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Found 13 results

  1. Hi all, Just helping to enquire on behalf of a friend of mine here in Hong Kong. They are in a position where they hold a flat containing subdivided rooms and have a mortgage on the property. These flats have been refurbished to an exceptionally high standard last year and they are now considering their options in terms of extracting the equity. Just wondering whether there is the option to remortgage the property without raising too much suspicion and whether anyone can assist with this. From what I understand, the property strictly speaking is not fully compliant to local regulations, but has been refurbished according to the general trend in the area in terms of having an "HMO style" property. The reason why the large majority of these types of apartment are not done according to the local regulations is because of the vast costs associated with it, thus making the option unfeasible for the majority of investors. If they were to consider remortgaging the property to extract the equity, this would require a valuation to be completed as part of the process. In turn, they would have to invite a representative to carry out the valuation. Could this indirectly initiate legal action against the owner? Just wanted to be aware of any repercussions. Thank you in advance for any advice.
  2. Hi all, I have an arrangement with a family member whereby the property was purchased by my sister and essentially "verbally gifted" to me to help me onto the property ladder. We are currently in talks of several scenarios in order to extract the equity/cash from the property in order to help me to build my portfolio. One potential case would be to sell the property and cash in on the current value; apart from the initial capital gains tax, are there any other law/tax penalties we should aware about if she was to transfer a lump sum to me following the sale of the property to fund my property portfolio? Would the situation be further complicated if I was to consider starting a limited company to build my portfolio using the cash received from my sister? Any insight in terms of the most cost effective (and legal) way to do so will be much appreciated. I'm just concerned whether a gift of this magnitude is acceptable in terms of putting a deposit payment on future BTLs in my own name/limited company. Thanks. Kind regards, Rayman
  3. https://petition.parliament.uk/petitions/238071 10k signatures = govt must respond 100k signatures = debate in parliament
  4. Hi all. I am looking for a solicitor for a property I want to buy in Hull. Would be great if I can get a recommendation for one who is tried and tested. Thanks in advance
  5. Hi All, I am wondering if anyone knows of any regulations for front door locks on a standard BTL flat? I am currently getting quotes for composite doors to replace an ageing wooden door. (FYI They seem to be averaging between £850-£1050 supplied and fitted) Apologies that I don't know the term for these types of locks so I will explain. The First lock type works so that when you close the door, you are then unable to move the outside handle and the door is 'locked' from the outside (much like a night latch). You would then need to lift the handle and lock the door with the key for the full deadbolt and hinge operation. The Second lock type doesn't lock at all when you close the door and you are still able to open the door with the handle from the outside. To lock the door you would need to lift the handle and lock the door with the key to enable the full deadbolt and hinge operation. I would rather have the second lock type fitted, so that if a tenant was to close the door by accident or it was to blow shut as they are taking the bins out, they wouldn't have to call me to let them back in - It only crossed my mind as I remember reading something about HMO's requiring thumb-turn locks on the inside, but it did get me thinking that there could possibly be a legal requirement for the First lock type? Additionally, if anyone has any recommendations on a person/company that fits composite doors in (South) London area or online company, I would be grateful for the info Thanks James
  6. Hi forum members, I'm based in London but looking to invest in a BTL in manchester. Can anyone recommend a conveyancing solicitor based in the area? Many thanks
  7. Hi folks, I am looking at an auction property and have been reading over the legal pack, there are some areas i am unsure of the correct meaning, i was wondering if any other investors or person/s from a legal team could help myself and any other people in the future with an issue. What is the exact definition of the following, 'Not to assign underlet charge or otherwise part with possession of part only on the premises'? Any replies would be greatly appreciated by myself and others in future. Look forward to your responses.
  8. Hi all, You may already have seen the Law Society's comments and subsequent news coverage of the latest amendment to the Finance Bill 2016. Clauses 77 and 78 give rise to an income tax liability for property disposals in the United Kingdom. The Law Society was concerned that: the clauses were introduced hastily and with no formal public consultation; and the wording of the clauses implies that buy-to-let investors could be affected If so, property disposals could attract income tax bills as high as 45%, rather than capital gains tax bills of 28%. We have covered the topic in depth on our website, including: the background to the legislation the intention behind it the potential issues it causes existing guidance on REITs that provide insight into HMRC’s processes HMRC's current guidance on ‘intention at acquisition’ https://www.commercialtrust.co.uk/news/property-investment/new-tax-on-btl-property-sales/ The landlord community has been understandably alarmed by the news. Note that the government has stated that the legislation will only affect overseas property developers; it is not intended to catch out buy-to-let investors. The NLA has obtained clarification from HMRC to this effect. The issue is not with the policy intention, it is with the wording. This is why the Law Society is urging ministers to revisit the draft legislation. It is also encouraging HMRC to publish clear guidance around it. Hopefully this will provide assurance and clarification to anyone who was worried by the news.
