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Found 12 results

  1. Hi, I bought a BTL property last year via an SPV and paid £500 + VAT for independent legal advice for the personal guarantee. I'm now on BTL no.2 and would absolutely love to avoid being robbed at daylight this time round! Can anyone suggest and London based solicitors (or national ones offering the service via Skype) that can give advice at a reasonable price? Thanks
  2. Hi there, we’re looking to buy a house but have a very strange complex legal clause in the charges section of the land registry (see photo of document) almost reading as if there is an unknown someone who could pass unknown rights in and come in at anytime and do an unknown something to our house. Our solicitors simply said there’s no more information! Names blacked out but the vendor looks like the original property builders and purchasers look like original buyers. Any insights on what it means, what we should do and the level of risk it poses in buying the house is much appreciated :-)
  3. 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 new tenant in the future. This was not something charged by the previous freeholder/management agency so a little surprised by it. Has this happened to anyone else and if so, is there anything that can be done about it? Thanks in advance! Cheers Alex
  4. I have an interesting situation. I had a tenant who wanted to be released from their tenancy early, which I agreed to. I put the house on the market with the tenant’s consent and obtained an offer back in March 2018. When it came to exchange, the tenant refused to move out. I issued a S21 on my agent’s advice, but had to re-issue as I learned that the two months notice period must expire an a date after the end of the fixed term tenancy. This delay resulted in the loss of the sale. Due to Brexit and market pressure, it has fallen in value and I can no longer sell. Eventually the S21 notice expired in July. At that point, the tenant stopped paying rent, and asked to be paid the deposit early, so that they could move out. i took them to court, obtained a possession order in August, and a CCJ for a portion of the costs. They still didn’t move out, so I had to get bailiffs (another 8 weeks delay and more costs). The tenant left in November on the day that the bailiffs showed up (tenant wasn’t there), but didn’t return the keys. At this point they owed £4K rent, plus costs for property damage, locks, legal, bailiffs, etc. Bear in mind that this was a tenant who passed reference checks, had a full time job when starting the tenancy, and was being managed by a reputable letting agent. In January I managed to get the ex-tenant’s new address, in emergency accommodation (provided rent free) provided by the council. I tried to agree a repayment plan and whilst they said that they could pay £100 a month, they never made any payments, so I started a small claims court claim. They disputed all costs other than the rent arrears, and to make it easier and to expedite payment, I agreed to their response, thereby halving the debt. They still didn’t make any offer of repayment when they responded to the court papers, so I have made a request to the court that they pay £200 per month. Now they says they have no money to pay anything (despite having no rent to pay to anyone). Their council tax is up to date, as are their other bills (they had to provide financial details to the court), yet they say that they are going deeper into debt each month and have no savings. They have now told me that they’re planning to have the debt written off, using a debt relief order. They were supposed to return to work full time in July, but has no incentive to do so as it will only serve to increase their earnings, making them more able to repay the debt. So as far as I can tell, there is no point in chasing for what they owe, as even if I get an Attachment of Earnings Order or a bailiff, this is overturned by a DRO. I am wondering if anyone has any experience of Debt Relief Orders? It seems like they allow people to write off £20000 of debt owed within a year, not paying their creditors a penny, and the only impact on credit history is the equivalent of a CCJ which they already have. If this is truly the case, I wonder how anyone is able to get a person in arrears to repay a debt. Thanks for your advice.
  5. Quick question if anyone out there happens to know the answer that would be great. If I create a limited company with the sole purpose to use it to trade in btl property (an SPV) I would be able to take £5K per year in dividends tax free from company profits - would I also be able to draw a directors salary from the company (PAYE) - or because it was a SPV would this prohibit me from doing so. Might seem a stupid question but can't find the answer anywhere. Thanks in advance Mike
  6. I have a SPV company buying a house BTL. We have received our mortgage offer and need to get a form signed saying we have received legal advice (from someone other than the conveyancer) that we understand the risks involved in being a guarantor. I have phones several solicitors in my area - Guildford, without success. The one firm that said they would do it wanted to charge £500+ costs! Does anyone know a solicitor in the surrey area that would do this? Is this fee normal? Thanks Mat
  7. I was about to complete on the purchase of a new property but the mortgage lender has now turned round and said they would like to see the ground rent reduced from £350 to £250 pa. and increase the ground rent review from 5 years to 15 years. The developers were a year late in completing the property anyway . The developers have agreed to reduce the ground rent to £250 but it is going to cost me £4000 to get the amendment made on the lease! However the developers are not prepared to budge on the review period and we are locked on this point. The developers are pushing to complete at the end of next week. Apparently there are 8 other buyers in this development who are in the same situation as they have the same lender but the developers nor my solicitor is prepared divulge their contacts so that we could work together. If this deal does not go through then I might loose my deposit as there is not enough time to find another lender. Any advice will be much appreciated!
