Lauren Wadey MIRPM, AssocRICS, CIHM

Registered with Property118.com
Wednesday 19th June 2013


Latest Comments

Total Number of Property118 Comments: 11

Lauren Wadey MIRPM, AssocRICS, CIHM

11:55 AM, 20th August 2013
About 8 years ago

Problem with freehold management company

I would consider an application under Section 19 of the L & T act 1985 to verify the reasonableness of the charges. Speak to a solicitor specialising in property about your case beforehand but I fear you are correct about the conveyancing fees etc.

Whereabouts are you based - not Ireland I am guessing? Have you googled the companies providing estimates? If you are concerned about their credibility, ask them to provide names and contact info for recent references who you or your agent can contact.

Do you have a residents association or have you considered the RTM?... Read More

Lauren Wadey MIRPM, AssocRICS, CIHM

18:49 PM, 16th August 2013
About 8 years ago

Problem with freehold management company

Hi james.
Freeholders will often use a debt collection agency to collect arrears but are usually happy to bring the matter back 'in house' where there has been a geniune delay or mistake like in this case.

In order for them to take any further action though, they must first be confident of its delivery and receipt. If the demand does not meet strict criteria and is not served with the appropriate rights and obligations then the amount is not legally due (or overdue). In short you will need copy/sight of the invoice before you are required to settle. This is a reasonable request which you should put in writing given the circumstances described so that you can evidence your case and dispute the fees later if necessary. I would also strongly reccomend checking the validity of the demand with a professional too. I would be happy to look over this for you if needed.

Re reasonableness of service charges... why do you think the charges are not? Have you requesed a breakdown and or explanation of these? if not this is a good place to start and if you are still not satisfied/the freeholder is not co-operating you should consider bringing a case with the first tier tribunal under section 19 of landlord and tenant act 1985. Note however that your case will likely be stronger if you have paid all or some of the services charges as you can always be refunded and it is unlikely that nothing is due.

I hope this helps somewhat and if you want to ask anything further please dont hesiate to check out my member profile.... Read More

Lauren Wadey MIRPM, AssocRICS, CIHM

15:26 PM, 14th August 2013
About 8 years ago

Freehold Maisonette - why is this a bad thing?

The only problem is the Estate Agent who are most likely unfamiliar with this tenure set up. Certain mortgage companies might steer clear of this property but there is enough lenders out there for it not to be any more of an issue than a traditional freehold house.
Seek out a more experienced agent who will be in a better position to attract and secure appropriate interest is the crux of the matter here.

As an aside, the share of freehold/freehold set does need to clarified and fully explained to you and any perspective purchasers. Both present challenges but neither are un-workable with the right guidance.

Always happy to advise you further on this if you have any specific concerns so check out my member profile.... Read More

Lauren Wadey MIRPM, AssocRICS, CIHM

9:45 AM, 12th August 2013
About 8 years ago

Landlord Licensing Schemes - Raising Standards or Raising Funds?

Wow what a response! I enjoyed reading the comments but am afraid I hadn't the time to read them all. From what I have read though I think there are some really great opinions and ideas flying around.

I agree that it is silly to introduce new landlord licensing when the HMO licenses still don't seem to have been fully understood, implemented and proven. This is the case in Brighton and Hove, certainly in my experience anyway. One of my multi landlords had identical properties reviewed on separate occasions by the same HMO officer only to receive conflicting advise on the same issue!?!?!

On the whole though I think there is a place for regulating bad landlords and although it should penalise good landlords with further fees, I appreciate the need to crawl back the expense of introducing this service when councils are already stretched. Joined up thinking as proposed by Ben sounds long overdue, logical and practical.

I look forward to seeing how far this debate reaches.... Read More

Lauren Wadey MIRPM, AssocRICS, CIHM

10:28 AM, 6th August 2013
About 8 years ago

Are freehold ground rents a good investment?

I think all bases have already been covered here in terms of the pros and cons of ground rent investment, which I must say is not my speciality. However, I would like to re-iterate that any investment should be preceded by close scrutinizing of the lease and think it would also be advisable that any novice get to know the basics (if nothing else) of Leasehold legislation so that you can spot the warning signs and stomp out any issues early on.

In these investment circumstances, I would say it is imperative that you ensure management costs can be re-charged to your leaseholders, that you will not be required to forward fund the annual expenditure (You should also check for clever wording like “expended”) and clarify whether you are able to recover the cost of Section 146/147 Notices and other legal expenses.

Leases are not for the faint hearted and if you are not familiar with the terminology and key clauses, you should employ the services of an experienced and reputable conveyance/solicitor to help you decipher the leases’ and give you a plain English interpretation before committing any monies.

Please note that once an property is purchased and Agent appointed, you will not have voided yourself of all responsibility. Your input will still likely be required at various intervals during your ownership, even if only to agree the options/best course of action presented by the Agent. You should therefore ensure the agent is experienced, ethical and efficient to alleviate as much stress as possible and to ensure your leaseholders don't harbour any grudges against the buildings management which could land you in a Tribunal.
As touched upon in earlier posts, the long term investment opportunities can ultimately be pulled from under your feet. However, in my experience, happy leaseholders make this less likely to occur. An alternative to the Enfranchisement option (Leaseholders right to buy the freehold) is the Right to Manage (RTM), where the Tenants gain control of their homes without putting their hand in their pocket. This allows you (the Freeholder) to retain the Ground Rent , the Extension/alteration fees and development Profits but negates your responsibilities to overseeing the management. This might be something you look for when considering your purchases in the future.

Hope this helps.... Read More