for new or inexperienced landlords. We have all heard of and read of people entering the business thinking they can handle everything themselves without any problems.......we know that's not always the case. In spite of me using my Agents as a tenant find service, I was always very, very picky when selecting tenants. I wouldn't hesitate to find some excuse to reject anyone who wasn't suitable 'in my opinion'. My Agents knew what I was like and filtered many before they viewed the property. However, I'm sure that other landlords on their books who were less discerning were sent applicants who weren't the best. As my Agents provided RGI they did of course have a vested interest in only providing those that 'ticked all the boxes'.
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