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David Watling

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  1. Hi, We have a property which is rented to four individuals on one AST. The initial 6mnths are up and the contract has now moved on to a monthly rolling. One of the tenants would like to move out and they have sourced a replacement tenant. The property is managed by an agent who is carrying out referencing and has agreed that a new 6mnth AST needs to be signed by all parties, so far so good. The agent stated they do not carry out an inspection when a tenant swap takes place as they expect any damage/cleaning/negligence to be negotiated between the vacating tenant and the new tenant. I'm a little concerned about this for two reasons; 1. When the tenants decide to end the tenancy and move on we only have an inventory from the first AST which will make it hard to hold the new tenant responsible for any damage. 2. Is it ok for the outgoing and incoming tenants to swap deposits between them or is best practice to refund the deposit and protect the new deposit and deliver new prescribed information? If anyone has dealt with a similar situation or has any opinion on the best way to operate it would be appreciated, thanks, Dave
  2. Hi There, we have a property that we own in a Ltd Company and are now in the process of mortgaging. As part of the mortgage offer we are having to provide personal guarantees for the Ltd Company which is all fairly standard I believe. The Mortgage provider has requested that we seek independent legal advice before signing the guarantee documents and have this evidenced, the solicitor dealing with the mortgage for us claim they are unable to do this and that we need to find another solicitor to provide this. I have only had one quote from a solicitor we have previously used which has come in at a whooping £500 +vat, I am waiting for a few other solicitors to come back to me. For context our mortgage broker thinks this should cost £70 and be quite straight forward. So, has anyone else had to go through this process? How much should I expect to pay for this advice? And is there a decent solicitor out there that you would recommend I contact? Thanks
  3. HI All, I'm looking to build a small property portfolio as part of a wider investment portfolio as I can't imagine my pension will ever amount too much. I've been listening to the Property Podcast every week for almost a year now and was close to starting my portfolio in Crouch End last year until the purchase fell through and we were back to square one. Since then we have moved out of London to Farnham Common in Bucks and the London market has continued to gallop away. While I would still love to own a property in London I'm struggling to find an area where the numbers stack up and I can afford the required deposit. I'm looking further a field now and hope to have my first property up and running in the next few months (I understand this statement doesn't qualify as a SMART goal). I'm not sure I currently have much in the way of expertise to offer but hopefully this will change as I gain experience. Cheers, Dave
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