Martin

Registered with Property118.com
Monday 12th March 2018


Latest Comments

Total Number of Property118 Comments: 29

Martin

11:23 AM, 29th January 2021
About 3 months ago

Taxation of 7 months rent in advance?

Firstly I agree with John and I'm always wary of large upfront payments since a rental property next door to one of mine was turned into a cannabis farm. In hindsight it was obvious, remote landlord, overgrown garden and curtains always drawn. So now if I get that, I schedule regular inspections, including one at the end of the first month.
As for the Tax implications surely at most you are talking a few thousand here.
Is there not a deductible cost you could incur to offset that?
Any outstanding maintenance, refurbishment of your office or even overpayment or advance payment of the mortgage (if you have one). As previously stated income is recognised when it is paid to the agent not the landlord.
I'm sure any half reasonable accountant will have a work around.... Read More

Martin

14:20 PM, 3rd August 2020
About 9 months ago

Myth-busting - Electrical Safety installations Act 2020

I've just had one done by an electrician I've used for years and trust totally, however what I have realised by drilling down into his report that there are several aspects that he personally doesn't like and recommends changing that wouldn't actually fail the report. I stress he is a decent trustworthy guy, but like so many contractors he just seems to think he is billing a company as opposed to costing me money personally.
The first one I let him have free rein and he came in at £350 for a medium size 4 bed, take away the bits that he didn't actually really need to do and it will be about £220.
It was a good exercise though as I now have a much better understanding of the process and of course of his thought process.
So actually folks these sparkies might not being trying to rip you off they might be trying to help, just not realising across multiple properties it costs a bloody fortune.... Read More

Martin

14:22 PM, 8th July 2020
About 10 months ago

Summer Economic Update - Landlords Reaction

Surely it will help as the 3% surcharge is on top of what is normally paid.
I know it's not the bonus of no stamp duty we hoped for, but you will pay less on a second purchase now.... Read More

Martin

12:23 PM, 31st March 2020
About A year ago

Put ourselves in the shoes of these kids?

My Eldest was in the process of finishing her final year at Uni in London.
I saw the lockdown coming and pulled her out of her house 3 weeks ago.
What I didn't know was how long it would go on for, so like most students she has most of her belongings there and effectively is still in residence. I've made a point of paying her landlord as I believe it's the fair thing to do.
However as they are in a shared house with all bills paid and a weekly cleaner and now instead of 5 people living there, there is now just one.
With that in mind I have written to the landlord and requested that as their bills are now lower and the cleaner has been cancelled that there be a reduction in the rent to reflect their saving.
Hopefully they will play fair with me as I have with them.
We will wait and see.
To reply to Yvonne, if you are dogged enough you can find a legal precedent for pretty much anything ( I know this from experience when having to sue a surveyor). When presented with a legal precedent most Solicitors will advise you that it is better and cheaper to settle as it will probably cost more in the long run to fight it.
I don't know the case in question, but on the face of it, it does indeed look like it may have some bearing on student lets if schooling is cancelled through no fault of their own.
If you are really concerned my advice would be grit your teeth, huge pot of coffee and spend some serious hours googling to come up with a case that works the other way.
It is boring and laborious and when i won my case against the surveyor I probably spent 10 to 12 hours to find the example I wanted. This was over £1000. So to pay a Solicitor to research it wouldn't have been viable at between £250 and £500 an hour.... Read More

Martin

9:40 AM, 24th March 2020
About A year ago

Repairs during Covid-19?

British Gas as of last Friday were still carrying out gas safeties and breakdown cover.
I am quite friendly with one of the engineers in my area who covers some of my properties.
Engineers have been instructed to self isolate if they had any symptoms and the engineers out in the field spoke directly with tenants who were self isolating to make common sense decisions.
I have a tenant who's child is running a temperature, back door was left open for the engineer and no one entered the kitchen while he serviced the boiler and hob, he wore gloves whilst working. - Common sense decision!
They are key workers and as previously mentioned - dripping tap - live with it, but no heating or hot water can have serious implications.... Read More