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Richlist

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Everything posted by Richlist

  1. I've been selling some of my properties over the last few years. As I get older I'm planning ahead and have decided I don't want to be managing as many properties. So, it seemed prudent to start to sell them off ......this has been working quite well.......up to now !!! With Interest rates now at an all time low I'm starting to ask myself what am I going to do with another £170K if I sell another property. I don't need the money and I will definitely get a very low return where ever I invest/save it......but there is an alternative. If I keep the property it's currently providing around 4.5% after tax.......can't get that anywhere else without very high risk. I'm thinking I might just not sell ......yet.
  2. Richlist

    VAT cut

    My understanding is that the VAT cut to 5% only applies to hospitality & tourism (including holiday accomodation)......extended until 31st March 2021.
  3. Tradespeople are not required to wear masks it's optional and he is there to do a job of work. Its the tenants job to keep out of his way and to maintain a minimum of 2 metres between them. Tenants ! It's always somebody else's fault. They are responsible for their own safety.
  4. Ok 20% taxpayer. Alarm checked twice a year @ £100+vat x2 = £230 deduct 20% = £184/4 = £46 per flat Sounds like a total bargain to me.......not worth trying to do yourself. Go worry about something more important. 😃
  5. I've always used a standing order on the assumption that direct debits are not available to individuals. Never had much of a problem with missed payments when using a standing order. Are you trying to fix a problem that doesn't exist ? Or do you have an existing problem that a change to a direct debit won't fix ? If the tenant doesn't have sufficient income to pay the rent, it ain't gonna be paid irrespective of the method you set up. What you need is a backup........either rent guarantee insurance &/or a home owning guarantor. Have you got either of those ?
  6. You may be paying £195 inc vat but you can claim that as a business expense and if you are a 40% taxpayer the real cost to you is £117. Makes it look like a bargain.
  7. Probably quite a few but, 2 or 3 years from now most of them, if they remain rentals, will have been fixed.
  8. There is a distinct positive that comes from all this negative costly expense...... Residential property doesn't need an electrical (or gas) safety certificate if its not being let. So, anyone buying property might get a better bargain buying an ex rental property........at least it will have an electrical safety cert, at best it will have had many hundreds of pounds spent on upgrading the electrics.
  9. One alternative to consider is to rent a small storage room. You would need to pay the monthly fee......although some units are offered with the first month or two at £1. You may even be able to put the storage room in lodger boys name.
  10. I would think that you would probably need to replace carpets and other soft furnishings.
  11. You should follow the advice already given........contact him using the contacts he provided you with. It doesn't matter if he doesn't get back to you. Tell him what you are doing with the room (reletting) tell him you are putting his stuff in storage for xxx days then it will be disposed of. Tell him to get in touch urgently.
  12. I have lots of storage space space around my property. I wouldn't want to be faffing around storing stuff for 3 months on the off chance lodger boy is going to turn up and collect it. I'd want to be generating some income from this unfortunate situation, not giving myself a whole pile of extra work. If you have spare space then charge lodger boy for storage and if he's got any sense he'll collect it pretty darn quick.......if he doesn't it's gonna cost him more to get it. That's a win: win for you.
  13. To add to CoR's excellent advice..... No you certainly cannot sell his belongings. I'd pack/box all his belonging up and provided they didn't form to large a pile of stuff I'd store it.....in a shed, garage, spare room etc. I'd tell the lodger that you are storing the items and charging him £x per week. Then just re let the room.
  14. I agree Melboy.....the rules do seem to be weighted against the landlord where abandonment is concerned.......and often against the landlord in many other aspects of renting & letting. But the rules are aimed at protecting vulnerable tenants and situations where there are mitigating circumstances.....such as the one described by bil8999. As I understand it it's often quite difficult to determine if permanent abandonment has taken p!ace. However, in this case the tenant had left their belongings in the property which would have been an indication that they intended to return. The only safe way to regain possession is by obtaining a possession order. Edit......or written confirmation by the tenant that they have ended their tenancy.
