Nick Pope

Registered with Property118.com
Sunday 18th August 2013


Latest Comments

Total Number of Property118 Comments: 163

Nick Pope

7:28 AM, 17th July 2021, About 2 weeks ago

Can I insist on Shower rather than a bath?

It's up to the developers. They build a product and offer it for sale - it's your choice whether you buy it or not. Let's reverse the situation. If a potential tenant came to you and insisted they needed a bath not a shower would you change it to suit them, particularly in a market where there are other tenants willing to take what's on offer?
Developers today subcontract everything and it's likely that they do a deal with a bathroom supplier/fitter for a specified number of houses at an agreed spec and get a large discount. If they then proceed to request changes the subbie will likely charge a significant sum to action any alteration.... Read More

Nick Pope

8:32 AM, 12th June 2021, About 2 months ago

No maintenance charge no agreement?

In these circumstances, my immediate concern would be whether the fabric of the building is insured. If not and the worst happens you get nothing. If the freeholder has not insured then you gave an insurable interest but all the occupiers should chip in.... Read More

Nick Pope

7:40 AM, 3rd April 2021, About 4 months ago

Best for revaluation - vacant possession or sitting tenant?

Firstly I assume that these are existing tenants on AST'a and not sitting tenants with security of tenure which would have a significant (25% - 50%) effect on value.
From the valuation point of view, lenders require a valuation at market value with the assumption that there is vacant possession. It is then their responsibility to approach the perceived levels of risk during the undewriting process to reflect their own business model.
On the subject of CGT I am unable to comment professionally but would say that I strongly believe there will be tax rises as the covid threat recedes and that CGT is an easy tax to tweak upwards, perhaps by increasing the tax by an additional, say, 5% if your marginal income rate is 40% or 45%.... Read More

Nick Pope

7:50 AM, 30th January 2021, About 6 months ago

Taxation of 7 months rent in advance?

I may have a ossible answer to this query.
We have been dealing with an estate where the property was let in October 2019 to a Chinese national who could not supply financial references so the full year's rent was paid in advance. The owner (a 40% taxpayer)sadly died in the November.
We had to do a tax return for 2019/20 and 2020/21 and the accountant successfully argued with HMRC that even though the rent had been paid in advance there was a possibility that the tenancy could be interrupted, for instance, if the house was damaged by fire and thus the income was attributed to both years and only 28% was payable on the 2020/21 income.
Of course, HMRC may have a different view if the owner is still alive!... Read More

Nick Pope

12:12 PM, 18th January 2020, About 2 years ago

Do I pay CGT if I sell to a friend at minimum value

Bear in mind also that Stamp Duty Land Tax would be payable - the amount your friend actually pays doesn't matter, the tax is payable on the value at the time of transfer. If a price appears to be artificially low the matter will be referred to the DIstrict Valuer's office.... Read More