Jump to content

tony_ mort

Members
  • Content Count

    42
  • Joined

  • Last visited

Community Reputation

0 Neutral

About tony_ mort

  • Rank
    Member
  1. Hi Sherena, Very many thanks for the information. I'm not going to be able realistically to delay the sales until after april '08, so it looks like we will take the tax liability on the chin! We haven't decided whether to formally continue this as a business - my wife feels that it is profiting from others misfortune (although it can be argued that it is a public service; especially if the alternative is repossession). If we do decide to go ahead, it strikes me that buying through a limited company may have benefits. If we decide to go for it I'll e-mail you. Thanks again, Tony
  2. Hi Plym, I hope you can help: About 3 months ago I bought 2 properties from homeowners wanting to move quickly. After renovation I've just exchanged contracts for the sale of the final one. This has given a net profit of £50,000, comprising gross profit of £60,000 less £10,000 capital costs. Three questions: 1. My understanding of this area of tax law is a bit sketchy; but having bought the properties in the names of my wife and myself, and were we to have no other capital gains before next April, would this be free of tax? 2. Should we wish to do this again year on year, would our position change, or would this still be a capital gain? i.e. Would the I.R. start to take a dim view!?! 3. Have you any view on how we should structure a business (including 2 teenage sons) if we were to run this full time? Many thanks, Tony
  3. Hi Sherena, To serve a section 21 you have the option to wait until just before the end of the period (1st July now). Don't tell them about the eviction until they have paid this month otherwise you could well lose this month unnecessarily if they decide to stop paying. Sorry though, you do have to give 2 months. Regarding eviction look at www.landlordlaw.co.uk - to get the full information and access to documents you will have to join, but I think it's worth it. Don't try to unreasonably raise the rent: you can only do it by granting another tenancy - which you don't want to do, or by serving a section 13(2) which gives them the option to refer the new rent to the Rent Assessment Committee (Rent Officer). They have the power to unilaterally set the new rent - and don't expect them to agree with you! You could try to bargain. I've done it a few times with mixed results: if they are looking for a council house forget it - you will have to evict them through the courts. If they want to rent privately you could offer full deposit and a good reference (and a sweetener if you're feeling generous) if they can get out ASAP. You can cite Environmental Health issues, or you want to move in yourself , whichever. Just don't give anything up front. Cash only as they walk out the door. If they do stay to the end you could try legal action for the damage, but even if you are successful, realistically you are unlikely to see a penny. If they have assets you could chase them, but it doesn't sound as though they have, and so it could be good money after bad. When they move ensure you change the locks as soon as you have seen them off the premises. Tony
  4. www.lease-advice.org.uk will give you the lowdown on what can be done. You should, with enough support be able to throw out the management co. Whether this would help - legal issues aside it looks as though you have two busybody pains in the ****.
  5. Your flat roofed concrete structure doesn't have long thin windows and faces out to sea does it?
  6. Confirm on your lease you can let. The management co could get difficult if you do it and are specifically barred from letting, or have to get the mgt. co's permission in writing prior to going ahead. As they hold the insurance they will normally need to know anyway. Regarding your mortgage - personally I wouldn't worry. You won't be able to take out another personal mortgage so infact their risk may even be reduced by your letting the flat. For completeness however, put a clause in the tenancy agreement that says: "This property is subject to a mortgage in favour of ..... It is irrevocably agreed between the parties that the tenant will, if so requested by ... or the landlord make rental payments (in part or in full), direct to ... in a manner duly specified at the time of any request." If your mortgage provider finds out at least he will know you were thinking of him.
  7. It does sound as though you would be better off evicting them. They really seem to be taking the ****. If you have time to do the place up you would be best off doing it sooner rather than later. If you don't, then serve a s21, leave the tenancy as periodic, leave the yard a mess, take the money and let them know the mice are their problem - they encouraged them, fed them, and left them when they were discovered. If however they are a worry to you, our local council environmental health does a good deal. If your place is in Plymouth then I've no doubt they will do a similar deal. If the people upstairs complain then you have the perfect excuse to action the s21: "sorry, but I've received complaints, happy to give a reference (don't say good), but there is a lot to be done and it can't proceed with you in residence". When you next advertize try using the net - I've got some of my best people from there. Without being classist (can you be?) people who use the net to find a place seem to be more switched on.
  8. whatever you do ensure you date the notice correctly - you need to serve the notice before the end of a 'period' when the tenancy is periodic, and it must expire not less than 2 months after service and on the last day of the period. For example: if your tenancy period ends on 7th of the month, if you serve (not just post) on the 6th June you can end the notice on 7th August, but if you serve on 8th June you end on 7th September. Note: if you get it wrong and you have to go to court the notice is invalid and you start all over again.
  9. tony_ mort

