Jump to content


New Member
  • Posts

  • Joined

  • Last visited

Everything posted by PaulDavidThomas

  1. I moved letting agent for a HMO I run last year. The new tenancy started in August. At this time, I had the issue where the new agent was not happy with the electrical certificate I had submitted. After a bit of persuading they accepted it. However, the agent is now being 'audited' and is now not happy with my electrical certificate. The electrical certificate submitted was from 2019 and it covered the works where I had the consumer unit replaced ( on going maintenance ) as well as various other tasks ( Heats / Smokes ect ). It was a Electrical Certificate Installation/Modification. They have requested an EICR. In 2019 I had the consumer unit replaced, heat / smoke alarms added, emergency lighting ect. As part of these works and electrical certificate was issued covering these works ( described as 'Whole' of house ) including replacing the consumer unit. All the circuits were tested and passed. However, the agent is saying this is not acceptable and they want a new EICR. My previous agent was always happy with the 2019 certificate, even though they needed persuading. I don't really want to go to the expense of a new EICR ( even though it lasts a few years ) as all the circuits were tested in 2019 and passed. I would appreciate some comments.
  2. So, at the moment my company owes me about £10k in interest due on loans to the company a year. Because for the past 3 years I've been refurbishing properties ( 3 of them ) I have a loss in the company of about £38k and now all of the property is let. So, I should be able to start drawing funds out of the company, firstly to pay down the interested due on the loans to the company and then later to perhaps erode the capital debt. However, I don't need the money at the moment so I might leave it just incase something pops up to buy.
  3. Where I have taken a personal load ( property finance ) and then lent it to my company. I can charge my company ALL the finance costs due privately and it does not effect my £1,000 limit. Doesn't matter if your on 25%, 40% or 45%.
  4. And yet, when you do the maths at 9% a year, the OP has underpaid by £46k. Or at an increase of 8% bringing the rent to £1,499. As no increases have been made during this period the landlord has lost £40K in rent. And the OP is grumbling ? Count your lucky stars and go find another property at £750, or even £1,000. I'm pretty sure you will not be able to get the same property anywhere near that price.
  5. If they get you a better deal than you can find, then yes.
  6. Over time the market rises. If you have the funds and can cover the mortgage invest. Give it 10 years you will have forgot about this. I've some properties from 30 years ago that were stupid investments and now are cracking. Time heals everything. Don't concern yourself too much about the day to day fluctuations. Past few years I've always bought when the market has been crap or going down.
  7. Don't read what comes out of the papers or on news web sites. It's just news. They make money by generating clicks. The more provocative, the more clicks. Over time, property goes up. It's that simple really.
  8. You either have the rent payments or not. If you don't go through the process of eviction. Whilst their might be reasons why this has occurred, from your point you don't really care. One way round is to see if either X or Y can do anything for you ( Labouring , painting , cleaning ) that can make up for the lost money and give them a way to pay you back essentially.
  9. I've done this in the past. However, what I did do is go and knock on the door and chat with the existing tenants to ensure I would get on with them and they were, err, 'normal' and would be ok to get on with. A 15 minute chat would determine that. Last time I did it, no issues at all.
  10. It's not up to the other people in the house to effect their life style because of your cat. This is the problem with sharing. The situation won't change how you want it too. I'd suggest another property. Harsh, but true. @Chris_Hancox is soo much more polite than me 🙂
  11. Pay the bill. Forget the tenant. Move on. It's not worth it in the scheme of things. It comes with the territory unfortunately. I've just said good bye to £1.5k for various reasons. Got the next person in, they paid six months up front. I've moved on.
  12. I would agree about contacting CAB. The only reason I ever frequent a property is if something 'iffy' is going on. Then you keep an eye on it. Let the tenant know you are keeping an eye on it. Other properties I don't visit for a year. No smoke without fire, I assure you.
  13. View this another way. You have been on a crazy good rent since 2013. I assume as each year has gone on, you have saved the difference between what you were paying and what the property should have been. It looks like the landlord is now asking ( perhaps after realising ) the 'market rent' he is not asking for any more than other similar properties are worth. Unless you know something I don't , any reason why he should give you a discount ? I did the same, I had three different houses that were on crazy low rents. Because I had a change in my life I decided to put the rent to the 'market' rent. Did I get any thanks from the tenants for the previous 10 years where they had saved near on £15,000 each ? Nope.... So why should I or your landlord subsidise you ?
