Graham Bowcock

Registered with Property118.com
Saturday 22nd October 2016


Latest Comments

Total Number of Property118 Comments: 82

Graham Bowcock

20:59 PM, 16th January 2019
About 5 days ago

HS2 Compulsory Purchase - Have you received your payment?

Reply to the comment left by AJ at 16/01/2019 - 20:18
AJ

Yes, that’s right. It is unlikely to have completed if all the money has not been paid. However, that doesn’t mean that HS2 have not taken occupation. It is rare with houses but in general it is quite common for acquiring authorities to take land for schemes before they have had completion. That’s the joy of a CPO!... Read More

Graham Bowcock

11:48 AM, 16th January 2019
About 5 days ago

HS2 Compulsory Purchase - Have you received your payment?

Dear Robert

I am pleased to see that you are being professionally advised and I hope that your adviser is pro-active in chasing up HS2. As an adviser myself I have found HS2's approach to be patchy. My area is mainly phase 2B, so we are some way off construction yet. They have been under-resourced which made progress difficult. We also felt that their approach to money became more difficult as their budgets and expenditure were being challenged.

It possibly depends on the scheme you are using as they do work slightly differently, although it sounds like you are under a formal CPO. This has a statutory structure and I suggest you ask your agent to go through the sequence of events with you.

It is entirely feasible that property has been taken under a CPO and payment has not been made; it is somewhat rare with houses but very common with farmland. However, HS2 are obliged to pay 90% of their assessment of compensation on entry. This may be lower than your assessment (it depends what variables there are and how well your agent negotiates) but the make-up comes with the final payment.

If you are not happy with the price being paid there is a procedure through the Upper Tribunal (Lands Chamber) to challenge this, but you do need to make sure you have good evidence and a robust case. I have dealt with many clients who "feel" or "believe" that their property is being undervalued but evidence does not support their view. The best thing is to ask your surveyor for an honest opinion of value before challenging.

Returning to the payment of compensation, you will be entitled to Statutory Interest from the due date. Last time I checked, the rate of Statutory Interest is (wait for it..........) 0.5% below the Bank of England Base Rate. Methinks there is little incentive for prompt payment to be made! Luckily there was an amendment to prevent interest payments being negative.

Graham... Read More

Graham Bowcock

12:19 PM, 23rd November 2018
About 2 months ago

Would you Buy to Let without viewing?

No, no, no no, no

I wouldn't buy a property in Manchester without seeing it - and I've lived here for 30 years, have a family property business and do portfolio valuations for banks!

I never understand the desire of "investors" to buy out an area they know. Okay, those with the balls to do it may make some good returns, but investing their own money that they can afford to lose. So many times such investments go belly up. There's so much to consider these days.

A recent landlord/tenant TV programme featured a landlord couple from the south who had bought unseen in the north east, after going to a seminar on BTL. Then moaned that they weren't getting the rent and it was too difficult to manage. All ended in tears.

Perhaps try something else............................ Read More

Graham Bowcock

17:29 PM, 22nd November 2018
About 2 months ago

Bond Return to Tenant or New Landlord?

Joey

DPS are pretty good at transferring deposits between agents and landlords (assuming both parties are in their scheme). Hopefully this scenario was covered in the sales contract (as mentioned by someone else above); I'd expect the new landlord to be taking over all assets and liabilities and for you to be absolved of all responsibilities on completion.

The tenancy contract has transferred from you to your buyer (both of you being "The Landlord") so the tenant will need to look at the buyer to sort things out. The buyer should (perhaps through his solicitor) have served a notice with contact details; this is legally required. Once done it gets you out of the matter.

My advice is to agree a transfer with the new landlord and tell the tenant that is what you have done.

Graham... Read More

Graham Bowcock

13:36 PM, 15th October 2018
About 3 months ago

Surprise! new tenant

Reply to the comment left by Eps at 15/10/2018 - 13:15
Eps, Hamish

I think that the DPS ruling Eps has had should not be taken as law; this sounds like something particular to DPS. Abandonment is quite hard to prove and you have to be very careful not to be accused of eviction or harassment, especially where a family member is now residing in the house.... Read More