Chris Bradley

Registered with
Friday 6th December 2019

Latest Comments

Total Number of Property118 Comments: 30

Chris Bradley

10:19 AM, 25th November 2020
About A week ago

Claiming possession of a part of my garden leased from the council?

I thought adverse possession was only possible on land where the owner wasn't known.

If an adverse possession was granted you would only get processionary title with the owner able to make a claim on the land until you were granted absolute title, a further 12 years on. you'd then need some sort of indemnity insurance to protect against that happening--which I don't think you'd get as you know the land belongs to the council.
Personally I'd contact the council and ask to buy the land --saves worry about issues with title later. Also you can say that you want the last 20years of goodwill, where you have maintained the land for free to be taken into account when negotiating the sale... Read More

Chris Bradley

11:20 AM, 20th November 2020
About 2 weeks ago

Transferred residential to our sons?

I am confused by neil's response as the person is asking if they need to pay rent, not about capital gains on the transfer which has already taken place.

What I understand is the son the new owner has received (as a gift) the property in aug2020 and the parents are still living there.

For inheritance tax, the question is --was the gift made with a condition? if there was a condition that the parents still live there for free--then the gift is not a true gift and would still count for inheritance tax. if the parents paid rent then it would be a true gift. but the rent would need to be at the market rent and the son would need to declare the rent as income on yearly self assessment and pay any tax due. the property must also be up to renting standards as the son would be a landord--a resident landlord.
The son should have the parents sign a lodger agreement and agree a rent,and he would pay the bills etc and charge them for bills if not included in the rent.
to establish a market rent, you could speak to a local estate agent for an estimate, check the local council sites to see what housing benefit they pay out for a room basis or check "google" for any rooms to rent. Keep copies of what research you did to establish the market rent.... Read More

Chris Bradley

10:42 AM, 18th November 2020
About 2 weeks ago

Excellent tenant wants a 20% rent reduction?

I know that in Some areas demand is down, but in others demand is up. If you are in an increased or stable demand area, I would write to the tenant explaining that at the tenancy end date the tenancy will turn into a contractual Or periodic depending on your original agreement. I would also indictate that costs and compliance rules for landlords have increased, so you are not in a position to reduce the rent. You can point to legislation (it's somewhere can't remember where) that allows an annual rent increase, at a percentage related to cpi or rpi. So offer to waver the annual Increase if he signs another 12mth contract at the existing rent, or he can continue with the periodic with the increased rent payable--believe there is very specific forms For the rent increase. He has started a negotiation progress, maybe he's on furlough, so include in the letter the fact that you'd happily discuss further, maybe if he agrees to stay for further 12months you could offer a discount on the rent for one or two months only.... Read More

Chris Bradley

17:20 PM, 9th November 2020
About 3 weeks ago

Are my rental expenses from the LAST tax year allowable in THIS year's return?

Will hmrc allow insurance as a capital expense?
I thought these revenue were pre trading expenses and were treated as if they occurred on first day trading... Read More

Chris Bradley

17:03 PM, 9th November 2020
About 3 weeks ago

Water damage from baby sock?

Reply to the comment left by Chris @ Possession Friend at 09/11/2020 - 15:07
Some landlord policies specifically exclude damage caused by intent or negligence of tenant.... Read More