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goslingl12

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About goslingl12

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  1. Hi need some advice re agent charges... I bought my flat new build and as part of the purchase I was given 0% agency fees for the first 12months (tenant moved in in January last year). The tenant ended their tenancy early and moved out in December (after 11 months). However they did not pay their December rent. The agent therefore deducted December's rent from the deposit which they've only just released back to me now. I saw however that they'd deducted their fee from this. When I queried this they advised that because the payment was released to me now (despite it being for December's rent), they are entitled to their fee as 12months have now elapsed. Are they allowed to do this? Are they allowed to make deductions from a deposit? I'd really appreciate advice on this
  2. So I purchased a new build flat in 2018 where the freeholder agreed to the use of the flats as 'rent to serviced accommodation' (i.e. subletting by the tenant permitted). As such, my letting agent found me a tenant who offered a 5yr 'guaranteed rent' in exchange for using the flat as a serviced accommodation.Fast forward 1yr later and the freehold has been sold to a new company who flat out prohibit subletting of any sort. Therefore notice has been served on my tenant.I've emailed my lettings agent to part ways as they have not found a replacement tenant or been very proactive/communicative at all during the whole process... To which they've responded they'll need 3 months notice.Any advice on options/ response?
  3. Hi, I’m looking to gift one of my personally owned BTL properties to my wife in order to benefit from her lower tax bracket. I’ve read that property can be gifted by either (1) legal ownership change or (2) beneficial interest change – the main difference between the two that beneficial ownership gives an economic interest in the property (i.e. share in: rent proceeds/ sale proceeds/ tax benefits) but no legal ownership & control. Has anyone gone through this process? Any advice on how difficult/straightforward it is? Cheers
  4. Thank you this is helpful. So to be specific, as it stands the walls are unplastered and the floor is bare wood. I was thinking to plaster the walls & paint white, and leave the floor- I guess no point laminating/laying down anything, only for a tenant to decide they want something completely different and tear it all up a month later! Does that sound sensible?
  5. So I'm looking at a potential commercial unit investment (Class A1 - Shops) which is currently vacant and in need of a facelift (ceiling & wall plastering, re-flooring, wiring etc). I'm keen to know what the 'minimum standard' is for refurbing commercial units of this sort before bringing them to market? E.g. is it similar to residential: flooring, walls, plumbing, electrics, etc all done- or is there more that would be expected from a potential commercial tenant (e.g. outside shutters, alarm systems, aisles, counters, etc)? Any knowledge resources/articles would be most welcome! Thanks
  6. Hi,I'm looking for commercial agent/surveyor recommendations please. I'm planning to invest in a commercial unit (ideally mixed use) for my next purchase- but struggling to find any websites/ portals/ etc that aren't auction houses.Any recommendations?
  7. Thanks Adam- helpful illustration, appreciated. I'll be looking at a project towards Q3 2020 so I look at reaching out closer to that time. Many thanks
  8. Hi there, I have a question on what deposit contribution is required at the point when you refinance onto a mortgage from a bridging loan upon its expiry.. For Example: - I purchase a property worth £100k using 100% bridging (secured against other properties I own) - I perform refurb works increasing value to £150k. - I refinance onto a 75% BTL mortgage once the bridge expires In this scenario, what deposit am I required to contribute at the point of refinance? Is it: £25k (25% of £100k) / £37.5k (25% of £150k) / other? Answer is probably really obvious but I'm snookered... Thanks in advance
  9. Hi all, When reconciling P&L accounts for your property ltd company, what is the correct way to categorize a director's loan received (specifically for the purposes of funding the deposit for a BTL)? Same question for mortgage interest repayments. Thanks
  10. Hi, I'm based in London and looking to potentially do a refurb project in the North. I'm keen to put a project manager/ managing agent in place to monitor and drive the project through to spec and timely completion. Any ideas on where/how one would source such an individual?
  11. So it definitely pays to shop around, and the cost seems to depend on how you position it with solicitors... The quotes have ranged between £100+VAT and £500+VAT- all for the exact same service (witnessing, explanation of terms & conditions, provision of an advice certificate, etc) **sighs deeply** My overall 2 cents worth: shop around and if you've gone through the process before, definitely mention it!
  12. Hi, I bought a BTL property last year via an SPV and paid £500 + VAT for independent legal advice for the personal guarantee. I'm now on BTL no.2 and would absolutely love to avoid being robbed at daylight this time round! Can anyone suggest and London based solicitors (or national ones offering the service via Skype) that can give advice at a reasonable price? Thanks
  13. Simple yet effective solution- thanks Simon. Solicitor didnt mention this, but true to form- they cover themselves by presenting all potential risks without always giving practical mitigants.
  14. Funnily enough, it didn't make it into Rob & Rob's top 5 predictions for 2019 a few weeks back. In terms of yield and capital growth, a very good prospect (depending on location choice of course) and good value. The only thing I feel it's missing/ awaiting is the largescale regeneration we're seeing in Liverpool & Manchester at the moment. I'm sure it's turn will come soon...
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