Mervin SX

Registered with
Thursday 10th October 2013


Trading Status
Sole Owner

Providing essential rental accommodation since

Number of rental properties owned
11 – 20

Insures properties through a broker recommended by Property118

Latest Comments

Total Number of Property118 Comments: 48

Mervin SX

19:23 PM, 2nd August 2020
About 3 months ago

Incorporating into our Ltd co and Higher Stamp Duty refund?


Just adding to what Neil has already said:

- You can sell your old residence to your limited company. You will need to get a LTD company BTL mortgage (if you have a mortgage) and pay stamp duty with 3% surcharge (only 3% now until 31st March 2021 if price below £500K).

- Once this deal has gone through, you can then clam back your current home's stamp duty surcharge back, which you paid in November 2019. Not all of it, just the surcharge element.... Read More

Mervin SX

9:26 AM, 16th July 2020
About 3 months ago

REMINDER - CGT rules are changing in April 2020

Anyone's got a further opinion or experience of this situation?... Read More

Mervin SX

9:13 AM, 16th July 2020
About 3 months ago

New Electrical Installation Condition Report Rules July 2020?

The interpretation of the requirements are being utilised by several electricians to make a quick buck!

When an EICR is issued, please ensure it says it is valid for 5 years and that's it. No further conditions unless there is a valid electrical reason for inspection after each tenancy, etc.

Regarding the plastic vs. metal box - it's all to do with the fire safety risk - i.e. will the box withstand a fire in the property. There is no absolute requirement to get this replaced to comply retrospectively to the latest codes. It could be noted as a recommendation in the report. Having said that, if it's a consumer box exposed in the exit route, within a small apartment, I would upgrade it to metal. If it's a consumer box, hid away in a safe location (stair cupboard, etc.) then leave it as it is.... Read More

Mervin SX

9:45 AM, 11th July 2020
About 4 months ago

Tenant background checks reliable?

For those who asked what some Landlords do, this is my way of approach. Note, my properties tend to get huge demand, so I am able to work it to my advantage:
- I use OpenRent to advertise and communicate with prospective tenants.
- When a viewing request comes in, I ask for a few things but particularly, employment status and proof of income along with the bank statement showing this credit, for a period of three months. If they can't send these to me by email, I will ask them to bring it with them to the viewing.
- Once a viewing is completed, and I have chosen a suitable tenant, I use OpenRent to complete a full referencing - they charge £20 per applicant/guarantor.
- My choosing of a suitable tenant is purely based on their affordability - I don't screen them based on their job, family status or pets.
- This has worked well, with no rental defaults or troublesome tenants!
Hope this helps,
Mervin SX.

P.S. I am a registered data controller with the ICO - so, I am upfront with my tenants about my registration and credibility in handling their data.... Read More

Mervin SX

13:17 PM, 3rd July 2020
About 4 months ago

Switching AST to which contract type for tenants with Ltd co?

Stamfor states his tenant has been really good - i.e. previous good experience.

There is nothing illeagal in what the tenant is proposing to do, provided the intentions are checked & understood. It is very much possible that the current tenant is planning to go self-employed and he is going to be running his business out of his residence. Of course there is BIK for the tenant, but that's nothing to do with the landlord (and none of the landlord's business either).

As long as the tenancy agreement is done using a Company Let contract and the company's directors are signed up as gurantor, there is nothing wrong in proceeding on this basis. You may want to carry out a fresh referencing of the gurantors to ensure he hasn't racked up debts or recorded CCJs, etc. against him. This can be done via OpenRent or other online companies.

For a company let, the deposit also does not need to be protected - i.e. this could be held by the landlord as security against further issues/non-payment of rent.... Read More