Adrian Alderton

Registered with Property118.com
Monday 29th December 2014


Latest Comments

Total Number of Property118 Comments: 16

Adrian Alderton

12:43 PM, 2nd April 2020
About 2 months ago

Government have created chaos in the PRS

Good points raised.
My family and I are reliant on rent income as our main source. We are not rich, most of our tenants drive much better cars than we can afford. Offering a holiday is just tenants taking a loan of landlords which they will find difficult to repay in the future. Mortgage holidays dont meet this loss of income and will end up costing us more and impacting on credit records (which are critical to us remortgaging etc).

I have had more expenditure on property than normal this year so cannot afford loss of rent. Also more voids than normal with one stuck in refurbishment (suppliers closed), one ready to let and another just abandoned by a tenant of 5 years! Also we are banned from letting our holiday let and get no compensation (has to be significant proportion of earnings). There is a limit to how much you can help your tenants based on your financial reserves.

I have never evicted a tenant in 12 years as always managed to resolve issues when they got into difficulties but have one who has been in arrears for over 2 years. On the very day the court order for possession expired the Gov't announced their 'no evictions' mandate. He is now happy as larry in the house not paying any rent and even sniping me with texts.

We are not classed as self-employed and do not qualify for any assistance. We need the Gov't to be making it clear that tenants still need to pay rent, give a S24 'holiday' or preferably repeal it and require mortgage companies to give holidays with no impact on credit history.

We want everyone to get through this safely however the Govt appears to have no idea of the impact on many landlords.... Read More

Adrian Alderton

12:34 PM, 21st February 2020
About 3 months ago

Title restriction - Could Bank pull the plug?

Just a wrap up on this one. Sacked my solicitor and managed to get mortgage re-offered. Appointed another who confirmed this restrictive covenant is not an issue. Also as suggested contacted Council and after the above actions did get a response confirming they would not take action re the restrictive covenant.
So just have a battle with the solicitors bill now.... Read More

Adrian Alderton

15:24 PM, 12th February 2020
About 4 months ago

Title restriction - Could Bank pull the plug?

Your right I didn't do enough due diligence on the solicitor except ask a few basic questions. The previous solicitor I used was away all of Jan so had to find another who was on lenders panel.
Good point re contact the Council which I have followed up.... Read More

Adrian Alderton

8:58 AM, 12th February 2020
About 4 months ago

Title restriction - Could Bank pull the plug?

Thanks for the comments. My view is that my solicitor has become fixated with an irrelevant technical legal detail. The fact of the matter is that this is an ex Council property. It will have been historically rented under its original use, so fail to understand why the Council could have an issue with it being let (to a single household) and therefore potentially take enforcement action.
My broker confirmed my view that as this is outside their normal checklist they will more than likely withdraw the mortgage offer.
Escalated it with solicitor but looking like I'll have to ditch them and look elsewhere with additional expense to me. The joys of property!... Read More

Adrian Alderton

9:06 AM, 5th February 2020
About 4 months ago

Giving personal guarantees for a limited company?

James had to do this for a few properties. Solicitor advised that banks just covering their back to avoid issues of owners claiming the company (separate entity) is liable and not them personally or that they didn't understand the concept of personal liability. Haven't spotted the 14 day clause so will look at that.
Its just another additional cost to owning property through a company with slightly higher interest rates, additional fees and accountancy fees.
Shop around for a price as there are huge differences between solicitors, even managed to get it free once with a solicitor we had dome some business with. A few solicitor practices will also use another solicitor from their practice. Check this out with them or a recommendation .

Adrian... Read More