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Friday 21st June 2013

Insures properties through a broker recommended by Property118

Latest Comments

Total Number of Property118 Comments: 4


11:56 AM, 24th January 2020
About 2 months ago

3% rent increase reasonable?

Many thanks for the comments, much appreciated. The tenants are all good and are minimal work. We are happier having long term good tenants and all of the current tenants want to be long term, we definitely do not want to put them off staying but don't feel an increase after 3 years in unreasonable. We'll exclude the annual increase idea though.
The rents in the area are variable but I'd say we are currently under market rate for all of our properties by at least £50pcm. The tenants look after the properties well, which is more important. Additionally, rental costs here in NI are significantly lower than in England so a 3% increase will only add approx £15pcm. All of the tenants receive UC which covers their rent, and does increase with inflation. Whilst our landlord costs i.e insurance and rates (we don't have Council Tax) have increased. An increase is really to keep our yield/return in balance, it doesn't increase it.
So, we just need to confirm the exact process to do so.... Read More


10:53 AM, 7th January 2014
About 6 years ago

Residential mortgage but renting the property without consent!

As many lenders have no objection to issuing consent to let it would be useful to know who your lender is, fellow readers may know their policy. Once you know this you can work out your best option. It could be as simple as asking for consent (from today). Is it not in the FAQ on the website? Ask at your local branch or get someone to do it for you. I paid £95.00 every 12 months for permission.
I previously worked in an Admin department for a high street bank dealing with these requests and the criteria/process was; account in arrears = no, consent given (charge fee & update correspondence address). That was it.
Your lender may not have such a straightforward policy but until you find out you cant move forward or get any sleep!... Read More


17:19 PM, 3rd December 2013
About 6 years ago

Freehold Managing Agent Refuses to Handover Records

It is a situation I have literally just become involved with, so have not been party to anything previously agreed, which has just coincided with the MA issuing a letter to shareholders. The current Director agreed to undertake the role for 12 months & wishes to/has resign, I do not know if Companies House has been informed of this yet. There is an agreed service charge payable to the MA, not certain if there is a contract but it would appear no funds to pay this. Although I am not clear why there isn't any funds, it is currently unclear if the MA has pursued any of the householders who have not paid, as is part of his contract. Hence, the question on breach of contract, the grounds for complaint/non payment being no work = no pay. The MA is not a member of any association.
There has not been an AGM in the last 12 months, the MA will not arrange one now. Copies of documents, including accounts have been requested but haven't been provided yet. I would just like to get as much information/advice on the situation & what the shareholders can do before attempting a meeting. If the current Management Company is struck off, it may be simpler to start again, if this is an option.
.... Read More


17:22 PM, 5th August 2013
About 7 years ago

Property Investment - what would you buy?

I'm currently considering investing in a property/properties around Londonderry, BT47, would be interested in your thoughts. Thank you... Read More