  15. I like to think that I put the bulk of my efforts into choosing the most suitable tenants. Then I always ensure that I have rent guarantee insurance or a home owning guarantor. New tenants never get more than a 6 month AST......so we can part company sooner rather than later if things go wrong. Regular inspections......initially every 3 months. My agents, who I have worked with for 20 years deal with referencing and all the legal necessities. Maybe you do those things to. As a result of all that effort, I rarely have anything other than minor issues to deal with. Your missing rent payments are only one indicator of abandonment......the other two are the keys left at the property and the tenants possessions being removed. As the keys had not been left and the possessions not removed its probable that the tenant was away as a result of mitigating circumstances. As it turned out, you discovered that is exactly the situation. What was it about the tenants belongings remaining in the property that led you to believe she had abandoned the property ?
  16. Well, surely all of those decisions were her choice, not just the bit about leaving her belongings ? It seems to me that you made a very bad judgement call. Given the same set of circumstances, I doubt very much that I would draw the same conclusion as you. Surely you can see that if the bulk of a tenants belongings remain then there is, not just a chance but, a very good chance that they have not abandoned the property. Abandonment has only happened to me once in 20 years.
  17. I've been selling off my properties for a few years now, usually one property per tax year. But what I find is that almost everything I sell is bought by another landlord.......sometimes a new landlord, sometimes an experienced one. Sales are......71% to landlords and 29% to private buyers. So, however much we all moan about the landlords situation there are p!entry of newcomers with money to buy.....which is good news for those of us that want to sell and the Agents we instruct.
  18. Surely she had left the bulk of her belongings and that would have indicated that she had not abandoned the property ?
  19. I sympathise with you, I'd hate this sort of thing to happen to me. * Try to attract a better kind of tenant. Stick to professional people.......doctors, teachers, engineers etc. * Avoid applicants on benefits. * Take rent guarantee insurance or insist on a home owning guarantor. * Above all else.....follow the rules, even if the courts are closed. It's always more difficult to design a satisfactory outcome after the event.
  20. No idea but, I wouldn't let that stop me from taking legal action against a seller should it become evident that they have misrepresented the situation. If all else fails there is the small claims court.....where you can add the court costs to the claim. I'm aware that many sellers will answer those questionaires in a non committal way e.g. 'not known' or ' not to my knowledge' ........but this situation would clearly be known by any owner of your property, so surely by not answering a question that they would know the answer to is misleading the buyer.
  21. My questions about your knowledge of the water supply situation prior to your purchase......which you have brushed over...... are just as important as your questions. Buyers are not required to blindly purchase or be misled as to what they are buying. Currently the questionaires that sellers are required to complete include specific questions about utility supplies, responsibility, routes of pipes, any historical issues etc etc. As your solicitor did not point out the unusual situation then it begs the question......did your seller answer correctly ......If not you may have a case for claiming costs from them. You will need to get copies of those questionnaires and legal advice depending on their contents.
  22. How did you get into this situation ?...... * Did you not realise when buying the properties that the present water supply arrangement was likely to be problematic ? * Did your solicitor not point out the difficulties with the water supply ? or * Was the current situation not highlighted to you prior to purchase ? Anything that is not normal should ring alarm bells and suggest further investigation is required. Presumably it will seriously affect the resale value of any of the properties affected.
  23. Seems the Gov' are looking at the feasibility of increasing CGT on property sales (currently 18% & 28% ) so they are inline with income tax rates.....20% & 40% & 45%. I'm looking to sell a small property shortly.......I just did a quick, ' back of a fag packet' calculation to see what difference it would make. The answer is it will add around £6000 to the CGT bill.
  24. That might be a bit confusing......there is a 'London' in Canada that's not far from Toronto.
  25. What I've noticed during the pandemic is that although the UK is made up of 4 main regions......England, Ireland, Scotland & Wales.......Scotland gets far more media time than they should. We hardly hear anything about Wales on the news or in the n/papers and Ireland is non existant. I get more news about what's happening in Wales from this forum than the BBC. Wales needs to up it's profile, start making a fuss, cause some waves......nobody in England knows the place exists, let alone the problems the people there are having.
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