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james champkin

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About james champkin

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  1. Hi guys, The main reason I ask about this is I've read that mortgage brokers/advisers are required to ensure that borrowers have an appropriate repayment vehicle in place when taking out an interest-only mortgage. I don't recall my broker ever having these discussions with me when he helped me take out my two interest-only BTL mortgages, and so I started to wonder whether I should be arranging something appropriate myself. Do other investors on here have any policies arranged for this purpose? Or do most simply remortgage the property at the end of their term and continue on interest
  2. Hi both, Really appreciated your input on this. I hadn't considered including high-end services like a cleaner. Have you any experience of that, Mark? Thanks, James.
  3. Hi everyone! I own two apartments in Liverpool, both with interest-only BTL mortgages. I've been reading around the topic over recent months and I have grown slightly concerned that I don't have a repayment vehicle in place to repay these mortgages at the end of the term. Do other BTL property owners out there with interest-only mortgages have endowment assurance policies etc. in place to ensure that they are able to repay their mortgages? Any advice greatly appreciated, as always. Thanks, James.
  4. Hi Richard, Many thanks for your very helpful reply! Based on your personal experience it sounds like Netflix may not be worthwhile, but I may trial including broadband in the rental package and assess whether this helps the apartment let faster. Thanks again for your feedback. Cheers, James.
  5. Hi everyone! I own two apartments in a large block in Liverpool, which tend to rent to Middle Eastern students and young professional tenants. I have found the rental market in Liverpool to be rather challenging over the last year, with the repeated lockdowns causing problems with sourcing new tenants. There have also been a lot of properties on the rental market, giving rise to competition. As a result of this, I have been forced to reduce my rents considerably in order to attract new tenants quickly enough. I have been considering ways to make my apartments stand out from the crown
  6. Thank you both for your very helpful advice! It's greatly appreciated. Essentially, they seem to be taking the stance where they will communicate with me directly but have told their solicitor not to respond to my correspondence. They also seem to be back-tracking on the commitments that they made through their solicitor. I think that it may be best for me to appoint a solicitor in this instance because I feel slightly 'outnumbered' and given that they have instructed their solicitor not to communicate with me directly, I think that it will be very difficult to make any significant p
  7. Hello! Advice required, please. I am involved with a long-standing dispute with a tenant regarding the formalisation of their tenancy. They have appointed a solicitor to represent their side and have told me to contact them through my own legal representative. However, the costs involved with doing so are very high and I would rather avoid, if at all possible. Question - can someone choose to only communicate with my legal representative, and refuse (and tell their solicitor to refuse) to communicate with me directly? Is this legal? Thanks.
  8. Agreed! The tenant has and will always insist that they had permission to run the business (which is probably likely), but they have no formal documentation to prove this. I am of the same opinion that if the tenants need formal documentation from me for their accounts then they should be willing to enter into a more formal, written tenancy agreement. I believe that they simply want to have their cake and eat it - they want the freedom they benefit from having no written agreement, but want formal documentation from me when it suits them. I have finally managed to negotiate a rent increas
  9. Hello! No, there is no formal agreement with the company. The tenant agreed the tenancy about 16 years ago with my late grandmother, but it was only ever a verbal agreement. I believe she asked my grandmother whether they could run the livery business from the land and she permitted it (again, only verbally to my knowledge). I believe the company has only been formally registered as a limited company with Companies House for a few years. I have spoken with various solicitors over the years and all have told me that the fact the tenant has been running a business from the land for mor
  10. Thanks for your reply! So I have no obligation to provide an invoice? The tenants are requesting that I provide invoices addressed to the limited company which they run, but I am nervous about doing so because I have always disputed the nature of their tenancy (i.e. I have always disputed that they have a protected business tenancy) and I don't want to give further weight to their case. Kind regards, James.
  11. Hello, I own a piece of amenity grazing land in Hertfordshire. The plot is rented by a tenant who runs a livery business from it (apparently a protected business tenancy, but with no written agreement) and has been so for the last 16 years. I inherited the plot from my late mother (who inherited it herself from my grandmother), and they were always happy to work on a less formal basis with only a verbal tenancy agreement. The rent has only increased once in the entire 16-year period of the tenancy, from £700 per quarter to £800 per quarter some ten years ago. I am currently trying to
  12. Hello, This is not strictly about property, but I own a piece of amenity grazing land in Hertfordshire. The plot is rented by a livery business (protected business tenancy, but with no written agreement) and has been so for the last 16 years. I inherited the plot from my late mother (who inherited it herself from my grandmother), and they were always happy to work on a less formal basis with only a verbal tenancy agreement. The advice I need relates to rent invoices. I've recently received an email from the tenant who has requested "rent invoices" for the last three years. As far as
  13. Hello, This is not strictly about property, but I own a piece of amenity grazing land in Hertfordshire. The plot is rented by a livery business (protected business tenancy, but with no written agreement) and has been so for the last 16 years. I inherited the plot from my late mother (who inherited it herself from my grandmother), and they were always happy to work on a less formal basis with only a verbal tenancy agreement. The advice I need relates to rent invoices. I've recently received an email from the tenant who has requested "rent invoices" for the last three years. As far as
  14. Thanks for all the very helpful advice on this issue! Having given this some thought, I have now contacted the previous owner directly so I will give them an opportunity to respond. If they do not respond within two weeks then I will go back to my solicitors and ask them to increase their offer. If that fails, I will pursue a complaint against them to attempt to recover the full amount owed. Thanks, James.
  15. Hi guys, Thank you for the very helpful replies! The monthly rent at the time was £775, so this is how much I have effectively lost out on. Therefore, given the existing offer of £250, I am effectively weighing up the effort of pursuing the addition £525 against the risk of ending up with nothing and the hassle of taking it further. I believe that both my solicitor and the management company have contacted the previous owner directly but have not received any response (probably not surprising). Maybe I should try contacting them directly and, should they still not respond, take
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