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Richlist

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Everything posted by Richlist

  1. In your shoes I'd already be briefing my solicitor and taking his advice. On the basis that I would be thinking I am 100% correct, haven't done anything wrong, have contacted everyone that needs to be alerted and ultimately I won't be paying the bill.
  2. But they will both have insurance for such eventualities.
  3. If the cause of failure is too many bends.....why did it not fail during the previous 11 years....2009 - 2019 ? Would the failure, more likely be, as a result of modification to the storage cupboard doors carried out by the Council ?
  4. Here is my opinion...... If the existing boiler and flue installation passed the annual gas safety cert' checks every year up until now......it's reasonable to assume that provided the rules haven't changed, the cause of the failure is due to work carried out by the Council to the bin storage doors. This is not something that requires a phone call and a 'leave it with you to sort out' type of issue. It needs action by the Council NOW. Get back on the blower......make clear you expect action within 24 hours, put it all in writing, be prepared to get your solicitor involved to follow up. It's urgent.
  5. I don't understand why you guys have a problem. The Gov' come along, give you a stamp duty holiday, a reduction in VAT, discounted meals in August, defer your tax payments until January 2021, offer you the best savings rates available and a grant of up to £5K for energy savings and all you can find to do is moan, whinge and complain. Next you'll be telling me that you are Labour supporters. Life could be so much worse.
  6. I suspect we will see this in England. The pandemic is not over.....although large sections of the country think it is or are indifferent. A 2nd wave is more likely than not and the authorities are not going to be in any better position to help people made homeless.......so it makes good sense. If I were in Government I'd support it although it could potentially cause me personally a lot of grief. Most of us landlords have learnt to roll with the punches. Keep smiling.....gyms open from today.
  7. That's easy........it'll last until we get the 2nd wave of CV19 and everyone will be back in lockdown. I reckon that'll be before the end of October.......so you might have about 3 months max. I was accused of being to optimistic and upbeat earlier today !
  8. Putting a job out to tender and receiving quotes doesn't mean picking the cheapest is necessarily the best route. Managing agents will often deal with a number of different leasehold property groups and build up a working relationship with contractors on whom they can rely based on the quality and timings of their previous jobs. The whole idea of having a group of people to organise and oversee work to leasehold property is so that individuals dont have to do it themselves. Having fellow leaseholders appointed as directors who take day to day decisions on costs should ensure money is not wasted resulting in higher than necessary service charges. We had someone like yourself who wanted to get very heavily involved by analysing the breakdown of costs for maintenance & service charges and it was a total and utter pain. The time, effort and cost of providing that info, answering unending questions and having the directors integrity questioned was not welcomed. Probably the best way to effect change is to become a director yourself.
  9. It's very difficult to give you a detailed reply because we haven't seen your lease. There are are rules that the freeholders needs to follow, they should get comparative prices for all works but the lease may give details on what specifically is required.....depends on the wording. If you live abroad you will struggle to get much info. I think company rules permit you to view all documents but, at their registered office & by prior appointment....so you are already at a disadvantage. If directors are appointed from the leaseholders I assume there will be a regular AGM .....although even that doesn't have to be every year.....again living abroad puts you at a disadvantage. If there is a professional managing agent involved they should be well versed in buildings maintenance & housing and company law. Read your lease......at least 3 times....they are not easy reading. Find out about the last agm.....ask to see the minutes. They won't like sending you anything overseas. From that you can put a picture together on how the set up should look and compare it to where it actually is. Beware some leasehold set ups are incredibly complex and will take a while to understand.
  10. I assume your property is leasehold. Everything the leaseholders & freeholders can do, how, when and under what circumstances is contained in your lease. You may find the management company can make a charge for providing you with copies. Sometimes you have a right to view documents at their premises by appointment. First thing to do is read your lease. As a leaseholder you should receive annual accounts to show how the service charges are made up.
  11. Richlist

