Annette Stone

Registered with Property118.com
Wednesday 19th June 2013

Insures properties through a broker recommended by Property118
0


Latest Comments

Total Number of Property118 Comments: 186

Annette Stone

17:11 PM, 10th November 2014
About 5 years ago

Directorship of a RTM under threat from unpleasant leaseholder?

Joe. We had a similar case a couple of years ago where one person owned multiple flats but the rtm document did not allow one owner to have more than one flat. This may have been a specific document to prevent a small number of lessees taking over for their own benefit. Rtms can actually be far from straightforward although they are often touted as a panacea for all management problems.

I think that this one does need a review of the rtm document before any final decisions are made and perhaps Notzan should do this a.s.a.p... Read More

Annette Stone

11:39 AM, 9th November 2014
About 5 years ago

Directorship of a RTM under threat from unpleasant leaseholder?

Nitzan. Mark's idea of getting the proxy votes is a good one but you need to do this with your co-director rather than have the PM do it so that there can be no suggestion of the PM orchestrating this. This is the way forward but you do need to remember that if all four flats that your co-director owns show the same owner he has only one vote not four so this needs to be taken into account when collecting the proxies.

A further point. Was this difficult lessee a participant in the rtm when it was formed. If not, I do not think he can call an AGM or become a director. If he was not part of the original group listed on the rtm documents then I think his options may be limited... Read More

Annette Stone

16:19 PM, 29th August 2014
About 5 years ago

Flat conversion and financing strategy

Thanks for the recommendation Mark. Apart from being a managing agent as you know I buy and/or develop flats and if I were Sonny I would sell the ground floor flat if it has a garden as that is likely to be the most valuable flat. Selling one will also reduce the maintenance costs as creating individual leases will mean that each flat pays a specific amount of the costs of maintaining the building, including insurance and any structural repairs. If the ground floor flat is larger than the others and has use of a garden you could make the split 40% to the ground floor and then divide the other 60% between the other two flats. When you sell the ground floor you would create a leasehold for 99 or 125 years and you could charge a modern ground rent of around £200 per year doubling every 25 years so you do actually also have a long term investment. My strategy would be to use the money realised from the sale of the ground floor flat to fund the next development of three flats and then keep on doing the same thing. That way you will build up a portfolio of buy to lets and a portfolio of freeholds side by side. Final point, most lenders will be happy to lend on two or three flats within the same building it is when you get either to five in the case of some of the big banks or eight in the case of some building societies that the going gets tough. Hope this is useful; good luck... Read More

Annette Stone

14:49 PM, 9th May 2014
About 5 years ago

Smoke Alarms To Become Mandatory in Rental Properties

To "All Bankers" It's very clear - Nick Raynsford MP has done his research and he says 18% of landlords do not have fire alarms in their properties. You are not seriously contesting what an elected Member of Parliament is saying are you? He has very clearly done his research and has come up with this figure based on his extensive knowledge of the prs. If you are suggesting otherwise you may be guilty of a certain degree of mistrust in our elected politicians and of thinking they would do anything for a soundbite!!!! Surely not.................. Read More

Annette Stone

13:23 PM, 9th May 2014
About 5 years ago

Smoke Alarms To Become Mandatory in Rental Properties

As far as my memory serves me in 2005/6 the last Labour Government introduced something called the Fire Order which all freeholders and managing agents had to deal with. We spent a huge amount of time ensuring that all buildings were in compliance with the onerous requirements of the Fire Order; some of which were so inappropriate to most residential buildings that the Order itself was later amended and the amendments ran to something like 150 pages as I recall. The bottom line was that no one really understood this and whenever I need clarification I contacted the local Fire Officer.

In blocks of flats all the costs of these modifications were borne by lessees and a lot of fire safety firms made a lot of money out of this. The managing agent's work was increased greatly and obviously that had to be paid for

Part of the fire order dealt with the requirement for a full fire alarm in certain buildings wired into each flat and for some smaller buildings to have interlinked smoke alarms. Even communal areas of 2m x 2m were considered to require smoke alarms at the very least.

All of this was a requirement of the legislation introduced by the Labour Government with the onus on freeholders and managing agents who were dealing with buildings with communal areas. In addition all tenanted flats had to have a fire blanket and the instructions for exiting the building had to be made available to every tenant "in a language they could understand" As far as I know that remains the case so presumably every landlord who manages his own buy to lets and every letting agent has a translator for every language on tap.

Fire safety is hugely important but the issues are really simple and have all been dealt with by the revised Fire Order. What do they want to do now?

I suppose we should be grateful that the new proposals do not require all existing fire safety installations are taken out and put back sideways!!!! Alternatively, if they are not re-elected perhaps Ed Milliband could get a job inspecting property and setting rent increases and Nick Raynsford could set up a business looking for the 18% of rental properties with no fire safety!!!!... Read More