Ivan Ratnayake

Registered with Property118.com
Sunday 6th October 2013


Latest Comments

Total Number of Property118 Comments: 9

Ivan Ratnayake

0:03 AM, 24th January 2020
About 2 months ago

3% rent increase reasonable?

I know there are some landlords that out of principle increase the rent every year. My personal attitude has always been to charge a little less than market rent with aim of keeping tenants longterm. A few % increase as a matter of course annually, might make a tenant look elsewhere. Having said that the type of increase you are talking about after 3 years sounds more than reasonable. However, think carefully: When you then factor in voids, readvertising, redecorating, time taken to show prospective tenants around, etc, I have never thought it was worth it for £30- £50/month. 2 years of a rent increase could be easily wiped out by all the above expenses incurred with getting a new tenant, quite apart from the unknown Xfactor of a new tenant.... Read More

Ivan Ratnayake

13:38 PM, 7th June 2018
About 2 years ago

Evicting wife of tenant not on the agreement

Reply to the comment left by at 07/06/2018 - 10:40
She was never named on the tenancy agreement... Read More

Ivan Ratnayake

10:14 AM, 9th June 2017
About 3 years ago

SDLT on beneficial transfer to spouse – No mortgage - Want To Utilise Both CGT Annual Exemption Allowances on Sale

Thanks for that. This is now getting a bit embarrassing: I love your line above "the conveyancing solicitor will know exactly what to do when you present the completed Declaration of Trust deed to her"

I've just checked and apparently the conveyancer (not sure its a Solicitor or not - as I'm not handling the sale) does not know what to do with the Trust Deed. I am not sure how to advise them myself from there.

Am I right in thinking the following is true:

Once the Trust Deed is done and I am the Beneficial Owner of 50% of the Property, the property sale continues in my wife's name as you mentioned above.

A Trust is created before the sale making me a Beneficiary owner of a 50% interest in the Property. Presumably the buyer does not need to know anything about this neither does their Solicitor.

The transaction does not need to go to Land Registry as there is no change of title (only change of Beneficiary)

The Trust wrapper is just used as a requisite to allow the exempt allowance for my wife and me.

Does the Trust need to be logged with the HMRC?

It seems that the above transaction is beyond what this Conveyancer can do.
You have kindly quoted me £250 + VAT for the Trust Deed. Do you know anyone - Conveyancer or otherwise who does know what they are doing and can sort out the Trust Deed and then continue the Sale from there to complete asap and tidy up the loose ends? Is so, do you know the timescales and prices?

Thanks

Ivan
.... Read More

Ivan Ratnayake

10:37 AM, 8th June 2017
About 3 years ago

SDLT on beneficial transfer to spouse – No mortgage - Want To Utilise Both CGT Annual Exemption Allowances on Sale

Dear Mark,

Thanks for that. By way of clarification though, can I confirm details about ownership once the beneficial trust transaction is done so we can advise the Conveyancer.

At present the property is in my wife's name. As a result of the Trust Transfer does the property now become held in joint names (and so both of us now become the sellers) or does the Conveyancer carry on with the sale of the property in my wife's name alone - being the sole seller - and the ownership is simply held in trust for HMRC purposes

Apologies for being not very bright on this issue.

Thanks

Ivan... Read More

Ivan Ratnayake

0:18 AM, 29th November 2013
About 6 years ago

Would you invest in Manchester or London property?

Again, don't know where you live. Would recommend going away from Flats. Have had both flats and houses. The unforeseen extra costs of flats are the quarterly service charges, and 6 monthly/annual ground rents. Both nasty. You don't get that with freehold properties. And ofu course the charges mentioned can increase on a whim.
Then of course, what happens when another developer sticks a massive block of flats down the road from yours (answer - devaluation).
No, I would not buy a flat again. Go for a house, close to good amenities, 2 bedroom always easy to rent out. You can't really go wrong on that.... Read More