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  1. Hi all, I'm new on here and apologies if this is not the right forum to ask this question, but I could really do with some advice. I am in the process of selling my leasehold flat, and am near the final stages. Our buyer's solicitor has requested that I pay for an indemnity policy (costing £500) due to the issue of doubling ground rent. My solicitor has disputed this point since January, and raised the point that our ground rent does not double indefinitely and only up to £600 max, meaning to her that there is no need for this policy to be put in place in the first place.
  2. Hello fellow property investors I am currently look at removing the kitching in a one bed flat and relocating it into the livivng space freeing up that room to create a second bedroom. The flat is big enough to have the kitchen in the living area and the floor plan is perfect. but the property is lease hold and i am dubious about how much restinace i will incounter to make such changes to the property. There will be no need to knock any walls down or any structural work to the flat but there will need to be re-routing of water and waste. does any one here have any experin
  3. Hi all, I have come across an HMO which is being leased to a social housing group. i would be buying the freehold as the lease has been sold at a premium for 999 years. there is a separate lease for 5 yrs which details the rent to be paid by the social housing group. i am not aware of any potential issues in this transaction, should i wish to buy it, can you let me know areas i should pay additional attention to? do i have the option of changing the tenant (social housing association) to some one else or am i locked into 1 tenant for as long as i decide to hold on to t
  4. Hi All, I own the leasehold on a flat owned by the council. The council are planning to carry out major works to the building in the near future, of which each privately owned flat (some are still rented as council homes) will have to pay their share of the total cost. Has anyone had any experience of this? My concern is the lack of control I have over what works are done and the most importantly the bill I will have to pay at the end of it. I've heard horror stories of these costs often racking up to tens of thousands and in one case last year £146k. My second question is,
  5. Hi, As a new investor I'm after some advice. My husband and I have bought a house for rental. We were unable to obtain a HMO license as there was a local limit in the area. However we have obtained full planning permission to convert the property into two flats. My husband is now working flat out to achieve this. Do we need to legally spilt the flats into two leaseholds with the freehold in a separate limited company? We are keen to avoid these costs but are concerned that even if the physical split complies with building regs, not legally splitting the property will break the H
  6. Hi all! I am currently purchasing two flats, both freehold (one ground floor and one first floor flat). This purchase will mean I will own the whole building (there are only two flats in this house that has been converted around 10/15 years ago). I've been going through the dilemma of purchasing through an LTD or not and finally concluded that LTD was the way to go; however because I am a first time landlord and the two flats are freehold I (my broker) has struggled to find competitive interest only mortgages and consequently wipe out the benefits entirely (and some) of going the L
  7. Hi, need some advice. I own a 2 bedroom flat, with 94 years remaining on the lease. I have tentatively enquired to the freeholder to extend the lease and have been provided the attached document. I have never done this before, but taking a quick look through the attached, it suggests that i have to pay/commit an amount of money/time/effort upfront to get to a position of knowing how much it will actually cost me to extend the lease? .....and even then, it appears that i tell them what i think it should cost (based on a valuation report) and then the freeholder will decide if tha
  8. Hi All! So I hope someone can shed some light on this very new scenario that is being played out before my eyes. I own a leasehold flat and the freehold was recently sold on and we have a new Property Management agency that we are paying service charges and ground rent to. I just received a letter stating that I need permission from them to be subletting the property, and need to register my tenant for a fee of £130 and from what I can see another £65 each time they renew, which is every 6 months and thats even if nothing changes. As well as £130 for each ne
  9. I am currently part exchanging my apartment with a developer in order to buy a house from them. They have stated they require a Deed of Variation to change the lease because of a similar issue. My ground rent is £250pa, which turns the 141 years left on the lease in to an AST lease. So they want me to pay for the change of the lease so that the ground rent falls in line with the 0.1% mark, making it £180pa. I have no idea if the freeholder will accept this, and if they don’t whether the developer will pull out of my PX? Any help would be appreciated! Dan
  10. https://petition.parliament.uk/petitions/238071 10k signatures = govt must respond 100k signatures = debate in parliament
  11. Hi. I paid 6,783 to extend the leasehold on my flat (which I have tenanted / rented out). Can I deduct this from my flat income? If so then it would bring my earnings under the tax allowance per year - so hoping it's a yes. Thanks, Steve
  12. Hi, I am currently in the process of buying a leasehold property and have received the Property Information form from the seller's solicitors. Under the leasehold property information there have been a number of breaches (7 in fact) ranging from 2 years to 21 years ago. These breaches include 'laying a patio' and 'erected fence around the garden'. I appreciate these are not serious breaches however they are breaches nonetheless and I wondering if there would be any repercussions from the Freehold owner, or whether there is a time limit on such breaches to be acted upon? Should I be
  13. Hi all, Looking for some advice as I don't seem to be able to get a clear answer from estate agent or potential conveyancers. I'm selling a property which has planning permission for the garden, as two 'lots' - the house as one, the land as one. I own both freehold and leasehold of the property, which is registered as one title at present. I'm selling the house to one party, and the land to another party. I understand I will need to split the title, but not how to do it, what it will cost, and if I need to sort that out before going ahead with th