  14. If your on the top floor I would guess it's a lack of insulation in the loft. If you are not then it will be solar gain through the windows. All I can tell you is your will get the opposite in the winter.
  15. I had this question for my accountant about the £1,000. If you have finance PERSONALLY and have leant funds to the company this is not associated with your £1,000 allowance. I have leant my company over £500k. It's just adding the interest due to me into the directors loan account and at some point in the future I will take it out tax free. At the moment I don't need it so I will let it ride.
  16. Look at this a different way. If you have borrowed money yourself ( personally ) and lent it to the company ( perhaps to buy a property ). Any interest due on the loan ( YOU ) took out can be paid back to you from the company without hitting or effecting your personal ( is it £1,000 ) a year allowance. Something to do with double taxation. Or, what I do is just stack it up in the directors loan account. I've got finance from mortgaging unencumbered private assets then lent the funds to my company. Saves about 1% on the borrow rates. If I really need the money back I can just borrow against the new company assets.
  17. If you mean insurance for a property whilst you carry out renovation works, yes, that is costly. I normally buy a house ( cash ) carry out the works and then get it insured. Yes I know people will blast me for it. But as I rip the houses guts out, my main risk is fire. So, I take an educated risk and ignore it. Please don't hate me, just saying what I do, doesn't mean it's right.
  18. My understanding as to why the costs have increase so much ( I have had the same ) is because the cost of the labour AND materials to resolve a claim has risen substantially over the past 1.5 years. Way above inflation and it is effecting the construction industry as well.... For example you used to be able to purchase MDF for £22 a sheet. Now, some of it is £60 a sheet. It is these and the labour cost increases that need to be factored in when an assessment is made relating to the cost of fixing your claim. You might actually find your 'sum insured' for your building does not even truely reflect the true costs of carrying out those works. As such some insurers are suggesting you get this quantified. It usually costs about £100. Of course if you have a few houses in the same area, do it once as a lot of these valuations will be done from the desktop as opposed to on-site. You could ( I would suggest this ) pay more to meet someone at your property. I would get more from this as I buy/refurb stuff. If your a normal landlord, perhaps less so. And I thank you 🙂
  19. I would contact your insurance who would claim from his insurance. I would suggest talking to the flat owner above and give them the chance to sort it before it goes to insurance, as neither of you want that. Remove ceiling and re-skim & paint. even if you need to bung a couple of quid your still up because of the excess. You can offset those costs against your income. Not ideal, but sometimes life isn't.
  20. I booked my money 7 weeks ago for a mortgage coming to maturity on December the 1st. Actually two mortgages, both in the company name. Booked the funds at 3.59% with Platform ( subsidiary of Co Op ). My broker who originally arranged ( ish ) the funds 4 years ago contacted me two weeks ago to tell me I needed to sort stuff out. He should have made this call 7 weeks ago ( at min ). Rule here... Don't trust anyone else to figure your funds out. If I had I would have waited I would have been spanked with another couple of percent on top for my mortgage. I have, just incase the platform falls through been putting funds to one side to knock some capital off the debt if it does not come through. I always like to have a backup plan as I've experienced naughty banks in the past. I went for 5. as that's a good rate ( even 2 months ago ) for 5 years worth of money. 5 Years goes fast.
  21. If it was in your husbands name, I would say perhaps not. It's a question for a solicitor. Arrange and informal ( usually free ) meeting with solicitor who deals with property and ask. The upside for them is they might get your future business.
  22. Three ways. 1. Do it yourself. However, my understanding is, if an issue occurs then your description would not be viewed as favourably as a 'professional'. 2. Pay someone else to do. Prob. £100 and they will take 1-2 hours doing it and providing electronic proof of it for later referal 3.Don't bother with it at all. I've been lucky and never had many issues and the problems I have had, I've just gone, ah well and done a bit of painting.
  23. Thanks Chris, Oh, I've done that already. Did that last year ! I've just registered a complaint with the Ombudsman service as I've not got anywhere with SSE ( OVO ). Hopefully that will kick them into action !! In conjunction with that I will follow your suggested route. However, the tenant is currently being fairly terse with me ! But that's another story !
  24. Building control and planning. If you are substantially changing the look of a property.... You know, not trying to put a damper on things or anything 😞
  • Create New...