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Richlist

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Posts posted by Richlist


  1. So.......

    * Your name(s) at least needs to be on the tenancy agreement......you can use the agents address.

    Unless you a)sublet....which may breach mortgage or insurance requirements or b) form a Ltd liability company

    * Your full names and address will always be available from the land registry.

    * Consideration needs to be given for emergency contacts i.e. Out of hours emergencies when your agents are shut (evenings & weekends).

    * There are now a long list of documents that have to be given to the tenants. It would be quite difficult and probably quite costly to ensure 100% that your names and address was not on Any of those documents.

    Personally I'd forget the idea completely.


  2. My understanding is

    * A rental contract can be for any length.

    * The minimum term for an AST is 6 months.

    * You cannot evict someone unless by mutual agreement before 6 months have elapsed.

    * I've never heard of a 6 month AST with a 3 month break clause......it's non enforceable.

    * Evictions in England are currently banned during the pandemic.....so if tenant doesn't want to go,  you are stuck with them.

    Someone who knows more than me will be along shortly.


  3. The subject is complex.

    The rules are that like for like replacements can be offset against income tax. For example a basic kitchen replaced with a new basic kitchen is tax deductible but as soon as there is an element of improvement it cant. If there is improvement it can only be offset against capital gain (CGT) when the property is sold.

    There are anomolies......take windows. If you replace single glazed windows with double glazed (that's all you can get now, single glazed are not available) then that's an improvement but as that's all you can get you can offset the cost against income tax.

    If you replace a gas boiler with a new condensing boiler.....that's the building regs now, you can't get a like for like replacement, then the same applies.....offset against income not capital gain.....providing you don't add radiators or other extras.


  4. Ok, so the property is already let, you are receiving rent.

    * You can therefore offset the cost of a new boiler/ repairs/ EPC etc against income tax.

    * You can also offset the cost of replacement items such as cooker, fridge etc ......but only replacements, not the initial cost of a new item supplied for the first time.  So, for example, if you already supply a vacuum cleaner and replace it for the new tenants you can claim the cost of the new item. If you don't already supply a vacuum cleaner and decide to provide one for the first tjme for the new tenants you cannot claim the initial cost of the item.


  5. Well I know I can be a cynic at times but.......the gas engineer would say that wouldn't he ? After all, if you accept what he says there is a chance you'll spend £000's of  pounds with him having a new boiler fitted. It's not always best to make decisions based on the comments of one person........why not get a few more estimates for repairs before making that decision ? By the way, my boiler is 31 years old and still going strong. I wouldn't dream of replacing it unless there was no other option.

    That brings me to another question. Have you let this property in the past or are you preparing it for its first let ? It's important because that's what determines wether you can offset the costs of a new boiler against tax.


  6. I would have thought it was more cost effective to replace the broken part (pressure vessel) .......then perhaps you can start making a profit in 2021.

    Most of us with rental property that's local keep a couple of spare heaters available which we can drop off to our tenants whilst we wait for a repair man........which doesn't happen very often.

     


  7. When I started 20+ years ago I used to provide cooker, fridge, washing machine and a vacuum cleaner.

    Now I provide a cooker, which is usually built in so I have no choice and a vacuum cleaner. Vacuum cleaners are quite cheap, we supply a Henry (costs less than £100 new) and the tenant has no excuse but to keep things clean and vac the carpets. I'm happy to remove my vac cleaner from the inventory if the incoming tenant has their own.

    If there is a garden it's a good idea to offer a lawn mower. That way there is no excuse for tenant not to cut  the grass. Again I'm happy to remove lawnmower if tenant has their own. As gardens are quite small, a flymo does the job adequately.

    If you have a really top of the range executive property then a tenant will probably expect all of that + a washing m/c, tumble drier, microwave, fridge, freezer. Most quality kitchens will have some of these built in. It's not normal to provide small electrical items like kettles, toasters, irons etc.

    Washing M/c's are the single most problematic item generally. If anything is going to go wrong it's gonna be the wash m/c so I no longer provide them.

    Personally I think it's best to provide the minimum you can get away with whilst still being able to attract tenants at the going market rent.


  8. Ok, many thanks for providing that update.

    All these gas regs make me look forward to the days when gas boiler installations / replacements are banned. Instead we should all be moving towards installing heat pumps......all electric, no gas. Can't wait.


  9. As far as I know.....

    * Currently minimum energy rating for rentals is band E or better.

    * In Scotland from April 2022 the minimum is changing to band D or better.

    * Gov' consultation taking place to reduce minimum to band C or better in England.

    * Curent average in England is band D


  10. I see you have a guarantor in place. If they are a home owner then you should be able to arrange to have a 'charge' placed on their property for the outstanding amount you are owed. If the guarantor realises that you will be perusing them for outstanding rent......irrespective of whether they have any ready cash to pay you....it can result in them putting pressure on the tenants to pay.

    The downside is that you may need to wait until they move or sell their house before you get paid.....which could be many years.


  11. I agree that there is little you can do given the circumstances except follow the guidelines regarding keeping records of your requests.

    It's worth bearing in mind that owner occupiers are not required to obtain a GSC. There are probably hundreds of thousands of properties around the country that have never been checked since their gas central heating was installed and many of them will not have been regularly serviced unless there was a breakdown.  Your rental property that was gas safety checked 12 months ago and more recently serviced is undoubtedly far safer than most of them.


  12. That raises the question.........are they still allowing regular inspections ?

    * See my link further up the page.....I don't know  if that adds anything to what you already know.

    * My attitude would be ....If they want to cause me problems then I will reciprocate.  I'd let them know the tenancy will be ended at the earliest opportunity and...

    * That I would be mentioning it on any reference I'm asked to provide.

    Letting property would be so much easier if there were no tenants involved !

    Happy New Year.


  13. I'm no expert and I'm probably telling you some of what you already know.

    * The 4 days without a gsc means if something goes wrong during those 4 days it will be bad news for you.

    * You can't issue a valid s21 without a gsc.

    * A new gsc must be provided to tenants within 28 days.

    * Lets face it, you cannot be the only person to be late with a gsc renewal. I'd hazard a guess there are thousands of landlords who have done the same. A minor oversight is not what legislation is designed to punish so I doubt there is likely to be any penalty.

    Someone who knows more than me might be along shortly.

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