Adam Lewczynski

Hi Mark, I'm really sorry but I've only just seen your reply. I dont know how I missed it but if you still need any help then please do drop me a quick email to adam@londonpropertyinvestments.com Thank you and my apologies again. Adam... Read More

Hi Mark, we've been assisting expats for some 30 years and have generally found that the relationship they have with their own banks is the best initial source. However, if HSBC are proving difficult did they have any concerns about the current structure of your investments? Being a business owner or consultant rather than working for a major multi-national (secure job ???) can also influence some lenders with regards to loan-to-values and rates so its good to shop around and get whole of market comparisons. We don't offer mortgage advice but can put you in touch with some specialist brokers if required. Good luck. Adam... Read More

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Hi Peter, if the Section 20 notice procedures were not followed properly you may be able to recover your costs. Were you given 3 quotes and offered the opportunity to comment and get your own contractor to quote? Similarly, with the new charges, ask to see copies of the quotes from various contractors for the maintenance, cleaning etc.

It could be that a previous managing agent had done such a poor job that the new agents are now playing catch up with Health & Safety etc hence the increase in costs. Also check if a sinking fund has now been introduced which wasn't previously there. Does your lease allow for this?

If the insurance has been hiked up ask for evidence of competitive quotes

If there are any similar blocks near you try and find out who is head of the residents committee in those blocks and compare running costs and fees.

Challenging a service charge, appointing a new agent etc can be very time consuming and a can of worms, but worth it if the savings justify it.

Good luck! Adam Lewczynski B.Sc. MRICS... Read More

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Hi Paul, I am a Chartered Surveyor and run **MODERATED - NOT A BUSINESS MEMBER**. We specialise in advising expats and private investors and have been doing so for some 25 years.

My first bit of advice would be to speak to your own bank about mortgage products. As you have an existing relationship with them you may get a better deal. Generally, it seems that lenders are not so keen on expats who are freelance / self employed / working for small companies but it's good that your wife works for a big multinational. We can also introduce you to a couple of mortgage brokers who can advise you further on that.

Yields on single let properties (not HMO etc) are generally around 4 - 6% in London, although about 2.5% in prime areas such as Mayfair. We do a lot with corporate tenants such as Japanese banks but they are quite clear on the types of property they want and in which locations. For example Finchley and Ealing are popular but again its got to be the right part (close to the tube) and style. If you plan on living in the property when you return to the UK then you will have to balance your own personal requirements with those of what tenants are generally looking for.

You also need to take into account purchase costs such as stamp duty, acquisition fees, lawyers, surveyors, mortgage fees etc. These will all vary depending on what the purchase price is and we can advise you further on these on a property by property basis but for now take a ball park figure of about 6% of the purchase price.

Once you find a tenant you should budget about 15% for letting and management costs but once the tenant moves in they will be responsible for running costs such as gas, electricity, water, council tax. The landlord however usually remains responsible for repair and maintenance costs unless the tenant damages something.in which case they will have to pay.

I'm happy to advise you further on areas, prices, yields etc so please feel free to drop me a line to **MODERATED - NOT A BUSINESS MEMBER**

Thanks and best regards. Adam Lewczynski B.Sc. MRICS... Read More

Hi Gary, a word of warning first that commercial lettings and leases are a whole new ball game compared to residential. Very often commercial tenants use a commercial surveyor / agent to acquire units for them so if you come up against a pro who knows his market, you and your client could get your fingers burnt. Therefore if you want to advise your client properly I would suggest you either tell him to instruct an experienced agent.or you instruct a commercial agent / surveyor to work with you on a split fee basis.

I don't know where your property is, or how large it is, but as you will be well aware retail shops have taken a hammering in recent years. Depending on size / location you may need to value it on an ITZA basis (in terms of Zone A) and carefully assess comparable evidence. Commercial property capital values are heavily valued with regard to their rental value, so if you under let it your clients capital value will be seriously affected which in turn could lead to it failing to meet LTV covenants with his bank..

A good agent acting for the tenant will also have lots of tricks up his sleeve in terms of rent free periods, staggered rents, rent review clauses, service charge caps, break options, repairing liabilities etc so again you need to be able to advise your client accordingly or he could be left holding the baby!

Unless its a prime unit, 15 year FRI leases are a thing of the past. Many new leases may only be 5 or 10 years at best, with tenant only break options every few years.

You may also need to put in place a schedule of condition at the start of the lease which in turn may be used to settle dilapidations claims at the end of the tenancy. Again this is a specialist field and one which needs professional advice or your client could lose out on thousands.

As you can see, there are a whole load of factors to take into account and whilst the clients lawyer will help with the drafting of the lease you still need to negotiate the Heads of Terms.

Feel free to email me at adam@londonpropertyinvestments.com if you need any further help but, as I've said at the top, I would recommend that you get some help from a local professional agent / surveyor.

Good luck! Adam Lewczynski B.Sc. MRICS... Read More