Kulasmiley

Ask to speak to the senior supervisor of the officer who refuses to attend to inspect. Put that in writing. Also maybe speak to your local MP to intervene as to why the council is acting this way, as you are providing much needed accommodation to your tenants.

Request again a reinspection with a different officer.... Read More

Hi _ I am actually doing the same as you. Been working on it for four months, its going to be really special and will stand out from the crowd.

Will yours do that?

It has to be within a certain budget for your area.

I could have sold this 3 months ago but would have got less without the refurb.

I personally won't be greedy.

I will ask for "offers over" a certain price and see where it goes. Work that price out according to 2 things.

1. What your CGT will be after your CGT yearly allowance?

2. What all your time/expenses were since you bought it?

If you are CONTENT - then fix your price inc the below.

It will sell if you "also have an inducement to complete within 2 months with a cashback of £1,000."

I have done this deal before at auction and the buyers did NOT complete in time and begged my solicitor to find out if the deal still stood, as they were three days late!

"The cheek of them!" - I was told.

Opinions eh?

I still paid them the £1,000 inducement when I didn't have to,

WHY?

Because "the spirit of the deal" was for everyone to be "content"

YOU can make someone else happy and yourself happy by doing

"something different for the sale".

"stand out from the crowd"... Read More

"The Wrapper" - to legally save our property business (either trading and selling or investment landlords) and mitigate looming higher taxes and 40% inheritance taxes so our kids are kippered?!

1. Incorporate with smart property structure with alphabet shares?

2. Family partnership Ltd or LLP?

3. Trusts?

4. SSAS or SIPPS Pensions?

5. All/mixture of some of the above?

Over to you......let's get this right!!

ps. I have been selling off two properties per year from my portfolio and taxed at 20%, I have 8 properties in my portfolio, approx 2.2 mil assets, 750k mortgages.

Shouldn't we be thinking about a scenario we we slowly extract away from the PRS and diversify using a combination of the above strategies, and then re-invest into a no hands on approach commercial property investment into companies with proven track records?... Read More

Without a doubt it will cost to set up in a LTD Co as Mark Smith suggests. The big question is

"How much (many £1,000's I would think) will it cost if you do/we don't set up in a LTD Co?"... Read More

Good question... Read More

Following... Read More

following this.... Read More

Hiya,

Just wondering what part of Wales this is in? We rent in the valleys. Maybe you can request an inspection?... Read More

Hi David, very interesting. So, how does the distress for rent act work? Does it need to be in the tenancy agreement as an addendum perhaps?

Thank you

Kev... Read More

Hi David, how does the distress for rent act work? Does it need to be in the tenancy agreement as an addendum perhaps?

Thank you

Kev... Read More

Don’t trust the words of this tenant. Carry on and let the tenant know that you are adding on your costs.

Give them a choice to leave earlier before your date to which you are happy to release their liability for future rent. Make them sign and handover keys. Be strong, don’t overthink. Just be resolute.... Read More

Hi Rosalind, would that Distress have to be in the tenancy wording? How would wording this be applied to the hearing?... Read More

Hi there.

Apply for your licence as soon as. Be as friendly and professional with the enforcement officer as you can. Also due to COVID you may have been impacted and that should be taken into consideration if you were late etc for access to certain flats. Ask his/her professional experience as to if you’ve made errors etc on the property, thank him/her for their time, ask if they are safe and well from COVID. Take a note pad and look professional, smile as best as you can.... Read More

Also go the anti social behaviour route for riding his bike over the garden, and stick that on the notice... Read More

1. Serve him Section 21 notice.
2. Serve him a 14 day notice to pay your demand for demand for market rent for all the rooms and how much you have potentially lost
3. Include in the above the cost to refurbish all the property now that it is more wear and tear.
4. Include in the above you will apply for courts costs and it may damage his credit worthiness if he does not pay.
5. State that you are willing to let him “free of his tenancy along with the others at a certain mutual beneficial date one day after the two months notice.... Read More

Jay.

Everyone has their own take on advice.

1. Phone local council hb department and ask their take.

2. I have rented to a family member and council phoned me to confirm he was a family member and they agreed to pay AS i was not a father of a family member renting which is prohibited. IE, not a son or daughter.

3. Check Universal Credits website to check “their exclusions” on renting to family member.

4. You may not get market rent with a family member

5. If family member has children - do the right thing and help them whilst maximising the rent received via 2/3/4 bedroom rates.

6. Set up your tenancy squeaky clean, bond protected, inventory, NRLA tenancy agreement.

7. Lucky no 7. - feel good about what you are doing 🙏🏽👍🏾🌈

Cheers - Kulasmiley Kev 😂... Read More

Thank you all for your comments on this!

If we have a property that is divided into flats/rooms etc and the mortgage is £1,000 and three tenants don’t pay for 3 months (but are applying for Govt help scheme), then it could take a few months for them to get help?

Meanwhile ball the costs of letting, etc are still payable.

Landlords could still be in a cashflow predicament.

This is why we need NRLA or us to start a petition that we be classed as self employed immediately and scrapping of the sect 24 tax system. We are in a real crisis and are being left behind.

We are the very people that help get folks off the streets. This Govt is thinking outside the box - let’s push them further to think 🤔 about the above!

Any thoughts please (be kind to all replies my friends)😷✊💕.

Kevin... Read More

Let’s all canvass NLA/RLA to be classed as self employed under the Covid 19 emergency.

What if we do Airbnb holiday accommodation?

What if we spend all of our time doing maintenance paperwork etc on ours and other’s properties, aren’t we a TRADE, then classed as self employed?... Read More

Very saddened to hear this. David worked so hard and was a caring kind person that gave up his time for others. I didn’t personally know David but we as a landlord family our heartbroken for his close family. If it is one good thing for his legacy, we must all come together to keep doing the good things we do. If there is anything we can all do to help his family at this time, some tribute in his good name, anything, please don’t hesitate to ask.

Kevin 🙏🏽... Read More

Denise, thanks for your comment as I was feeling left out on this forum. I can totally understand other landlords reasons for keeping hold of these assets, and I have thought about my own. But the truth is for me personally I will survive going forward where I don’t have to beg to eat or think about having a roof over my head. There are literally 1000’s if homeless people out there and that is not the fault of landlords. Each one of have to think how deeply we care for our NHS. We didn’t from day one become a Brexiteer or a self serving society. I have come full circle and am comfortable with losing 80% of my wealth if I could help 50 homeless people. The problem we have is the government’s have always failed in housing and they have always blamed landlords.... Read More