psquared

Registered with Property118.com
Thursday 9th July 2020

Location
Manchester

Trading Status
Sole Owner

Providing essential rental accommodation since
2003

Insures properties through a broker recommended by Property118
No


Latest Comments

Total Number of Property118 Comments: 10

psquared

11:57 AM, 20th October 2020
About 3 days ago

To charge or not to charge?

I had this very situation. I explained tobthe tenant that he was liable for a further 4months but as a compromise i would accept half rent till the end of the term. And if i got a new tanant in the meantime i would refund the difference.
He happily paid me just under £800 to end the tenancy.
2 weeks later it was let and I refunded him the balance less my costs . happy faces all round.
Wont work every time but maybe worth a go?... Read More

psquared

11:32 AM, 9th October 2020
About 2 weeks ago

3 vacant properties v 2 separate tenants not paying rent?

A couple of alternatives that may be helpful.
1)If you do a full tenant referencing you should be able to buy rent insurance you can offset the cost against tax and you have the peace of mind that if the worst happens your rent is covered as is the cost of eviction.

2)Insist of a guarantor. If you have a guarantor who is a homeowner you have a bit more security because you can go after them knowing they have something to loose.

Not ideal but it does help to mitigage the risks.... Read More

psquared

11:08 AM, 4th September 2020
About 2 months ago

Can one buy a property for a friend and charge him rent?

Just as an afterthought if you dont go ahead have a look at peer 2 peer lending. I ha e invested in several projects and receiving an 8% return.
It is investment and your capital is not protected but i have lent against income producing properties with a lot of equity in them so I consider it to be a reasonable risk for such good returns. I invest smaller amounts in mutiple platforms and projects which further reduced risk.... just a thought for you.... Read More

psquared

11:04 AM, 4th September 2020
About 2 months ago

Can one buy a property for a friend and charge him rent?

Hi
I wish I had a good friend like you. But i also agree mixing business and friendship is extremely risky.... and i think it will change the relAtionship....i am a portfolio landlord and learnt the hard way not to mix.

In terms if your proposal...i am not offering legal or tax advice but i would think that you are ok to basically gift him 50k or so but fot tac purposes it has to be a commercial transaction so the revenue would consider you have made a gift which is liable to be taxed.

If you survive a further 7 years then i think the tax liabilty is completely extinguished but there is a potential tax liability.... if you go ahead i think it would wise to seek advice which shouldn’t cost very much.

I love your sentiment it is very kind and I sincerely hope it works out for both of you... Read More

psquared

13:48 PM, 3rd August 2020
About 3 months ago

Tenant demanding deposit back unfairly?

Reply to the comment left by Jan Martin at 03/08/2020 - 13:29
Can someone please clarify. It is my understanding that as long as you advise a potential guarantor to seek legal advice and clearly explain that they will be liable for any payments not made by the tenant then the guarantee is good for the entire tenancy even if it goes to a statutory periodic. There is no requirement to give the guarantor an opt out option.... anyone advise please... Read More