Malcolm Norquoy

Registered with
Friday 26th December 2014

Latest Comments

Total Number of Property118 Comments: 4

Malcolm Norquoy

10:11 AM, 23rd June 2015, About 7 years ago

Getting Finance for a Refurb when Non Resident

What a great question. I am also a UK citizen living in Singapore with a small/medium sized UK property prortfolio. I have been trying to arrange cost effective financing on a number of unincumbered properties without success thus far.

There are a couple of nuances to make life interesting of course.

It does seem UK citizens overseas are dealt a massive risk blow in terms of LTV, interest rate and loan term.

Will follow these leads up. Thanks Mark (and Tim).... Read More

Malcolm Norquoy

4:07 AM, 12th June 2015, About 7 years ago

Are consent to let licence fees unreasonable?

I too will be keeping a very close eye on this.

The managing agent for one of my BTL properties, Eyre and Johnson, are trying to enforce an amount of GBP210 for a period NOT EXCEEDING 12 months on behalf of the freeholder New Era Investments! And have me sign a document accordingly. Basically that would mean paying this fee every 12 months.

I will be contacting them to firstly ask why a charge is necessary (the lease is silent on charges but does state permission to sub-let is required) and if a charge is necessary why this amount for this period of time.

Will take it from there. Be good to continue to share notes with everyone.... Read More

Malcolm Norquoy

13:30 PM, 27th April 2015, About 7 years ago

Cutting off my nose?

At those figures, assuming limited additional costs beyond legal, you are approaching an 8% gross yield. If it will rent quickly for 525pcm then you may be able to achieve slightly more and achieve 8%.

Do you a proposition elsewhere that is better short to medium term?

P.S. I would double check the property by having a survey and check out the neighbours/neighbourhood at different times of day and days of the week given he is reselling it so quickly... Read More

Malcolm Norquoy

9:28 AM, 26th December 2014, About 7 years ago

Ground rent increase


I recently won a court case against an agent and freeholder who did something similar. The circumstances were that there was a Ground Rent revision clause in the lease to increase the Ground Rent to 1% of the property valuation at that time. The increase happened before I bought the properties.

I challenged the increase on two grounds. The first being the valuation which was clearly vastly (almost 100%) in excess of true valuation and secondly because the increase had not been mutually agreed, failing which the case needed to go to arbitration, as required in the lease.

I was successful. The actual valuation was not part of the court case and so the ground rent reverted to the original level and I was refunded the difference based on the number of years I had owned the properties.

Take a good look at the lease. If these are two requirements, do extensive homework to understand each aspect. I employed a local surveyor to get professional valuations. In my case the gap between the freeholders and the surveyors valuation, along with proof points of similar properties sold in the locale, was so big that it was not really up for debate, although the freeholder did insist on continuing to court. I also had documentation from the previous owners (I own four flats in the block) that showed they had clearly disagreed with both the valuations and the process. They, along with the other 40 odd leaseholders, had not taken the bold move of challenging the decision.

Bold, but worthwhile! Good luck!... Read More