Suresh Parikh

Registered with Property118.com
Saturday 18th September 2021


Latest Comments

Total Number of Property118 Comments: 12

Suresh Parikh

11:28 AM, 16th October 2021, About 23 hours ago

Related Party or at Arms Length Transaction?

Hi
I think you have sufficient information (legal and practical) to proceed in a way you think fit.
I am sure you will be able to contact Mark.
He should be your first choice.
If you decide to consult me in a formal way you may do so by giving me your contact details.
You should appreciate the limit of any pro bono work.... Read More

Suresh Parikh

14:40 PM, 15th October 2021, About 2 days ago

Related Party or at Arms Length Transaction?

Some practical advice.
If you do not wish to spend money on a Chartered Surveyor, then just go ahead and buy it at "BMV." After the transaction, refer the matter to the Valuation Office to agree the figure.
Your son will have to report the sale within 30 days to HMRC.
If the Valuation Office agrees with you a higher figure, your son will have to pay tax on this figure, and perhaps interest.
The Valuation Office will value it for you only after a sale.
Hope this helps.... Read More

Suresh Parikh

14:16 PM, 15th October 2021, About 2 days ago

Related Party or at Arms Length Transaction?

Mark is, of course, right.
You or your son (as owner/seller) has to establish the open market value (which is the price agreed between a willing buyer and seller in an arm's length transaction, excluding any special purchaser).
Please have a documented history of your attempts to sell (having instructed reputable local agents) and the "failed" price points.
Give this history to a Chartered Surveyor who should be asked to determine an OMV to satisfy the requirements of HMRC for purposes of CGT, having regard to the fact that the transaction may be between "connected persons" as a higher price is not achievable.... Read More

Suresh Parikh

12:50 PM, 12th October 2021, About 5 days ago

Lender says letting out as licenced HMO breaches terms and conditions?

Please read Tessa's very helpful comments and links.
Practical advice: tell your Lender that you will comply. You may either continue with or withdraw your HMO Licence application.
Somehow ensure that you let to a single household only. it does not have to be a family with children. You should not be involved in the selection of individual tenants. It is not difficult for 3 people to be a couple plus a lodger. The 3 may be mentioned in your AST as joint and several tenants, but make sure they have a single household bank account from which you are paid the monthly rent in one lump sum.... Read More

Suresh Parikh

13:34 PM, 11th October 2021, About 6 days ago

Tenancy Agreements - Agents v Landlords?

Reply to the comment left by at 10/10/2021 - 00:49
The central government's and the Mayor of London's policy is to encourage cycling.
You are a freeholder, and presumably you own the side alley.
You are right about the communal parts should not be cluttered up (Health & Safety).
London Boroughs now insist upon cycle stands or similar when applying for planning permission (this does not apply to you, but is the current view on cycling and spaces to be provided for their storage).
You have to decide whether you want an attractive flat (for the future) and a contented current tenant.
Why not put in a decent cycle stand in the alley, and perhaps share the cost with the GF flat, who should also have the freedom to use it?... Read More