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james champkin

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  1. 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.
  2. 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 it to the small claims court? Is there a time limit for making claims such as this - i.e. would I need to make a claim within 6 months of the incident for it to be taken up? Thanks, James.
  3. Hi all, I invested in an apartment in Liverpool earlier this year, which completed in late May. The apartment was purchased with a tenant in situ until October. When the tenant decided not to renew their Tenancy Agreement, it quickly became apparent that she had been paying the rent one month in advance, such that rent paid on 1st June was actually to cover the period from 1st - 31st July. This has meant that the previous owner received one month's additional rent from the tenant than they should have been due, and I have effectively missed out on one month's rent. The property generates a good yield, so this is a significant amount of money. I contacted both my solicitor and my management company (which I have kept the same as the previous owner) about the issue to pursue recovery of the funds paid to the previous owner. My solicitor has accepted that they should have picked this up during the transaction through a request for a rent payment schedule, but they have not accepted full responsibility. They are claiming that it was also the responsibility of the vendor's solicitor to send through details of the rent paid, and the vendor's solicitors have claimed that the file is now closed and there is nothing they are willing to do. I have looked into filing a formal complaint to my solicitor, who have subsequently offered me the sum of £250 as a gesture of good will, to compensate for the loss of rent and apologise for their mistake. My questions therefore are: Is this actually entirely the fault of my solicitor for not insisting on a rent payment schedule? Should I pursue a complaint in the hope of recovering the full amount (I'm not sure how likely this is as my solicitor are only accepting half the responsibility) or accept the £250 in exchange for no further hassle and considering the possibility that I could potentially end up with nothing? Any advice greatly appreciated!
  4. Thanks for your reply! I looked at a number of apartments around the city before settling on Mann Island for a variety of reasons. I'm very happy with the yields, sourcing tenants doesn't seem to be a problem, and the tenants themselves seem to be very good. My only concern - after listening more to the Property Podcast where Rob and Rob always advise avoiding student pods for investments - is whether the fact that the tenant base seems to be dominated by overseas students may limit future capital growth potential of the apartments. What does everyone think? Thanks, James.
  5. Hi all, Earlier this year I purchased two BTL apartments in one of the iconic (but controversial!) Mann Island buildings in Liverpool. I'd been looking to invest in property for some time, researching my options extensively and eventually decided that Liverpool was the right location for me, as despite living near Milton Keynes I was already fairly familiar with the city and so remote investing didn't seem so daunting. The prospects for capital growth also seemed very good and the yields were great. Both of my apartments are tenanted and are achieving good rental yields. However, a lot of the tenants in the building seem to be international students (including both of mine) who are subsidised by their Governments to study in the UK. My slight concern is - although it is by no means a student development - whether this factor might limit capital growth on the apartments over the years ahead? Any thoughts welcome!
  6. Thanks for the advice! I will continue to look for boiler cover but thus far I haven't been able to find a provider that I'm happy with.
  7. Hi! I bought two apartments in Liverpool that completed in April and I bought my Landlord Licence through my management company in their name, and this was slightly cheaper and saved me the hassle of applying myself. However, I was outraged when I discovered that - regardless of when the licence is purchased - it costs the same price (~£400) and expires in March 2020! So those of us who have purchased investment property in Liverpool in the last year have got very poor value for money in regards to the licence.
  8. Hi Adam, Apologies for my slow response! I have received the rental payment schedule and this confirmed that the tenant has indeed been paying a month in advance. I'm still trying to chase my solicitor to establish why they didn't request this schedule during the transaction, but I get the feeling that it's very unlikely I'm going to see that money now. Has anyone else had a similar experience?
  9. Hi all, I'm having an issue with the rental payments on an apartment in Liverpool that I completed on back in May and need some advice! The apartment was purchased with a tenant in-situ until 17th October 2019. It is fully managed by a management company. Everything has been fine until this month when no rent appeared in my account. When I discussed this with the management company, it became apparent that the tenant had been paying their rent one month ahead (i.e. they have already paid for August), and therefore opted out of paying this month to catch up. Therefore, the previous owner of the apartment received a month's rent that they shouldn't have been entitled to. The management company are claiming that it should have been the responsibility of my solicitor to pick this up and I am currently trying to get hold of my solicitor to discuss this, but it seems to me that the management company should have flagged this when I took over ownership of the apartment. The management company has remained the same for the duration of the tenancy. Where do I stand on this? Have I got any chance of getting the month's rent back from the previous owner? And who's fault is it that this wasn't flagged to me? Any advice greatly appreciated!
  10. Hi Matt, Thanks for coming back on this! Extremely helpful response. It sounds like it would be well worth having, provided I can find a local company that provides the service. My investment properties are in Liverpool, so if anyone could recommend a good company that covers that area, that would be fantastic.
  11. Hello, I currently own two BTL apartments in Liverpool. I have a standard landlord insurance policy on both, which covers any accidental or malicious damage to contents by tenants, plus legal cover. I have just had an issue crop up with one of the boilers, which I'm assuming may be quite expensive to repair. My question is - does anyone have landlord's boiler cover and is it worth it? I didn't consider it necessary before but now I'm thinking that I should have purchased it! Any advice welcome. Cheers, James.
  12. Hi all, Has anyone attended the St Albans meet-up? It's the closest one to me (I live just south of Milton Keynes) but I've never attended before and now the Property Hub are charging to attend meet-ups, I'm not sure whether it's worth it. I also invest in Liverpool rather than in the south east, so I'm not sure whether other investors attending the meet-up would be in a similar position. Any advice welcome!
  13. Thanks for the reply, Dino! One thing I am unsure about is whether rental protection is included the management agency. I will be using a management company to fully manage my properties, and therefore will I still need rent protection through landlord's insurance? The only other two aspects to landlord's insurance I can see for leasehold properties are public liability cover (if a tenant injures themselves, as you say Dino) and contents cover.
  14. Hi all! I'm currently nearing completion on two apartments in Liverpool. As they're leasehold, I obviously don't need buildings insurance but I think I still need landlord's insurance to give me rental protection and contents cover. Can anyone recommend a good insurance provider for this type of cover? And how many people bother with insurance like this for leasehold properties? Any advice appreciated! Cheers, James.
  15. Hi everyone, I'm looking to buy my first BTL investment property over the next six months - ideally a one/two bedroom apartment, and I've been looking into purchasing in Liverpool or Sheffield to maximise the potential for capital growth over the next five years. The budget is around £130,000. Yields are important to me but more important is capital growth to allow me to grow my portfolio. Can anyone recommend specific areas within Liverpool and/or Sheffield that are particularly desirable and have a high demand for rentals? Any advice is greatly appreciated!