Malcolm Hill

Registered with Property118.com
Saturday 17th May 2014


Latest Comments

Total Number of Property118 Comments: 9

Malcolm Hill

11:27 AM, 26th May 2016
About 4 years ago

Tax statement from letting agents?

Hi Rudolph this happened to me several years ago when I passed the management of my portfolio over the a large national company.I had already had a deal with them in writing but no actual contract as I was able to get far better terms than their normal standard contract.Then when the first tax year came around they sent me a tax return on all my properties. It was wrong in any case as they had made it on a monthly basis and it didn't take into account several rents that had been paid after the end of March but before the start of the tax year.So I contacted them re this and during the conversation they mentioned an annual charge for this service of £60. As I am more than capable of doing my own tax return and had already got the figures on a spread sheet I said I didn't want their statements and they refunded the charge and when the following year when I had transferred all the properties into my wifes name they repeated the performance again with incorrect data and again they refunded the charge and they haven't bothered us since. Suggest you just ask for a refund and threaten to change to another agency if they don't.The wont to lose you for £75.
regards malcolm... Read More

Malcolm Hill

10:50 AM, 21st March 2015
About 6 years ago

Effect of Pension Release on the BTL Market

Having been a pensioner since 1999 I have already been through this cycle. I realised that the opportunity to invest in property was a good way of getting a better return than the stock market and properly not such a gamble so I bought a couple of flats back then. I held them until the beginning of 2007 when I felt the market was getting too hot and was likely to tumble as it has before in the late 70's and again in the early 90's so I sold up paid the CGT and moved the cash into bonds which were paying around 6.5% and 7% for 5 year periods.

It was easy, no problems with tenants and the cash was guaranteed by the governments £38k limit but it was difficult having to spread the money around so many providers, but once it was all invested it was just a question of sitting back and getting the interest.

But after about 2012 when they started to mature, even 4 and 5 year bonds were at best 3.5% to 4% so to get better return I had to return again to the property market and in that year I bought 3 properties, 2 flats and 1 house all for cash and since then I have got a return of between 6.5 to 7% without any tenant problems as I no longer self manage but use a fully managed national company to manage at a rate of 6%.

I have added another property since but over the last year have been beaten on price by new entrants into the market at the last minute on another couple of properties.

I think that many more properties will be bought by people like myself for the extra income and also the possibility of the price increase aspect. I have already made a considerable sum from the rise in prices over the past 3 years on all my properties.

So good luck to those pensioners who decide to cash in all or part of their pensions, I hope they succeed.

Regards, Malcolm Hill... Read More

Malcolm Hill

17:30 PM, 8th September 2014
About 6 years ago

Should I invest in BTL with a 4 year time frame for my retirement

I have used btl for short periods such as 4 years but so far I have been lucky with timing.the last time was between 2002 and 2007 got in and sold just before the crash and reinvested in long term bonds paying around 7%.Then in 2012/3 went back in and bought one bedroom flats and houses just before the boom got going. all in the S.E area. all paying around 700 plus per month with growth so far of around 20%.its all about timing getting the right property in the right area and ensuring you get good tenants.if you feel that the market will continue to rise and you will get growth while getting income then go ahead. You can dispose of tenanted properties if they are in a good area with reliable tenants.as a cash buyer like myself yoy will find you are in a good position to act quickly and negotiate strongly.... Read More

Malcolm Hill

20:18 PM, 3rd August 2014
About 6 years ago

Flat lease terms - Help!

The lease I was referring to which I extended in 2000 was set up in the early 1960's and that had a ground rent of only £ 10.Even two flats I purchased recently in 2013 and which had leases starting in the late1980's have only ground rents of £32 and £40 pounds the highest ground rent I have ever had is for a fairly luxurious large two bedroom apartment on the coast with a sea view and even that is only £500 per annum.... Read More

Malcolm Hill

10:32 AM, 1st August 2014
About 6 years ago

Flat lease terms - Help!

I wouldn't worry as long as the lease is at least extended back to 100 years at his expense, I have recently bought several flats with leases of just over 90 years and will try to renew them at some time or sell on if the cost is too great. I once bought a flat in 1999 with only just over 60 years and kept pestering the freeholder and eventually got her down to a cost of £1750 to extend it back to 125 years as she had only £10 a year ground rent so it was worth her while to get a lump sum as she would have died before getting anything like the lump sum.
So also look at the ground rent as this could be a bargaining chip at a later date.... Read More