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Stuart Allenby

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  1. Thanks Chris, that is the conclusion that is beginning to dawn on us now! Without the schedule of works and proof of funding, the deal doesn't justify itself. Until we can get sight of those details then our deadline will be reached and we will be pulling out. And to be honest, even if we do get those details that doesn't automatically mean that we'll like what we see!!! Absolutely Julia, I agree. As I say, its our first second hand purchase so we're persevering through the process as its new to us in the hope of trying to understand the requirements of the reports but we have to be sensible and draw a line at some point and looking at the emails between the solicitors, I think we'll probably get to our deadline before we get any firm answers. Thanks for your thoughts though!
  2. Hi Chris!! Very well thanks. Indeed, its been a while! Thanks for your insight, its really helpful and very much appreciated. There are new managing agents in the block who took over after the recent EWS1 and gathering information about this is proving challenging. At this stage, they are unable to provide any insight into costs, projected timescales or reasoning as to why they can't! Our mortgage offer has now expired too so have that to consider as well. Going forward, we have set a deadline by which point we will pull out of the deal and move on. Whilst its a shame given that the property in every other aspect works very well, we could commit to other projects that we have on our list that are different but equally just as good. Our one big lesson so far for anyone out there is that whilst we've had an offer accepted on this property, it hasn't stopped us from looking around at other properties that fit within our goals. Its just that we haven't been able to action any of the others in a timely manner given the challenges we have here! Keep your options open!! All the best,
  3. Hi Hubbers, We had an offer accepted on a city centre apartment in Nottingham a couple of months ago. We were aware that in 2019 the previous managing agents had had a fire risk assessment carried out which had some recommendations that the agents subsequently actioned. In May 2022 a surveyor was organised and issued an EWS1 with a B2 rating. The building is an old mill that was converted into apartments a number of years ago and as such, has no external cladding so we assume that it is cavity insulation that the report refers to but await confirmation on the specifics. In the meantime, we have spoken to our mortgage company and shared the details of the EWS1 and they're happy to still provide a mortgage. However, through our solicitors we have asked for a remedial plan, schedule of works and proof of funding going forward but until then we thought we'd reach out to the community and see if anyone else has been in this situation before that could give us some things to look out for when we get those details back from the solicitors to help focus our decision on whether or not to proceed. Its not the first time we've had EWS1 issues, but so far we have only purchased off plan so this is new to us as we look to purchase second hand. Appreciate any thoughts and pointers!!
  4. Thanks Debbie, that puts our mind at rest! We did speak to a solicitor who seemed to suggest that the legal ownership would change which is why I posed the question in the first place because we were sure that wouldn't be the case. Thanks again
  5. Morning everyone, Beneficial vs Legal ownership, is it the same thing?? We have a BTL property that we purchased as tenants in common with a 50/50 ownership share. We are looking at drawing up a declaration of trust to enable us to split the income, as others have done here, 99/1% to better use our personal tax situations. Looking at Form 17 from HMRC, they talk about beneficial ownership of the property, yet we own the property (I assume the legal ownership) as 50/50 shares. When completing the deed, are we changing the legal ownership as well as the beneficial ownership when we do this?? Is the beneficial ownership and the legal ownership the same thing??!! Any references that I could read up on would also be greatly appreciated. Thanks
  6. Hi everyone, Just starting out and trying to get a group of specialists in line. Does anyone have an accountant that they would recommend in Horsham, West Sussex to help with Ltd. company setup and tax affairs for BTL?? Thanks in advance,
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