  8. Hi guys, I'm looking for recommendations for reliable & professional solicitors who specialise in buy to let mortgages for landlords that are (i) Self employed and (ii) purchasing via an SPV. Finding it tricky finding to find any so far, therefore your recommendations are much needed! Thanks
  9. 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? Any info would be appreciated to prepare us tackling this issue. Many thanks Alex
  10. Legal advice regarding a problem with our solicitor who we feel could be negligent in handling of case of lease extension and claim to attic space not in lease but used by previous freeholder who claimed ownership. As a result of solicitors advice and actions it has resulted in excessive and unnecessary fees and a poor premium on advice of valuer recommended by the solicitor. There is still the contentious matter of the claim of the loft that has not been resolved with either the previous leaseholder or the new leaseholder and the possibility still of legal action against us that could mean further unnecessary expense. Would like someone with expertise of these matters to look at the case and give their opinion. We don't need a barrister but someone in the London area who could this at a reasonable cost. Precis of case: Previous leaseholder sold flat without consent and our knowledge. Case went to LTV for costs after premium agreed and new leaseholder agreed had no rights to attic. Tribunal stated costs could only be recoverable from previous leaseholder as started lease extension etc not concern of new leaseholder. New leaseholders before hearing who were previous tenants of the flat advised had not stopped claim to attic. At tribunal paperwork and response by leaseholders solicitor denied verbal agreement and stated still had claim to attic. Previous leaseholder offered money to purchase loft after sold property six weeks beforehand to new leaseholder. Have to complete new lease by 31st January 2017. However, it appears that previous leaseholder will be trying to claim attic as had correspondence from solicitors in December 2017 who appear to be acting for both regarding fees not paid before sale (insurance premium and ground rent ), which meant that the previous leaseholder was in contravention of original leaseholders lease. Previous correspondence with Solicitors of new leaseholder informed us that funds put aside to pay outstanding monies by previous leaseholder. New leaseholder has claimed put vesting order into county court but only had copy of vesting order with no date or court or case number or papers being served. Now solicitors are asking about fees or monies outstanding for both new & previous leaseholders. The new leaseholder has informed us that they no longer represent them and there has been no correspondence from previous leaseholder confirming that they are representing him either. Can a freeholder rescind on an agreed premium and lease if the other side still has contentious matters relating to previous leaseholder and ownership of an attic which is under dispute? Worried that if get undertaking from new leaseholder that won't claim loft and no further costs for us and new lease is completed, that previous leaseholder ( who now resides in the Netherlands) will put in claim for attic even though sold back in March 2016. Is it possible to withdraw from lease?Or any way delay until contentious matter of attic been solved with all parties concerned? Has the previous leaseholder still got any legal recourse to claim the attic? Have we any recourse against the previous leaseholder for fees incurred as a result of his claim? We seem unable to get an answer from our solicitor and feel that things have not been handled in the correct manner that has led us to this situation.
  11. Does anyone in the Glasgow area know or have any experience with a good solicitor/tax advisor that works with Buy-to-let investors? We're looking for some advice on structuring a limited company correctly so that it fits with our long term goals. They don't need to specialise in the sector, but will preferably have experience working with investors and maybe even invest in property themselves. Hopefully someone can point me in the right direction! Cheers, Luis
  12. Hi there, I am about to purchase a leasehold property and the day before exchange the sellers solicitor has advised that a redecoration is due to be done and then they will pay half but we also need to pay half. Is this allowed do I have any recourse? Any advice welcome thanks
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