David Mensah

Registered with Property118.com
Saturday 14th June 2014

Latest Comments

Total Number of Property118 Comments: 72

David Mensah

11:26 AM, 29th October 2018
About 2 weeks ago

Freehold maisonette above a shop - mortgage nightmare?

I had a similar situation to you a few years ago (slightly more complicated freehold) situation, above a hairdresser. Set up a leasehold and mortgaged it through Handelsbanken. I would contact them directly once you've sorted out the split as they don't tend to work much through brokers. Decisions are made locally, so no idea if your local branch does or does do flats above shops.... Read More

David Mensah

22:03 PM, 3rd September 2018
About 2 months ago

HMO tenant barricaded room and started £80,000 fire

Good news Ian & well done, but what a waste of time and energy for you and the tenants.... Read More

David Mensah

22:24 PM, 20th August 2018
About 3 months ago

HMO tenant barricaded room and started £80,000 fire

Ian, so sorry to hear about this, what a terrible situation.

A few years ago, I noticed that most of my landlord insurance policies had put in exculsions for malicious damage by tenants. I had my borker do a search to find policies without such exclusions, but they were relatively rare.

I understand why malicious damage is excluded for your own home, but surely if a tenant goes postal that is the whole point of insurance.... Read More

David Mensah

12:05 PM, 11th November 2017
About A year ago

Labour Councils Teach Us How To Invest In Commercial Property !

buying properties through an offshore company, a standard technique to avoid also IHT, has recently become much harder for individuals because of ATED and new rules that bring poperty assets structured this way within HMRC reach.... Read More

David Mensah

19:41 PM, 22nd July 2017
About A year ago

Remortgage now to avoid PRA rules from September?

Hi Annie,

I'm having the same issues as you, but remortgaging a property we just fixed up (and so added 350K of value to).

My banker is claiming the new rules came in in July, but what I have now realised is that that is an internal bank policy because they want to get everyone up to speed by Sept. So effectively the rules are already in place.

Everything has slowed down because bank staff are nervous, or at least that is the impression I am getting.

Also, be prepared to be asked an enormous amount of detail. If you have a portfolio, this can be plenty complicated, and even harder for bank staff, who are not trained accountants, to understand.

Also note that because affordability now also includes tax liabilities, which will change post S24, they are also asking me for lots of tax info.

All a huge pain and I am wondering if this is part of a gov't strategy to slow down the BTL market.

I also wonder if in future we may need to rely on our accountants to do some of this prep work for the banks?

Curious what the mortgage professionals make of this.... Read More