Max

Registered with Property118.com
Tuesday 9th October 2018


Latest Comments

Total Number of Property118 Comments: 9

Max

16:53 PM, 23rd February 2019, About 3 years ago

Adding a flat to a small block - HELP!

You may have bought the freehold, but it gives you the advantage of being able to develop the property, entirely a separate issue to that regarding fair common payments. As Gracie suggest above, would suggest service charges based on a pro rata M2 basis - it is the most equitable system, used widely in Europe... Read More

Max

10:06 AM, 15th February 2019, About 3 years ago

Am I wrong to insist on signing a new contract in person?

as AA says - contract only valid if preconditions met. Use an electronic signing service - it is easier and less time consuming for you, and more importantly, easier and less time consuming for the tenant, and as it does not involve fixed appointments less juggling of time for them as they deal with life / move out / move in.... Read More

Max

8:42 AM, 24th December 2018, About 3 years ago

No Gain in Spain?

Not a direct answer, but another consideration you may or may not know which can change the calculation - You need to calculate all cost and profit at the exchange rate on the day the cost/ profit was accrued.

So for example
Purchase in local currency at 300,000 / x-rate on day 1.30 / £ cost on day £230,679
Sell in local at 280,000 / x-rate on day 1.20 / £ income on day £233,333

In this scenario, although you have sold for a local currency loss of 20,000, as far as the Inland revenue are concerned, you have made a profit of £2,564.

You can find historical exchange rate tables at oanada.com... Read More

Max

14:52 PM, 14th November 2018, About 3 years ago

Retain permission to develop when granting a long lease?

Dear Ian

Thank you. Back to the original question – is there a way within the newly granted Garage / garden lease to enshrine within the new lease the right to future development to the leaseholder of the garage / garden regardless of who the future freeholder is and regardless of their own wishes? And is this something you would be interested to help with in a professional fee based capacity?

Many thanks

Max... Read More

Max

13:52 PM, 14th November 2018, About 3 years ago

Retain permission to develop when granting a long lease?

Dear Ian

First, many thanks for your engagement in this.

As frequently is the case the situation is slightly more nuanced than is alluded to in the original question. The Garden is quite small and has little development value per se, the main development value would lie in converting the garage ( it is integral to the building) into a studio apartment or small office, opening into the garden and maybe slightly extending the build into the garden. It is a bit of hope value at the moment, as it would need a change in legislation to meet space standards etc but given the continued squeeze on space and growing PD rights, it is not an impossible future scenario. So, the aim is to hive off the garage and garden from being part of the freehold (hence allowing apartments to be sold whilst maintaining control of the Garage and Garden) and holding in case things change in the future. As regards splitting the freehold, it is not something we had considered, the garage is integral to the main building (would this present challenges to creating a freehold vs leasehold, as services and neighbours are in the original building), plus 2 of the leaseholders (who are also the freeholders) have access to the garden for bin storage in a designated area. Given the complications, we had considered leases rather than freehold.

Would be interested in your views

Many thanks

max... Read More