Mike Newman

Registered with Property118.com
Saturday 6th July 2019


Latest Comments

Total Number of Property118 Comments: 3

Mike Newman

17:32 PM, 7th April 2021
About A week ago

Ground Rent makes property an AST?

Reply to the comment left by NewYorkie at 07/04/2021 - 16:06
Perhaps I did not explain properly. The GR is revised by inflation every 10 years. So if inflation is about 3% per annum compounded then the increase is over 30%. So my current £175 is likely to become something like £217 which means that the next increase after a further 10 years would certainly exceed £250.... Read More

Mike Newman

10:26 AM, 7th April 2021
About A week ago

Ground Rent makes property an AST?

Reply to the comment left by at 07/04/2021 - 08:44
I agree that there is a small probability of this happening and if GR is always paid in full, on time then there should be no risk of it happening. But I suspect the buyers query is being driven by whoever is providing his mortgage and we know how risk averse they can be, look what's happened with wall cladding!... Read More

Mike Newman

13:54 PM, 14th October 2019
About 2 years ago

Asbestos and rental property

We discovered asbestos in the some artex walls and all ceilings when we bought a semi and had a survey. Once it was in the surveyors report we could not ignore it so we engaged a specialist. The problem came when they were unable to scrape the artex from the walls and ceilings without the plaster/mortar coming away as well. So we went ahead and stripped the house back to bare bricks and no ceilings. When you stood inside you could see the roof. However it did make the builders job easier moving walls and replacing wooden lintels. By the time we finished the house was "new" inside. Fortunately we were profitable on our other properties so were able to offset the costs.... Read More