Simon M

Registered with Property118.com
Saturday 27th September 2014


Latest Comments

Total Number of Property118 Comments: 50

Simon M

11:01 AM, 18th June 2020
About 3 weeks ago

B2L mortgage on house we will end up living in?

You'll have extra mortgage arrangement costs & a higher rate, costs to prepare the house for letting and possibly letting fees, plus all the work. If you're not a landlord already and don't want to be one, it may not be worth it. It'll take time before the rental income repays your outlay.
The problem is selling your own house quickly. Is the current agent marketing it well? Honestly review if it's worth the asking price in today's market. Instead of paying out more, use the money you'd pay out to price your house aggressively subject to a fast sale. You should get a sale quickly. (Lesson I learned when the market crashed in the early 90s.)
Finally, research solicitors carefully - some will do a better job at getting a quick but safe sale.... Read More

Simon M

11:14 AM, 17th June 2020
About 3 weeks ago

New Build Contracts?

In property law there's no contract until you've exchanged, so yes, they can. It sounds as if the salesman may have been winging it, hoping the developer might agree or you'd compromise. If the developer isn't interested they'd probably do it badly anyway.
Salesman still needs his commission so there might be an opportunity. Quickly find out how much your changes will cost and decide your maximum. Make an offer to the same salesman. If there's a compromise, the salesman may find it, but unless the property is worth the original price to you, be prepared to walk away.... Read More

Simon M

15:22 PM, 4th June 2020
About a month ago

Penalised over CGT due to Government emergency rules?

My son is in conveyancing at a solicitors. After the govt announcement most buyers rang to discuss their sale. He was working from home and doing completions until 20 April when furloughed because work had dried up.

There was no legislation banning exchanges or completions, although there were reasons why it wouldn't have been sensible to proceed (e.g. a vulnerable or ill buyer) and why they could be more difficult (e.g. working from home). Knowing the OP's reason or circumstances may well be relevant.... Read More

Simon M

10:12 AM, 4th June 2020
About a month ago

Penalised over CGT due to Government emergency rules?

Like Alistair Cooper, I'm missing something. What government ruling prevented your sale from completing by 5th April?... Read More

Simon M

12:53 PM, 1st June 2020
About a month ago

Tenant paid for repair herself at extortionate price?

Take the long view. Although the agent quoted £85, another plumber might have charged a bit more. At most you've lost £185 - it's a small amount compared with the cost if they give notice. If you know the tenant is naive then it's understandable (I've had inexperienced agent's staff get ripped off too). Certainly stop it from happening again - they must give you a proper receipt so you can reclaim expense, and make sure they know they must always contact agent/you first.
If it's a good tenant, particularly one who has been with you some time, pays their rent on time, looks after the property, I'd probably write it off. If not but they're worth keeping in the current circumstances then be reasonable and compromise, eg agree they pay back a small amount extra every month.... Read More