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mikec78uk

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About mikec78uk

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  1. Thanks for sharing. Not going to lie - after spending a small fortune to change the doubling clause to be one based on the RPI, I’m now hearing your story and concerned I’m stuck with an unsellable liability as opposed to an asset ...
  2. @paulkirk I am currently in the process of sorting this out. My solicitor advised it is circa a 4 week process. The clincher was during a discussion with the solicitor when they said "it makes sense to get this done since selling the property to anyone who is not a cash buy could prove difficult. Lenders don’t like these rent doubling leases and often won’t lend. It just unfortunate that it’s going to cost you to sort it out." I knew this anyway but hearing it from the solicitor just hammered it home as something that needs sorting. It was a decision purely made to ensure the
  3. Kind of - I’ve decided that I will be going ahead with the deed of variation primarily due to fear that not doing it will affect future saleability, but since there is no deadline associated I’ve got some breathing room so it’s on the list to resolve.
  4. @elliotw88 I haven't gone a head with it (yet) - there was no closing date on the offer so I'm bidding my time with it at the moment. I think I probably will do this but I have until 2025 to commit to it or not. It's worth mentioning that the option to do this can from the freeholder - it's not something that I initiated.
  5. Thanks for responding, it's hugely appreciated. Regarding the £795 - the letter states that the "developer Cedar Country Homes Limited has not offered any such assistance scheme which would fund the removal or replacement of the 10 year doubling clause in your lease...the offer is subject to a payment of £795 (no VAT payable) in order to cover our client's legal and administrative costs of dealing with the preparation and grant of a Deed of Variance". Basically I have to pay the developers admin fees. I agree the £5k seems high - this basically wipes out any
  6. I purchased a property through RMP back in 2015 and recently had an “Offer to vary Ground Rent Review Clause” from the Landlord (via their management company). This variation would remove a 10 year ground rent doubling clause and would instead replace it with a clause which increases the amount of ground rent payable in line with the Retail Price Index (RPI) every 10 years for the remainder of the lease term. Essentially for the cost of £795 the landlord (Ishguard Limited) are “prepared to offer a Deed of Variation for the reduced premium relative to the value of the re
  7. Hi, I have received a letter regarding the ground rent on one of the flats I own.. essentially there was a 10 year doubling of the ground rent and the leaseholder is offering a "Deed of variation" to change this to be RPI linked. I'm looking for a solicitor or can look over the fine print and handle this issue on my behalf - does anyone have any recommendations?
  8. I'm sure there a number of people on the hub in my situation and I was interested in your views (I couldn't see a similar thread, but if this has already been answered, apologies for the duplication). I am a freelance contractor who works as the sole employee of a limited company. I have one property (a flat) which is owned personally but I am intending to build a standard UK buy-to-let property portfolio through a limited company (although the company exists, there are no holdings at the moment and the portfolio would consist of flats and/or houses). The property company would be purely f
  9. Hi Kevin and Andy, Thank you for your input, this has been genuinely helpful. It's helped to point me in the right direction. Based on your input and the discussions I've had over the past week with my accountant and the mortgage advisor I'd been speaking to before this came along, if I were too progress this I think Kevin's option 3 of "put the mortgage in just your name, with your parents having a deed of trust" is the way forward...
  10. Hi everyone, I was hoping I would be able to get some advice from someone in the group who may know about these things, or be able to point me in the right direction. The situation I'm a newbie when it comes to property investment, having read lots of information, I've saved a reasonable deposit and I'm due to have my meeting with RMP property in a couple of weeks with the intention of starting my property portfolio. Then...I was recently discussing my plans with my newly retired parents who had a suggestion of "we'll match your deposit and we could start together", after the i
  11. Promo code received, audiobook downloaded, listened too and reviewed on audible. Thanks Rob, much appreciated.
  12. Hi Rob, I already have a hard copy, but it would be great to get the audio version so I can listen to it on the go (if theres promo codes left of course) Thanks, Mike
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