    Lodger

    This does seem to be a grey area: the relevant HSE legislation talks about lodgers and tenants, then only refers to tenant's accomodation. Lodgers aren't tenants, They don't have exclusive use. The HSE does seem to accept this. I suppose it would keep everyone happy to get one - they're only about £50 or £60 and if the boiler's a bit ropey it would be worthwhile. It may prolong the boiler's life - and that of your brother.
  10. tony_ mort

    Lodger

    No, the gas cert is only for a tenanted property. I suppose the reasoning is that you will die from CO poisoning too, so everyone is happy...
  11. J4L, For information, I spent 2 years in my early 20's working dogs on a sheep farm, these dogs were obedient, hard workers and eager to please. Definitely "man's best friend". I'm not too proud to say I filled up a bit on leaving. In our business, and we own over 30 properties, and there is no "us and them". All properties are well decorated, good value for money, and as I have said on this forum in the past, I never let to anyone I would not be happy to go for a beer with. I know them all and I like them all; so in effect I treat the job almost as an extension of my social life. Cats I am fine with, but dogs generally should be allowed plenty of exercise - for a working dog about 20 - 30 miles a day. This can't be done realistically in the city. I'm not dissing you or your dogs, I'm sure they are great, but when you inspect your property and find that the back garden has been redesignated a dogs toilet and the people with whom you previously had a good working relationship can't see why you are annoyed, then you can turn a good relationship sour very quickly. If I was letting unfurnished farm cottages then no problem, provided either there were no sheep in the vicinity or the dog was sheep trained. I'm not and nor are most people. Please note I'm not talking about 'toy' dogs here. Personally I don't have a lot of time for them, but each to their own. I still wouldn't allow them. Oh, I have HB and DSS, as well as private tenants. They get exactly the same service as everyone else: in some instances better, if only because I'm aware they don't have the same spending power.
  12. The best place for a dog within a tenancy is buried about 4 feet down in the shrubbery. Generally you can get away with telling the parents about anything kids have done, and they will take it on board and try to put things right: but the dog is god. Cats are normally a bit better, although an existing tenant did once want a cat in a 5th storey flat - I pointed out that they could always let the cat out of the kitchen window - Once. I agree with Rodent: avoid pets - even fish except on the ground floor, (preferably boxed - in the freezer). If as a gesture of goodwill toward existing tenants you decide to waive the no pets rule, then get the landlords written permission for the specific pet and get a supplementary agreement signed covering the change in circumstances.
  13. Is that any reason really for your getting rid of them at 6 months? Sometimes the Riot Act read once is all you need to get them to co-operate for the rest of the tenancy. They do something stupid, the sky falls in, they know you keep an eye on them, they never do it again: everyone happy.
  14. Look at the Q & A section of www.landlordlaw.co.uk - there is a question there that should help.
  15. In the first instance if you are in the property at any time alone dial your mobile. This will give you the number, if there is one. Calculate how much you will lose by the change of rental date and suggest that they raise their rent for (say)3 months to cover the shortfall. If you start a new agreement the deposit will need to be lodged. Don't worry too much about the stopped S.O., if you think they are decent then they probably are. Just tell them that if they don't communicate you have no option but to think the worst and act on it. Regarding notice, go by the tenancy agreement, not what amounts to a private agreement.
×
×
  • Create New...