Dave Smith

Registered with Property118.com
Monday 9th October 2017

Location
Furness Vale, High Peak

Trading Status
Sole Owner

Providing essential rental accommodation since
2002

Number of rental properties owned
0 - 5

Insures properties through a broker recommended by Property118
No


Latest Comments

Total Number of Property118 Comments: 10

Dave Smith

16:15 PM, 26th January 2020
About 9 months ago

Pulled out again due to onerous Ground Rent increases

I took the decision to sell my small portfolio of 4 rental flats due to the compounding issues of the Leasehold rip off including Ground Rent doubling, major works including a failed roof that was never been fit for purpose costing us £1.2M, no control over Management Companies and their endless lack of transparency, conflict of interests and mis-management, escalating out of control service fee's, escalating insurance premiums (50% plus of which is commission to the Freeholder), rip off 'permission fee's for every new tenant. Luckily for me (but what a terrible nightmare for my buyer) I missed being caught by the cladding scandal by 6 months! This £300k flat is currently unsellable and leaseholders facing massive bills to put right.

I had to sell my flats to cash buyers at a reduced prices to move on. After 15 years I'd had enough. The portfolio was still making a reasonable return but I just didn't want all the stress and heartache that went with leasehold, and feel I was just being financially abused by the Freeholder's and Managing Agents.

Dont get me wrong, I was comfortable with the usual risks of being a landlord, tenants who trash the place, full refurbs after smokers have ignored your rules, etc, etc, non payers and had my fair share over the years. This goes with the territory to an extent.

So I sold up (over the last 3 years) and reinvested in older freehold properties, renting them on short term lets as serviced accommodation. It's proving far, far more profitable and less hassle. Glad to be away from leasehold and wild horses would never get me back in that corrupt and immoral world again.... Read More

Dave Smith

18:30 PM, 20th September 2018
About 2 years ago

Vision for an independent organisation to represent UK landlords

Reply to the comment left by Luke P at 20/09/2018 - 12:48
Yes RLA have been very helpful to me in the past, easily saving my membership fees. I feel leaving to 'send a message' leaves me unsupported. That said I am leaving the whole sector anyway so will soon be cancelling membership - I've finally had enough of Leasehold various traps and scams (doubling ground rents, permission fees, registration fees, insurance rip offs, managing agent scams, escalating out of control service charges, cladding scandal, etc, etc), I seem to have been affected by them all.... Read More

Dave Smith

11:48 AM, 20th September 2018
About 2 years ago

Vision for an independent organisation to represent UK landlords

Reply to the comment left by Luke P at 20/09/2018 - 11:46
Yes. Just auto renewed. However I am selling all my leasehold flats, and changing property strategy, moving into serviced accommodation.... Read More

Dave Smith

11:43 AM, 20th September 2018
About 2 years ago

Vision for an independent organisation to represent UK landlords

A good starting point would be to merge NLA and RLA, two competing organisations which mean LLs have been divided and conquered, the establishment must love it. I've been a member of RLA and happy with the fee and range of services, and I have friends feel the same about NLA, although as far as I can tell from a cursory glance, they offer very similar services. Merging would give a stronger voice, economies of scale (so the membership income would go further and hopefully be more effective).... Read More

Dave Smith

17:42 PM, 17th July 2018
About 2 years ago

Leak from flat upstairs - Please help?

Reply to the comment left by Tom Chapman at 17/07/2018 - 13:58
Unfortunately in my personal experience, all leaks (and I've had lots) have stemmed from poor quality of the build and workmanship!... Read More