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Everything posted by Richlist

  1. Your experiences are exactly that.....your experiences and it's absolutely right that you operate your business based on what works for you. However, someone else may have entirely different experiences.... with different tenants, in a different part of the country, with a different property and a different business plan.
  2. Wether you have a broken phone or have locked yourself out of your appartment......it's not your landlords responsibility, it's yours. If you have had a new lock fitted you are required to inform your landlord and give him a new key. This is a UK property site.
  3. Surely you are not suggesting that because you had one bad experience letting to an accountant that the rest of us should be extra careful, are you ? In my opinion there are far to many variables socially, economically and geographically to advise anybody on their choice of tenant or method of risk management.
  4. I think it does depend on the type of tenant you let to. There is a lot of difference between letting to a professional e.g. teacher, doctor, engineer etc and letting to someone on lower income or on benefits. There is not a simple one stop answer that covers all tenancies.
  5. I think you can. A Quality tenant beats a quality guarantor any day........less admin, less cost, less hassle, less stress etc etc. But, there are obvious problems if you take this view :- 1. Quality tenants are as rare as hen's teeth or as someone pointed out to me yesterday.....as rare as French fishermen prepared to give up their rights to fish in UK waters and 2. The few Quality tenants that exist in Essex are already renting from me.
  6. Richlist

    Tier 4

    I'm in the process of selling a property and have a viewing pre arranged for later today (Monday). I was concerned that this would be called off due to the stricter rules for areas in Tier 4. But, I received an email from my local Council with details of what's allowed and what's not allowed. We couldn't believe what can still go ahead although Christmas itself is going to be very different this year. We make sure viewers wear masks and we wait outside whilst they look around the property and then answer any questions outside at a distance. Went to collect our order from the supermarket yesterday.......loads of people not social distancing &/or not wearing masks. No wonder numbers are rising, lots of people are not taking precautions. Stay safe.
  7. Richlist