  9. Hi Everyone I've had an offer accepted on a flat in Norwich. Does anyone have recommendations for solicitors in the area? Thanks for your suggestions regards, Chris
  10. Hello, I am a qualified solicitor specialising in investment property (both residential and commercial property.) I work with small investors right up to commercial investment fund work. have bought and sold everything right up to shopping centres. I provide portfolio/asset management services. I am experienced in leasing and licencing for both Landlord and Tenant and I also have exposure to the renewables sector. I also do all types of property finance work. The firm where I practice (Maclay Murray & Spens) is a top tier legal firm, part of the Global Lexi Mundi referral network. We act in Scotland and also in England & Wales. I've joined the property hub, as I have only recently moved from Edinburgh to Glasgow and I am looking to meet up with Glaswegian professionals of all sorts, who like me, are interested and involved in the Property sector. I also have my own portfolio of residential properties. Please do get in touch. Already looking forward to April meet up. Iain.
  11. Hello all, A quick reminder that the government consultation on the expansion of mandatory HMO licensing closes this evening. If you wish to make your views known, you have until 11:45 this evening to respond. https://www.surveymonkey.com/r/HMO_Licensing Best wishes
  12. I need to prove to court that I had a residential property on the market in 2008 or 2009. I can't remember dates or agents or anything useful to my case. The property is in Mansfield Nottinghamshire. I live in the US. Who should I ask? Where should I go for help? Unfortunately, the sale fell through. Would agents keep records of properties they marketed but did not sell?? Desperate need of your help. Thank you. Holly Warren
  13. Hello everyone! I have a very unusual property law case. I have been trying to get advice from about dozen of various property law solicitors as well as taking some actions but unsuccessfully and no one knows what to do with it…. In 2007 my husband and I bought a leasehold property (1st floor maisonette) with a converted loft. The loft was converted in 2004. When we bought the property it was repossessed. We used recommended solicitors, who were based in Scotland. Only after the purchase was sealed I found out that the loft had a separate title and what’s worse it was not transferred into our names. We have ended up with a flat that is registered in our names and the loft in the name of the previous owner. He was repossessed when we bought the property and cannot be found (I used solicitors/detectives to track him down). I desperately want to correct the title but I’ve not been able to do it for the last 5 years! As we spent a few years trying to investigate the situation, we now know this: · One of the previous owners obtained a new lease from the landlord (Greenwich Council) for the loft and converted it – without planning permissions in 2004. · He subsequently sold the property that had two titles (one for the flat and one for the loft) to an Italian chap. Both titles were transferred correctly · In 2006 the Italian bloke got repossessed · We bought the place in 2007. As the property was repossessed our solicitors were dealing with the company that took the premises over. It seems that the bank that had charges over the property didn’t realise that there were two titles. As a result my solicitors were never made aware of any separate title and they only transferred the flat title into our names. In order to rectify the title we’ve already tried: · Contacting Land Registry – they refused to help · Contacting the landlord (Greenwich Council) – they refused to help. I asked them to cancel the lease they granted to one of the previous owners as they breached the lease conditions by converting the loft without seeking planning permissions. · Had a court case but the judge overruled our right to the loft simply because the previous owner cannot be found….We are still puzzled. The previous owner has no rights as he got repossessed – it included the loft…. · Asking my solicitors for help – they got into administration since. In any case they don’t think it was their fault as they were dealing with the bank who repossessed the property and it seemed the bank itself didn’t realise about the two titles. The bank sold the flat to us only but consequently they removed the charges from the loft as we approached them and asked to do so. · My solicitors who are now into administration were trying to help by giving me an insurance policy to cover any problems with a potential claim to the loft by the Italian chap should he miraculously turned up. They assured me it would be enough to sell the property. Two years ago we wanted to sell but it fell through as a mortgage provider refused to give mortgage to our buyers. This was because of the loft issue…. I should add that there is no separate entrance to the loft. The only way to enter the loft is via a staircase that is inside my flat. It seems like a very silly error but it causes me a lot of grief and it means we are stuck with this property for a mistake that was not made on our part… I just desperately want to correct the title. I’ve been told that I could try after living in property for 10 years – to make an application to the Land Registry and use ‘Adverse Possession law’. It means that I have to wait for a lot longer and besides I don’t know what my chances of having the application being successful are…. Do I have any other options???? Thanks so much in advance!
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