    CGT

    My day keeps getting worse !
  12. Richlist

    CGT

    Yes I read that in the press today. Seems there is a suggestion they are looking at CGT with a view to raising rates in line with income tax. They took a very close look at inheritance tax last year but no changes were proposed. ...... So: 18% would rise to 20% 28% would rise to 40% Ouch ! However, I suspect with an increase as high as that there will be caveats e.g. they may allow transfer of property to family members at a lower or nil rate as a sweetner. Should those increases happen, I just did a quick calculation on the CGT payable by comparison on a small flat i am hoping to sell at the end of this year/ early next year. On £170K sale price my CGT bill would rise by £9000.
  13. Well there are subtle nuances to they way an advertisement can be worded. Clearly 'No Benefits Tenants' is very blatant and in your face BUT how about...... .'working tenants only', ? 'tenants must be in full time employment' ? '£xxx minimum income', ? ' must qualify for rent guarantee insurance' ? Etc, etc.....all of which would probably exclude most people on benefits.
  14. Ok. So more poor reporting by the BBC. Nothing to worry about. Business as usual.
  15. See https://www.bbc.co.uk/news/education-53391516
  16. Yes I agree. I had a similar situation....had long term tenant, he lost job, went on benefits, continued to be an ideal tenant, now he's back in full time work. But I wouldn't want to take someone on benefits from the start. It's a bit of a specialised area of letting. People who do it regularly like Grampa seem to manage it very well, are happy with that, know the tricks & wrinkles etc. But it's not for me, never had been.
  17. A new court ruling has found that landlords and agents can no longer refuse people in receipt of benefits as they have ruled its unlawfull & discriminatory. How will that actually work in practice ?......(I know it's no longer DSS but I'm gonna use that term anyway). * No DSS is part of the t & c's of some mortgage lenders. * DSS won't qualify for rent guarantee. * DSS are unlikely to provide a home owning guarantor.
  18. Your contribution will be even less than that......nearer to a 1/4 after you have offset your payment against tax.
  19. The cut in SDLT is the most interesting for me. There was no mention of the 3% surcharge paid by property investors so at this stage i am assuming the surcharge remains...... nevertheless, every bit helps.
  20. I think I'd prefer to wait until the Chancellor has made his speech and we know exactly what's on offer. All I've seen so far is a right wing press who can't seem to get much right at the moment and a Labour party that does nothing but whinge & moan.
  21. This thread has gone a bit off track.....I'm as guilty as anyone for that but......the future might be looking a bit sweeter ; Potentially included in the summer statement from Rishi Sunak tomorrow is...... * Temporary SDLT reduction. * £500 voucher for adults, £250 voucher for children to boost spending. * Short term VAT cut. * Green homes grants for improving insulation.
  22. I might have to cancel all my previous suggestions.......there is talk of Mr Sunak introducing a stamp duty holiday (to boost the market) for properties up to £500K......If it's open to investors, it might be an opportunity to good to miss. Keep an eye on the media the next couple of days.
  23. Exactly....... House prices fall for first time in 8 years so say Nationwide. No point buying at the top of the market if we are likely to see some downward movement. I can't see prices rising short term even though there is a massive shortage of everything property except empty shops on our high streets.
  24. I can't offer any specific insight into letting property in Newcastle........although I have been there and I love the place. But I can provide a very lengthy list of reasons to be cautious about buying and letting property generally at the moment . Many items on the list have been there for a long time and individually wouldn't normally create a reason to be overly carefull. But we have what I would call an almost perfect storm...... Covid 19 with no end in sight, unemployment, economy in trouble, Gov not doing very well, Brexit at end of year with all the uncertainty it brings, potential civil unrest, general lack of optimism, freeze on evictions/court action, increased legislation, tenants not having to pay rent, etc etc etc......I could go on all morning. I would recommend caution.......put your money (or at least some of it) into electric scooters......you might do a little better. Good luck.
  25. Howay man......are you serious ?
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