Mike W

Registered with Property118.com
Tuesday 10th September 2013

Latest Comments

Total Number of Property118 Comments: 208

Mike W

10:10 AM, 9th July 2020
About 5 months ago

Summer Economic Update - Landlords Reaction

Yes great for England - 90% of UK - but devolved governments very quiet. 4% is Scottish additional stamp duty and nothing about matching a £500k nil band in England. And of course an interesting story on Landlord zone about lenders pulling BTL products and refusing loans for student lets ........ Read More

Mike W

11:14 AM, 3rd June 2020
About 6 months ago

Penalised over CGT due to Government emergency rules?

My understanding is that the date of exchange of contracts is the date that determines when the property is sold, not the date of physical transfer of the asset.
A relative was caught in a similar position but many solicitors implemented a process of combining exchange & completion on same day in order to protect clients. In her case the exchange of contracts did not take place before 5/4 and hence she got caught with the exchange happening in this year. It was a bidding situation and the highest bidder attempted to delay exchange & completion but was firmly told that if they did not promptly deal with the matter she would deal with the second highest bidder.
Unfortunately a lot of expectations have been impacted by doing reasonable actions but then finding a lot of collateral damage. The implications are still being worked out. Scotland was even worse as the registrar shut down causing major contractual problems for which there were no 'force majeure clauses' in place. There are going to be a number of new laws required to deal with this sort of thing in future.... Read More

Mike W

11:15 AM, 29th May 2020
About 6 months ago

Should I let to family through my limited company?

If it sounds too good to be true it probably is.
I will put the following to you.
If your family rented a property from an unconnected person or company (no links whatsoever) and obtained government support to do so, then no problem.
If your family rented a property from you directly or indirectly it could be considered fraud with you benefiting from the Government handout. (Note I said could be considered.) Many lenders (if you were to seek finance) prohibit renting to friends/family again for the fraud risk. The argument being your business income benefits from the government support to a family member.
Now you could go to great lengths to prove that everything was above board with multiple independent valuations on rent levels etc but the hassle would be immense and frankly it may be rejected outright without consideration of the merits.
And if you did not declare the obvious conflict of interest up front then, in my humble opinion, you could be in trouble.

Now I am not a member of the legal profession so I don't know the legal position, but what I have stated I consider to be reasonable.

All the above clearly is independent of your desire to help family etc.... Read More

Mike W

10:30 AM, 18th May 2020
About 6 months ago

Correct phone line cable?

Buy cable from B&Q - relatively easy job.... Read More

Mike W

10:50 AM, 12th May 2020
About 7 months ago

BM Mortgages "Action Required" letter on interest-only mortgages?

Hi David, under normal circumstances a response along the lines of "I will sell or remortgage" would cover the issue. All they are trying to do is establish your plans - which I suspect the regulator (post 2008) requires them to do. However we have now had two "black swans" (rare events) relatively close together which makes some people wonder whether selling or remortgaging would actually be available. Of course one might argue that if those options were not available we would all be in 'trouble'. Particularly so if the economy, stock market etc were also to stop. It can happen. Post WW1 Germany? Venezuela today?
Just a thought.... Read More