    Tier 4

    We are in Tier 4 now but, * Estate Agents still open and operating. * House viewing still permitted.
  8. I don't believe there is a problem with getting EPCs done in my part of Essex. EPC inspectors will want to be earning a living. Best done in an empty property but in any case I see no difference to any other contractor......electrician, plumber, central heating repairer etc. Provided there is social distancing, mask wearing and perhaps hand sanitiser available an EPC is no more risky than plenty of other tradesmen. Estate & lettings agents are still open and operating......if it were me i would go ask a local agent who their go to person is for EPCs......and take it from there.
  9. That means you will be letting the property without a gas safety certificate for 4 or 5 months. Gas safety certificates are a legal requirement and it's our responsibility to advise you against breaking the law. Penalties are likely to be very costly, your insurance is likely to be invalid, you will be in breach of any mortgage conditions. Your neighbours will be very unhappy with the danger to them and their families and it's completely wrong. Please rethink your plans.
  10. I love your optimism BUT why would I consider using an untried & untested start up instead of a top notch existing contractor that I know will deliver exactly what I'm looking for ? A few years from now things could be different when they might actually have a track record and an acceptable reputation. But at the moment......I wouldn't touch them with your bargepole. Nevertheless...Happy Xmas & good luck.
  11. Let's look at the statistics..... Population circa 60 million. Most employees in Nationwide under the age of 50. Vaccination priority list puts them somewhere near the bottom, none of them will have been vaccinated by April 2021. A return to work puts them in the same danger of contracting the virus as today. Madness, total madness. I'd question whether Nationwide management are up to the job......it certainly wouldn't install me with confidence.
  12. Yes, seems I was right after all, clearly there is no point in getting a pre inspection. ☺
  13. I wouldn't recommend getting a 'pre inspection' inspection. Be very, very careful how you phrase that question. Surely it's not advisable to suggest or comment on the suitability of the existing gas pipe. The last thing you want to do is give the plumber an indication that you think the pipe 'might be to small'. A willing customer is almost a guaranteed job & potentially a blank cheque. If you are told you need a bigger pipe argue your corner.......e.g. previous owner was ok, original installation thinks 15mm pipe was satisfactory etc. Ask them to quote the part of the regulations that require a bigger pipe. Do let us know how you get on.
  14. How strange !!!!. What do they think is going to happen in April 2021 that will mean it's safe for their employees to return to their offices ?
  15. A Company Let is not an AST. Many landlords steer clear of Company Lets......they bring their own set of issues and are often not allowed by mortgage lender or insurers.......have you checked ? There will be a whole list of current building control requirements that your property will not meet. That doesn't mean you are required to correct any of them 'by law'. But it's common sense to ensure your property meets basic safety requirements in order comply with your duty of care. Should the Company have raised the issue of no handrail before entering the contract ? Yes of course. But you are the owner and you are responsible for providing a safe property, not them, so you are both at fault As a landlord you will find that there are often unexpected surprises that cost you a few hundred pounds, but the cost is tax deductable.
  16. Yes Grandpa is right. You do of course have a duty of care to ensure your property is safe for tenants and you shouldn't let it in an unsafe condition.......BUT......that's not the question you asked. Are you aware of all the legal and quasi legal requirements for letting residential property ? It is a rather long list.
  17. If you are letting on an Assured Shorthold Tenancy (AST) = No
  18. ......and presumably gas central heating ? Also presumably the previous owners were living quite comfortably with that set up ? The problem might occour if there are more people/ residents living in the property so that the gas demand is higher. Your fall back position might be: * Remove the gas fire and cap it's supply. And * Remove the gas cooker and replace with electric. That's likely to be cheaper than the need to re-pipe the gas supply in 22mm or 28mm.
  19. You could always sell up, pay a massive CGT bill, invest the equity .....then you really will have something to moan about.... half a million pounds @ 0.3% = £1500 a year .....then it's taxed. Cheer up.....Xmas will soon be over.
  20. You'll have a lot of stiff competition from some much bigger outfits who already have a great reputation e.g. Pimlico Plumbers...... already own the territory, offer a fantastic service, 100% reliable, tried and tested by everyone including most celebs who live in London, able to handle almost anything, great prices, loved by everyone including the great Joanna Lumley. Even if you undercut them on price you can fail to impress customers on so many other fronts e.g.......response times, customer service, speed to complete, quality of work, guarantees, ability to liaise with tenants, cleanliness, removal of rubbish, ability to fix it first time, appearance of tradesmen etc. Good luck
  21. I haven't kept up to speed with tax rules for Ltd Companies so I only know a few snippets of information. One thing worth pointing out is that interest rates on Ltd Co mortgages are usually higher and would require a personal guarantee and that will also apply to any loans that are taken out. The estate agent who deals with my rentals has recently formed a Ltd Co for his personal rental portfolio. As I look up to him because he has a wealth of knowledge, experience and had many years in the business I would assume it's a worthwhile move.
  22. The problem with doing it retrospectively with an existing portfolio is that you will incur legal fees, estate agent fees and sdlt. And CGT. Profits will be subject to Corporation tax instead of income tax. It's currently lower but who knows what the future holds. You can take profits as dividends tax free but I believe that is now limited to £2K pa per director. If you take more its subject to Corporation tax and when you receive it you will also pay income tax on it. It's more suited to larger portfolios rather than someone with one of two properties.
  23. I know that it's very likely a buyer who is an investor is going to get on with the job ie. there are going to be minimal delays. The buyer will have some experience of what & where any hold ups are likely to be and we can work together to get to completion asap. If they are also cash buyers there will be no hold ups with lenders. The whole process is quicker and cheaper for me......my solicitors bill will be less, my monthly costs for running an empty house...circa £200 will end quicker, the sale proceeds will be in my bank faster etc. That opportunity is worth a (big) discount which I wouldnt offer to a FTB who would very likely provide the exact opposite of almost every benefit the investor can offer. Most investors know they offer advantages and will use SDLT costs (amongst others) as a bargaining tool. It's the sellers choice wether to pay some of the buyers SDLT costs in exchange for accepting a more attractive buyer. I enjoy negotiation, some people dont. Property sales offer many, many opportunities. An FTB is just not in a strong position to offer a low price as they are unable to offer anything in exchange other than a willingness to buy.
  24. Let's look at an example. Let's take a property on the market for £160-£170K. The buyer is looking for say £165K * An investor comes along paying cash. Cash has to be worth something cos there are no mortgage delays....I might knock off £2K for the advantage. An investor is going to have a £6K SDLT bill which I would normally meet half way. So the investor gets the property for £160K. * A first time buyer with a mortgage and ZERO SDLT is gonna have to pay at least £165K. Unfortunately FTB's just don't get it !
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