Simon M

Registered with
Saturday 27th September 2014

Latest Comments

Total Number of Property118 Comments: 90

Simon M

14:21 PM, 27th May 2022, About 8 hours ago

Living in my BTL - Consent required?

It's unlikely the lender will want to change the terms for a short period, so better to tell them. You'd be covered if your plans change and you're unable to move when you expect.

Even if they do no checks, they might find out by accident - e.g. they write to your current address & the letter is returned, or when you sell the RTB and redeem the mortgage. The solicitor probably has a professional duty to report it to avoid being complicit in the fraud. Some might not be so conscientious but they'll do a lot more business with the lender than your fees so it's strongly in their interest.... Read More

Simon M

17:19 PM, 20th May 2022, About A week ago

Any standard deductions allowed for administration expenses?

If you work from home just one day a year you can claim a 'standard' £6/week towards heating etc.

For mileage there's a standard pence per mile rate for fuel & vehicle costs but you must keep a diary record of journeys and distance travelled.

As far as I know everything else has to be for business use only (and retain receipts). For example, if you use the same mobile for personal & letting, you can only claim the cost of the calls not covered by your monthly allowance. If you have 2 mobiles and one is dedicated for letting you can deduct it's cost - but must not then use it for a personal call.... Read More

Simon M

18:04 PM, 12th May 2022, About 2 weeks ago

Tenant cannot quite raise enough to buy their home?

Reply to the comment left by Blodwyn at 12/05/2022 - 11:07
It would help to have this clarified. It could also mean mortgage leaves £40K is 25% of the property? If so:
Price = £160K, assuming max mortgage = £120K
On a 4x or 5x multiple, tenant income £24K - £20Kpa
Discount £10K = £30K to find.
This would mean borrowing an extra 25% which isn't a small increase, and becomes higher risk.
A deposit would reduce both mortgage & income.... Read More

Simon M

17:54 PM, 5th May 2022, About 3 weeks ago

Non-Permitted occupier in second bedroom?

Don't lose sight of the fact that the tenancy agreement is a legal contract that determines the rights and responsibilities between you and the tenant. Your tenancy agreement should have a clause explicitly fhaf explicitly prevents sub-letting.
By starting to sub-let early on suggests they know exactly what they're doing - they may well have played this game before.
The agent advice is wrong. If they are managing agents they should follow it through, not gain from extra management fees. If you charge a higher price then a court will conclude you agreed to vary the tenancy without the subtenant having responsibilities. What if this subtenant leaves and your tenants move someone else in?
The rent was for 2 adults and the extra room if they had a child. It was for a certain level of wear & tear and repairs by 2 adults who had accepted the legal responsibilities. The 3rd adult has not - so will be more costly.
Your tenants are probably responsible for the R2R check and all other legal obligations. They can just give their lodger notice to leave. That's much easier than the eviction process. I'd push back hard.... Read More

Simon M

13:20 PM, 22nd April 2022, About a month ago

A familiar story I believe?

Reply to the comment left by Annie Landlord at 22/04/2022 - 11:52
Annie, Unless the arrears were the only reason you wanted to sell then it's not relevant that they've paid now. In case it's crossed your mind, it would be very rare for tenants to build significant arrears and then be reliable payers in future. Given the picture you've described I wouldn't back out.... Read More