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Everything posted by joni

  1. Without causing some kind of discrimination issue(!), is it ok to specify the following additional clauses in a tenancy agreement: No smoking is allowed within the building given the fire risk this creates. Tenants suspected of taking illegal drugs will be asked to leave at the earliest opportunity as well as the police being informed. The Landlord must hold a working key for your flat and a copy key must be stored in the combination lock within the building e.g. to allow access should you lose your key or for approved tradesman access when required. Children are not
  2. Thanks Craig. I live in England. I wonder if I'm given a token share would that change things.
  3. I'm taking on the management of my parents investment properties. I am a minority share holder of 1 of the properties but not the other. With no share interest in one of them, am I at risk of being classed as a letting agent and subject to lots of legislative requirements or can i operate this role on behalf of the family without the requirements placed on letting agents?
  4. Agreed, thank you Julia. Any recommendations?
  5. Great, thank you Kirsty. Part of the reason to mortgage is to reduce my parents estate without selling the property and incurring CGT. I'm hoping that they live beyond 85 - what would happen in this scenario, if we wanted to avoid selling the property?
  6. I've been looking at a Victorian property with 2.7m high rooms. When i was a student, i rented a room with a high ceiling which had a double loft bed. It had a desk/wardrobe below and a simple ladder/series of stairs up to the bed. As a student i loved it. The room looked like the attachment below which is a current picture of the house next door and the bed was in the left hand corner as you look at the photo. As you can see the room was already big and with the loft bed it created even more usable space within the room as a whole. So it got me thinking, is 2.7m enough and has anyone don
  7. My parents are both 70 and have a mortgage free BTL property (1 building = 1 shop, 6 flats all occupied/renting well) that, as a family, we would like to free up some equity to allow my sister and I to buy BTL property. We want to free up as much cash as possible at a reasonable interest rate. My parents are 72 and 70 and my dad's health is deteriorating if this is relevant. Will it be possible for my parents to get a BTL mortgage with 25% remaining in the property and free up 75% at a reasonable rate (comparable with BTL mortgages i might be able secure myself, aged 41)?
  8. Hello, My parents own a commerical property - a 100m2 shop in Kendal which has been used to sell furniture (by 2 different leaseholders) for many years (20+). The current occupants took on a lease in 2012 for a 3 year term. My parents were of the understanding that it was a rolling lease and the rent should be reviewed every 3 years. Its been increased once since the start of the lease. I am taking on the management of the property. My parents understood the lease to be due for rent review in January so during my introductory telephone call with the Director of the company occup
  9. I'm considering (long-term) investing in a large terraced property with potential for either 5 separate flats with circa £25k rental income/annum (3 x 1 bed circa 32m2 and 2 x studio circa 21m2) or a 7 large double bedroom HMO (each bedroom at least 4x3m + ensuite) with circa £30k rental income/annum. The area is currently quite socially deprived and has a number of nearby bedsits/HMOs. The street doesn't have a great reputation, however the rooms are big, the property is within 3-400m of the town train station, within 600m of a planned development (which will include cinema, a new mult
  10. New to property - taking over the management of my Mum and Dad's properties. Before i raise the rent for a tenant at close to the LHA 1 bed maximum rate, just want to check that the LHA rate won't go down at all from 01/04/21. Given that Rishi says LHA rates are to be frozen in cash terms, i assume they will stay as they are but i think i read somewhere previously that they were raised at the beginning of covid and I just wanted to make sure that they're not expected to go down from where they are post-covid and mean that our tenants rent is higher than the LHA available. Any help much appreci
  11. My parents own some 1-2 bed flats in Kendal, Cumbria. They're a good size ranging from 34-47m2, are in good condition (despite being refurbished 20 years ago) and are fully occupied with good tenants. My parents are retiring and I'm taking over the remote management of the properties. As part of taking on the properties, I wanted to understand the current rents being charged compared to the current market. LHA rates locally are circa £500/£600pcm for 1/2 self-contained flats respectively. Properties being marketed locally for rent suggest similar rates. My parents flats are being rented a
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