John Perry

Registered with Property118.com
Saturday 14th December 2013


Latest Comments

Total Number of Property118 Comments: 4

John Perry

17:16 PM, 27th May 2014
About 7 years ago

Refund of service charge credit on selling a leasehold flat

Mark's explanation is pretty comprehensive. I'd just like to add that the usual process is for your solicitor to obtain the information about the surplus and for the new owner to pay it to you as part of the purchase.

The landlord still has the potential liability to repair and maintain the property so they are collecting money so they can fulfil their responsibility. It isn't up to the landlord to ask the ingoing owner for money to pay you out.... Read More

John Perry

13:03 PM, 2nd May 2014
About 7 years ago

Thoughts on how to structure a deal please

Has he spoken to his lender to see if they will extend the term of the mortgage?... Read More

John Perry

13:39 PM, 24th April 2014
About 7 years ago

Tax relief on mortgage interest for previously unemcumbered property?

Reply to the comment left by "Mark Alexander" at "24/04/2014 - 12:31":

Mark

I think the more precise definition is that the interest on a loan up to the value at the date of first letting plus the cost of any subsequent improvements is deductible.

The purchase price can be significantly different to the value at the date the property was first let, particularly if the owner has lived in the property prior to letting or purchased the property then spent some time renovating it before letting.

We advise clients who are about to let a property they have previously lived in or renovated to obtain a valuation. This reduces the risk of HMRC contesting the value.

John Perry
http://www.centralbusiness.co.uk... Read More

John Perry

12:52 PM, 14th December 2013
About 7 years ago

Can I employ my wife to manage my properties?

Reply to the comment left by "Mark Alexander" at "13/12/2013 - 09:47":

I would be careful about the comment that it is not illegal to overpay someone. There is quite a lot in the HMRC guidance about paying a connected person more than the work justifies - and there has been case law.

Paying someone £500 for half an hour's work is likely to be looked on as more than the job's worth.... Read More