Laura Delow

Registered with Property118.com
Wednesday 16th April 2014


Latest Comments

Total Number of Property118 Comments: 259

Laura Delow

12:26 PM, 16th September 2019
About 3 days ago

Section 21 abolition stinks!

Were they making their own fertilizer? How utterly unbelievable.... Read More

Laura Delow

14:56 PM, 15th September 2019
About 4 days ago

McDonnell's distorted and dangerous version of Right to Buy

A number of ex council R2B properties bought were i) bought at a massive discount then on the QT let out soon after & then they often bought another property elsewhere in another family member's name on a buy to let basis (at 85% loan to value back then which is creeping that way now) or moved in with boy/girlfriend or family elsewhere or ii) after e.g. 3 years they Let to Buy. In either case these council tenants became the next wave of new landlords (fueled by greed they accuse the landlord community of) or iii) after 3 years they sold it often to an investment purchaser (as not always desirable properties for FTB's who either wanted new build or properties with more character or just simply liked renting & didn't want to buy nor take on responsibility of ownership & high service charges which ex council flats often come with). I know this for a fact as I am a mortgage broker albeit now semi retired & dealt with a number of these clients back then & lost much business as a result of telling them they weren't allowed to buy & rent it out & I was obliged to report this if I knew this to be their intent. I also had a number of council tenants' adult children remortgaging their main residence to raise the funds to fund the purchase for a parent on the basis it was a good long term investment even though they had to wait until their mum or dad eventually died to benefit from it. These children are now part of the landlord community their parent having long since died). Lastly, even though the purchase price was heavily discounted, a number of these council tenants wanted a self certification mortgage, often inflating their incomes in order to obtain the necessary mortgage amount. It just created mass mortgage fraud. I hasten to add these clients also went elsewhere to get their mortgage as I challenged their incomes.
End product; abuse of the R2B process, less property to rent for the next generation, created a property boom, made people greedy for the wrong reasons, ex council tenants are now landlords & moaning about being accused of being greedy, and it created shed loads of mortgage fraud. I know a large number of brokers who eventually got found out & done for this.... Read More

Laura Delow

10:41 AM, 12th September 2019
About A week ago

Office of Tax Simplification - Landlords Survey

I just completed the survey. The questions lead you in a certain direction so they are influencing answers the way they want in order they can validate their decision to i) tax gross rental income on receipt throughout the year to be adjusted at year end (cash flow crisis here we come), ii) digital platforms & letting agents to report gross rental receipts throughout the year & iii) more regular self assessment reporting throughout the year. If landlords aren't reporting all gross rental receipts or in general the self employed aren't reporting all that they earn, I get it & if I were HMRC I might consider the same to try and tackle the black economy, but for the majority of landlords who do report every penny in rent received, if taxed at a nominal rate on gross receipts it would cause some landlords to crash & burn as some months/years, one can run up ridiculously high expenses from day to day repairs to never ending Section 20's, high buildings insurance excesses (e.g. I have £2,500 excess on escape of water on a flat in 1 block), goods replacements, new boilers, EPC improvements, tenant fees, licencing fees....the list goes on & on, which would not only create an additional admin burden day in/out to have to use online accounting software but also cause a cash flow nightmare. I have no concerns over agencies & digital platforms reporting gross rent receipts but what if managed personally or the rogue landlord who only collects his rent in cash. All these types of systems will do is put a massive burden on the good landlord & still not catch the bad/rogue one. Yet another nightmare waiting to happen. Why did I invest all my hard earned money & sacrifice my lifestyle en route all these years? I would have been better of spending it all & having no headaches nor worries.... Read More

Laura Delow

10:19 AM, 7th September 2019
About 2 weeks ago

Block insurance leak excess £10,000!

Lease Advice states (copy/pasted from their site):-
Most leases do not create directly enforceable contractual relationships between the leaseholders making it difficult to take action against another flat owner.
To deal with this problem most leases usually have provisions enabling a leaseholder to ask the landlord to enforce covenants broken by other leaseholders. If the leaseholder fails to carry out the repairs the landlord will have the ability to take legal action to force compliance.
The drawback with this type of provision is that the leaseholder seeking the enforcement will have to cover the landlord’s costs of any legal action required to remedy the situation.
Once the leak has been stopped if there is damage to your flat you should ask the neighbour responsible to cover the cost of the repairs. If negotiating with your neighbour does not resolve the problem you could consider mediation as a means of trying to resolve the matters amicably. As a last resort you may have no option but to commence a claim in the Small Claims Court for damages. (Specialist legal advice should be sought before an action is commenced in court).... Read More

Laura Delow

10:30 AM, 5th September 2019
About 2 weeks ago

McDonnell's distorted and dangerous version of Right to Buy

I agree with Mark - in theory a great idea but in addition to the variations mentioned i) one landlord may have spent less in SDLT at the point of purchase than another landlord who bought when SDLT rates were higher ii) during ownership one landlord may have spent X amount improving the place which further reduces the CGT liability vs another not iii) another may have already used his/her CGT personal allowance vs another not, or iv) the property is jointly owned with 1-2 others each having a CGT personal allowance to reduce the CGT liability vs the same value property elsewhere is owned only by one person or a Ltd Co v) one landlord may have originally lived in the property & be entitled to Principle Private Residence Relief plus vi) purchase costs for one landlord may have been cheaper than another landlord paid & so it goes on. Then of course there's leasehold thrown in to the mix in that 2 properties might both be worth £280,000 but one is long leasehold or freehold & the other only has e.g. 55 years left on the lease which also begs the question how a sitting tenant could get a mortgage on a short leasehold property.
However, in every idea however much it initially might appear unworkable, is the bone of a good idea.
The worst that could happen though is John McDonnell's idea comes to fruition of R2B at a forced discounted price in the PRS. What about Landlords with little to no equity? Would Landlords stop extending leases as shorter leases would weaken a buyers ability to get a mortgage, and would Landlords split the Title on multi unit properties & grant short leases to themselves thus again making it difficult for a tenant to buy? If PRS property is sold to sitting tenants at a discounted price, not only are landlords severely penalised but tenants lose out too as there will in the future be less property to rent. Developers would stop building as much as they do now as there will be no more landlords buying which means fewer developments of which currently 35-50% are for affordable housing. Would it create a massive sell off by Landlords? If it did, not only would BTL properties crash in value but they would drag down existing homeowner property values too, and when homeowners lose confidence due to their home going down in value, they stop spending on unnecessary's which in turn effects the success/survival of business which in turn effects employment & down we spiral in to a recession self inflicted at a domestic level by the Labour Party. Yet again an ill thought through idea.
If only people like McDonnell & the type of people that support his views stopped trying to make their lives better by stealing money from those who have over the years been careful with their money (most people who are landlords today came from basic not grandiose backgrounds & worked hard & sacrificed much to crawl their way up the financial ladder) This just smacks of the green eyed monster - envy. If instead these hard workers & savers who in many cases sacrificed a lifetsyle to invest in their future (in some cases at great risk) were commended for their efforts, then maybe we'd bring back a society of people that were proud to be part of a nation that allowed & encouraged people to do well. But no....the likes of McDonnell would rather try & pull these people down to their level & make everyone less well off. If the Labour party discourages a desire to earn & discourages people to invest in their future by threatening to ultimately steal it from underneath them, the only result will be fewer & fewer people will try to succeed, less tax will be collected, more people will be reliant upon help but there'll be less in the coffers to help.... Read More