  14. I have just had the initial report back from my solicitor on a property I am in the process of purchasing. Unexpectedly the property is a leasehold (having previously been told it was freehold). There is around 850 years left on the lease. The property is a 2 up 2 down mid terrace, 2 bedroom in Greater Manchester. My initial thoughts/instinct is 'I don't want the property', mainly because I want to own the property/land outright and don't want any other parties involved which could cause problems later on down the line. I was hoping to let the property indefinitely, doe
  15. Hi, Just wondering if anyone could give me any pointers / shed some light on a flat which has just became available. The flat is up for sale as a probate sale , it is not up at market yet but I know some of the details as the man was part of our cricket club. What I have been told is the estate agent has came around and valued this ground floor flat at around £100,000, this was before she realised it was a leasehold flat. It is not an external company who owns the freehold, each of the four flats in the block own a quarter each. I am unsure how lon
  16. Hi, Just wondering if anyone could give me any pointers / shed some light on a flat which has just became available. The flat is up for sale as a probate sale , it is not up at market yet but I know some of the details as the man was part of our cricket club. What I have been told is the estate agent has came around and valued this ground floor flat at around £100,000, this was before she realised it was a leasehold flat. It is not an external company who owns the freehold, each of the four flats in the block own a quarter each. I am unsure how lon
  17. Hi, Just wondering if anyone could give me any pointers / shed some light on a flat which has just became available. The flat is up for sale as a probate sale , it is not up at market yet but I know some of the details as the man was part of our cricket club. What I have been told is the estate agent has came around and valued this ground floor flat at around £100,000, this was before she realised it was a leasehold flat. It is not an external company who owns the freehold, each of the four flats in the block own a quarter each. I am unsure how lon
  18. Hi, Just wondering if anyone could give me any pointers / shed some light on a flat which has just became available. The flat is up for sale as a probate sale , it is not up at market yet but I know some of the details as the man was part of our cricket club. What I have been told is the estate agent has came around and valued this ground floor flat at around £100,000, this was before she realised it was a leasehold flat. It is not an external company who owns the freehold, each of the four flats in the block own a quarter each. I am unsure how lon
  19. Hello all. Me and my friend end have been in he process of buying a new build and nearly became victims of the recent spate of developers looking to charge £250 ground rent on the leasehold which doubles every 10 years. For anyone unaware of the problem with this have a quick read of this article from the guardian: https://www.google.co.uk/amp/s/amp.theguardian.com/money/2016/nov/05/ground-rent-scandal-engulfing-new-home-buyers-leasehold We have been advised by our solicitors to pull out of the deal but are of course hesitant because it is a great location
  20. Hi all, I'm in the process of researching a deal. I think I have found a really good one with the only issue being the lease has 98 years left on it (126 years from 1990). Now being a podcast listener , I've heard from Rob and Rob that I should be looking for at least 100 years. RMP even state they look for 125 on their fundamentals screening. What do people think? Is this a deal breaker? How easy would it be to extend the lease and how do i go about enquiring? Thanks in advance. Bob
  21. I am new to property investment and I have just set up a company to buy properties using mortgages. I have a mortgage in principle. I recently found a 2 bedroom semi-detached house (property is about 18yrs old) in the North of England. I was told by a property agent that the property is currently owned by a certain company and that it is a leasehold property with 981years left on the lease. They said I would have to pay ground rent of £55 per year. Is this figure of 981years normal?? Would it be easy to add value to the property by extending it or this is no
  22. Hi fellow hubbers. I have a question regarding service charge arrears. I recently purchased a leasehold apartment in a block in May, and have just received a letter from the property management agent with a substantial bill for 'excess service charges' for 2016. Of course we did not own the property yet and our solicitor never told us about any arrears otherwise I would have insisted it was settled before we completed. I have already notified my solicitor of this and am currently awaiting a response. Has anyone else experienced this and what was the result?
  23. Hi all im new to this and looking at our 1st BTL investment. It's a 2 bed Maisonette, at £145000 in Devon. The maintainer charge a year is £1331, and that seems really steep. What does everuone else think? Or any advise on what questions I should raise about that? thanks in advance Nesh
  24. Hi Having bought a leasehold flat with my parents a couple of years ago I recently started looking at how I could create a property portfolio, having been reinvigorated by the property podcasts. Just as I start looking into this a come across my first potential issue with my existing leasehold flat, a Section 5A right of first refusal from my landlord to purchase the freehold. My understanding is that, assuming sufficient leaseholders are interested in taking advantage of the offer, we can purchase the freehold from the landlord. If not, the landlord can sell the freeho
  25. Hey, At what point when looking to buy a BTL property does the length of the lease term start becoming a factor and should be taken in to account? I would say around the 100year mark but would be good to get some advice from other property investors on your thresholds and the reasons for them. Any advice would be greatly appreciated. Cheers, Sam
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