Nick Faulkner

Registered with Property118.com
Tuesday 24th September 2013


Latest Comments

Total Number of Property118 Comments: 23

Nick Faulkner

10:44 AM, 6th December 2018
About 3 days ago

Student Council tax exemption - Proof required?

Reply to the comment left by Freda Blogs at 06/12/2018 - 10:21
What on earth are you moaning about? The council has to collect Council Tax and students get an exemption but the landlord is responsible for the CT on an HMO and most student houses are HMOs. Therefore if you want not to pay it is up to you to provide evidence in the correct form that they are students ...you need to see ,copy and supply to the council and "Exemption Certificate"
If they are genuine students they will have one or their college will provide one if the student asks for it (it is unlikely the college will provide one to the landlord directly). Gone are the days when you could tell the council it is a "Student House" and they would accept it. Our local council charge us CT up to the beginning of the term and from the day the course ends. If you have one tenant in the house who is not a student they are charged the full amount for the house less 25% two non-students and the full amount is charged. We get no exemption for voids and County Court summons for delays in payments while we are waiting for the student/agent or college to sort out the Exemption Certificates.
You have had it easy but all good things come to an end when dealing with cash -strapped councils.... Read More

Nick Faulkner

13:52 PM, 24th November 2018
About 2 weeks ago

Advice about a student property purchase for our daughter?

I am with Claudio...... I have done it and would not do it again. I am a student landlord in Norwich and so when our eldest child went to university in London we bought a house for her to live in with a few friends to help pay the mortgage.
My daughter a serious studious type picked quiet people to live with. They were quiet but not because they were studious but because they were nervous and neurotic . Our girl was concentrating on her work when I had a call from one of her housemates in hysterics. She had seen a mouse....in the 200 year old house. I had to take out a very expensive contract on the little furry creature and sadly he got what was coming to him. In the same week I was round at one of our houses in Norwich where a couple of country girls at the local Art School told me they had caught three mice during the week. I was horrified and asked where they had come from " It's Dave in Room3. He buys live mice to feed his snake and they escaped" it was all told to me in a very matter of fact way. Obviously Dave should not have had a snake in the house nor the mice that went along with it.
Back in London my daughter was getting upset by her colleagues. She was in the dilemma that Claudio pointed. She was not the landlord, I was, but nor was she just a house sharer but had a degree of responsibility for the property. The stresses caused by this would mean buying a house for student child would not be advised by me.
Our daughter went off to Cambridge in pursuit of another degree and was followed by our son. Regretably he was a feckless youth who filled the place with his mates.... as bad a bunch of students as we have had in forty years in the business.The third child having seen her sister worried and her brother ranted at by me refused to move in and rented elsewhere. A wise move.
From a business point of view it was a good buy. Property prices were shooting up in London and after six years I sold it and had to pay 50% of the original purchase price in CGT.
Buying a house for a student child sounds a good idea but there are several downsides especially since George Osborne's attacks on the PRS so think about it very carefully.... Read More

Nick Faulkner

11:20 AM, 15th June 2018
About 6 months ago

Is this a recipe for disaster?

Surely the three storie aspect makes for a registered hmo... Read More

Nick Faulkner

10:52 AM, 20th January 2017
About 2 years ago

Who is responsible for White Goods replacement?

I agree. I am a simple man .I like things clear and straightforward. I try to word our tenancy agreements that way. 90% of our lettings are furnished and inclusive....by that I mean we supply furniture and white goods.We pay electricity , gas, water,high speed broadband, satellite TV,TV licence even Council Tax although we recharge that when it is due. White goods are replaced when faulty and all work on our properties is paid by us.
This is a system that works for us. We do not have voids but 80 generally happy tenants and. ..judging by the tens of thousands our accountant tells me we have to pay in tax... it must be profitable. So why make misery for both yourself and your tenants by arguing about insignificant trifles? There is an easier way.... Read More

Nick Faulkner

14:26 PM, 19th January 2017
About 2 years ago

Who is responsible for White Goods replacement?

I think Jerry Jones has it in one "amateur landlord:".... chasing round repairing and trying to get the tenant to pay for a broken or worn out appliance is time consuming and extremely difficult.Get a grip ,look after your tenant or get out and leave it to as professional.... Read More