Nick Pope

Registered with Property118.com
Sunday 18th August 2013


Latest Comments

Total Number of Property118 Comments: 151

Nick Pope

18:46 PM, 22nd September 2018
About 2 months ago

Leaving agent that is a late payer

I can only advise landlords to do what I do. Instruct an agent on whatever terms you can agree and allow them to manage for 1 year. Your choice as to rent collection only or full management, whatever suits you best. Make it clear that at the end of 1 year and for the rest of the tenancy you can terminate at one months notice and take over management yourself with no penalty. If the tenant is easy then just take it back and do it yourself and if difficult then leave it with the agent and they can take the hassle. I make it clear that its a take it or leave it situation because I am not prepared to keep on paying year after year when I am keeping the same tenant in the property. In addition, I hold the deposit - no if's, but's or maybe's.
I have never had an argument yet and if the agent is flexible I keep going back to them.
Remember, you are doing them a favour, not vice versa.
One slight caveat - you may not find this easy as I am in a privileged position because my main profession is of benefit to agents and they want to keep on my good side.... Read More

Nick Pope

9:44 AM, 16th September 2018
About 2 months ago

New mandatory HMO licensing rules fast approaching - 1st Oct

Reply to the comment left by Chris Daniel at 16/09/2018 - 09:13
Yes. I use Metropix which is online. I only do a couple a year and you can pay for each plan. I think it's about £3. It's very simple - just draw a box, divide it into smaller boxes, put in windows and doors, kitchen fittings, sanitaryware, stairs etc and you're done. I can do a standard terraced house in a few minutes. For an additional fee it will convert to a 3d image.
If you need to do more then there is a wide range of free and paid for software.... Read More

Nick Pope

7:22 AM, 16th September 2018
About 2 months ago

New mandatory HMO licensing rules fast approaching - 1st Oct

Reply to the comment left by stephanie nascimento at 12/09/2018 - 09:43Assuming the council don't want a full, to scale floorplan, you might try a domestic energy assessor who does EPC's. They have to measure properties anyway and many of them can do a basic floorplan with dimensions. Alternatively, speak to your friendly local estate agent and ask who does theirs.
For a full scaled plan then try an RICS building surveyor (find a local one at http://www.rics.org) or contact an architect - many have drawing technicians who can add all the detail if needed.

On another point - remember that the licence is personal to the individual or company. If you are buying an HMO it will not automatically transfer. You should check with LA as to their specific requirements to prove you are a fit and proper person.... Read More

Nick Pope

7:55 AM, 10th September 2018
About 2 months ago

Changed my mind landlord not moving now?

Mesne profits were mentioned. This is absolutely correct. You should never accept rent even if offered as such as that creates a landlord/tenant situation and you are back to square 1. You need to acknowledge the money as mesne profits and if possible get the ex tenant (for such will he be) to sign a copy of the receipt for your records or alternatively have a 3rd party present if paid in person or send the receipt by post but signed for.... Read More

Nick Pope

9:46 AM, 18th August 2018
About 3 months ago

Leaseholder wants to change Ground Rent?

I suspect that the leaseholder has been told about some ground rents which, for example, double every 10 years. This has a snowball effect and would exceed inflation at current rates (the increase equates to approx. 7.5% per annum). Such increases have caused concern with the major mortgage lenders. For instance Nationwide state:
Maximum starting ground rent 0.1% of property value
Any ground rent reviews must be reasonable, e.g. linked to RPI. Ground rents which double every 10 or 15 years are not acceptable.
Event fees (for consent to alter or extend the property) must be reasonable.
This applies to new properties but valuers are expected to apply the same guidance to second-hand flats and houses as well. Following these rules I have recently had to decline a flat where the ground rent doubles every 10 years.
In your case you have no obligation other than to grant a lease extension if the leaseholder legally requests it and the figures for this can be accurately calculated by a surveyor in accordance with specific rules set out in the legislation.
I would certainly not agree to a cap on ground rent as this would reduce the value of the freehold.
As mentioned above you could offer to reduce the ground rent permanently to a peppercorn but there would be a value payable by the leaseholder, also easily calculated.
So far as legal costs are concerned it is the leaseholder requesting an alteration so it should be at his/her cost.
You would not then be required by legislation to offer the same deal to other leaseholders and can negotiate with each separately.
Of course you will appreciate that the occupiers can force you to sell by applying for Collective Enfranchisement see http://www.leaseholdadvicecentre.co.uk/Collective%20Enfranchisement.htm for more information. Once again the cost to them would be based on similar calculations to those above and they would be liable for all your legal costs.
Hope this helps.... Read More