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Edwin

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Everything posted by Edwin

  1. It would be quite normal for the snagging to be done after completion and following taking possession of the property. Usually the person doing the snagging report would contact the developer in order to get the items identified in the snagging report addressed. Is this not something Property Hub can do on your behalf? Normally there is a time limit within which snagging items must be reported, so it is worth checking what applies with the particular developer..
  2. Any more details you share ? Area, property type ?
  3. https://www.constructionenquirer.com/2020/09/25/over-1bn-worth-of-manchester-schemes-get-green-light/
  4. I would imagine that the loan agreement starts off being in the form of a standard loan agreement recording the loan and the payment obligations of the borrower. But then the guarantor is brought in as a third party to the agreement, guaranteeing the payment obligations of the borrower, whatever those payment obligations are. Given the importance of getting this right and the guarantee element, sounds very much one for a lawyer to be engaged to get right.
  5. Hi, I think that any salary paid would be an operating expense of the business, rather than coming back from the directors loan account. As to the company paying you a salary and that money then being lent straight back to the company as additional loan, I guess on the face of it this could be done, but I’m not sure what HMRC would think of it. The company would get tax relief on the salary paid presumably, and if this is then simply being recirculated back to the company from you as a loan and then HMRC might “look through” the transaction as being connected and not accept it ac
  6. Best to take professional advice relating to your own circumstances
  7. A debenture would only be required where there was a desire to have security over the companies assets – otherwise it would not be necessary. A simple loan agreement between you and the company should be sufficient. Also, if the company had granted you security, this could potentially Affect your ability to get finance from mortgage lenders as there would be the complication of having a ranking agreement to make their security rank ahead of yours. I dont think that you can take £5000 dividend tax-free if the company has no declared profit. If there was no declared profit and dividen
  8. JLL has seen a “spike” in demand for demand for apartments in Manchester with a 117% increase in people moving there in July 2019, compared to the same period last year : https://aboutmanchester.co.uk/60495-2/ Interesting to see Manchester still has momentum despite the Brexit woes, with a demand focus in the city centre.
  9. But does this also mean that the developer has the right to pull out if the long stop date is passed? Another factor will be how well house prices have done over the build period to date. If they have increased significantly since the original price was negotiated on the contract being signed, this could be a reason to go ahead with the contract variation and carry on with the deal. Of course, the opposite would be true if prices have not done as expected and you wished to pull out of the deal
  10. Useful comparison from Zoopla for those looking to buy in Scotland: https://www.zoopla.co.uk/discover/buying/5-differences-between-scottish-and-english-conveyancing-systems/?utm_source=content&utm_medium=email&utm_campaign=zoopla-20190522&utm_content=hero&utm_term=cta&responsys_campaign_id=zoopla.41997502&responsys_riid=599745562&responsys_launch_id=47384002&fbclid=IwAR3KR3-suGbpPIwydU4fexiGPLsf5CAbE-Mtl3PIyQiXNONk9yiza5-Rsz0#CcTkjPOQZ5qv4Twm.97
  11. Prices seem to be picking up again in Manchester, at least according to the latest Hometrack cities index - up 1.4% in the last 3 months and 0.4% in the last month. As an aside, a fascinating comment in this article :In 2018, there was more being built in Manchester than there was in Chicago or Los Angeles, according to Deloitte : https://www.telegraph.co.uk/technology/2019/04/28/does-manchester-have-takes-surpass-london-uks-tech-hub/
  12. One other suggestion is to have £100 share capital rather than £1 share capital, the reason being that using £100 share capital is much more flexible, if you want to give some shares away to a family member, for example. Breaking this down further, if relevant, family members could get a special class of non-voting shares which allows wealth to be passed down to future generations with potential inheritance tax advantages, without disrupting the operation of the company. This would, however, need changes to the typical Memorandum and articles of association, so you would need a solicitor
  13. Hi I have not had the benefit of speaking to estate agents to form views, although it is clearly interesting to hear what they have been saying to you. Whilst there is a natural softening of the market at this time of the year, a 2–4% drop in city centre prices would seem quite steep (a significantly larger fall than London?). It also wouldn’t tie in with the supply shortage Manchester has been experiencing and is expected to continue experiencing over the next few years, and whilst Manchester would be expected to be resilient even in the face of the “B” word, these are interesting time
  14. Interesting BBC documentary shown on Monday featuring the residential housing boom underway in Manchester and Salford, covering this from a number of angles - well worth a watch : https://www.bbc.co.uk/programmes/m00034fr
  15. Hi, Taking into account the following factors, it was for me a fantastic deal and IMO a “golden ticket” purchase if bought at the launch: the ultra prime nature and uniqueness of development, the fact that the prices were set in the spring of last year and remained fixed even though Manchester prices have moved on since then, the discount level itself based on attractive list prices compared with other developments , location (Manchester as growth location and prime city centre location within Manchester), rentability etc That said, because this was an off plan purchase, I would sti
  16. Hi, In an interesting panel discussion reported in Property Week, the strategic director of development at Manchester City Council comments that the city will effectively run out of land in 15 years time and that the surrounding towns - with role of public transport systems being key - will have an important role to play in maintaining the region's growth path going forward. "There’s a brutal fact confronting Manchester – we are going to run out of land. The city is going to run out of land in 15 years. We think that by the end of the 2220s we will have close to 700,
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