Lenin Benin

Registered with Property118.com
Thursday 19th March 2015


Latest Comments

Total Number of Property118 Comments: 8

Lenin Benin

10:32 AM, 10th March 2019
About 2 years ago

Here we go again - PRS Right to Buy!

Reply to the comment left by Laura Delow at 09/03/2019 - 09:32
Thank you Laura for your very useful and detailed information. I probably haven't clarified enough of the facts but I think I will have to pay CGT. I was a council tenant at the flat from 1986 to 1995 when I bought it for 12,500 pounds. The council were planning to knock the estate down and sell the land rather than have the huge expense of renovating it.(it was nearly impossible to get a mortgage and they had done minimal repairs for years) However, the tenants and residents association campaigned for years to save it and it was completely revamped eventually. Meanwhile, the area suddenly became fashionable and the flats desirable.
I continued to live in the flat until 2005 when I went abroad to live for 5 years, renting out the flat but fully intending to return and live there myself. However, I then decided to live with my partner, and rents had risen a lot, so I totally refurbished the flat to appeal to young professionals.
Since then I have had brilliant tenants who always pay the rent and I have been able to retire early (I was a teacher).
Because I was a council tenant for the first 10 years I don't know if this would be offset against CGT and I only actually lived there as a leaseholder for 10 years. (even though the total was about 20 years) Also, because I only paid 12,500 for it the CGT would be enormous!
London rents for purpose built, spacious 3 bedroom flats in East Dulwich are very high (I was told to charge 2000 a month, but I think it is too much so I ask for 1700) so it is enough money for me to live on without working as I have now no mortgage to pay on the flat. If I were to sell it, I would not have enough money left to buy a flat where I could rent it for enough to pay the mortgage on the house where I now live. All my financial calculations for the mortgage on my house depended on my flat being valued at 400,00 and the income from the rent.
So you can see my problem. Whatever happens, I'm not going to stand by and see my flat given away to tenants for 12,500!! As someone has suggested, I could rent a room to myself, now that the council has deemed it an HMO .(the tenants currently have a shared leasehold tenancy because it wasn't an HMO when I first let it)
Let's all hope this stupid scheme just doesn't happen anyway!
Thanks to all for your helpful comments.... Read More

Lenin Benin

8:42 AM, 9th March 2019
About 2 years ago

Here we go again - PRS Right to Buy!

Reply to the comment left by Alan bus at 04/03/2019 - 17:32
I'm in the same boat, having bought my extremely run down London flat in 1995 from Southwark council for a ridiculously low amount and lived in it for 20 years, it has now been refurbished, inside by me and outside by the council, and I'm told could sell for nearly 400,000 pounds!
Renting it out, I now live in the country and it is my only source of income. I had to pay over 20 thousand pounds for the major works and have spent a similar amount on the inside. The tenants are delighted with the flat and the rent is below average for the area. I've just had to get an expensive "HMO' licence as Southwark classes 3 bedroom flats with sharers as an HMO. The article appears to suggest that it is HMOs which will be purchased under this scheme.
As I see it, I now face 2 choices: sell now before the scheme starts and risk getting less (because of Brexit) or give notice to my brilliant tenants who love my flat and get a family in so that it is no longer an HMO! If I sell, I'll have to pay a lot of capital gains so I won't be able to buy another rental in London and get enough to live on. My mortgage in the house where I now live depends on the income from the flat.
This is a disaster for me, and, I feel, totally pointless, as the new owners of my compulsory purchased flat would be likely to sell it on at a later date for a huge profit, when I am the one who lived in it in a dilapidated state before putting in a huge amount of work to get it as it is now. I can't see how this scheme will relieve homelessness, as the new owners would quite likely just end up as landlords themselves, having robbed me of my only asset and my entire income!... Read More

Lenin Benin

10:35 AM, 12th September 2018
About 2 years ago

New mandatory HMO licensing rules fast approaching - 1st Oct

Thank you for your useful advice Zoe. The front doors to all the flats were put in when the council recently refurbished the block and are very robust. I put in a fire door to the kitchen but the other doors are beautiful, original 1930s solid wood doors which I wouldn't like to lose! There are wired in alarms in the kitchen and hallway. One of the bedrooms, at the back, opens off the living room (not ideal) so I put an alarm in that bedroom. I will now consider putting an alarm in the other 2 bedrooms and living room. I lived in the flat myself for 20 years, and have never known a fire to spread beyond a flat itself, on the entire estate. The block is solid, well built brick and concrete floors, without any cladding. My block even survived being hit by a bomb during the war! It is also easily accessed by the fire brigade and ladders could reach my flat. I removed the gas cooker and installed a modern electric kitchen with everything rewired by a professional and have all the correct paperwork. The boiler is new and inspected yearly. I feel that my flat is very safe and comfortable with sensible, responsible tenants.... Read More

Lenin Benin

9:54 AM, 12th September 2018
About 2 years ago

New mandatory HMO licensing rules fast approaching - 1st Oct

My 3 bed rental is in a former council flat in a 5 storey block with 58 flats. Does Southwark council have to have a licence for each flat they rent to council tenants, or is it just for privately owned flats? I have 3 nurses happily sharing a 1 storey flat with 3 spacious bedrooms and living room on 3rd floor, so I'm not sure I need a mandatory licence, and it is not (yet) in their selective licensing area. I am worried that, as it is a 1930s building, there aren't any fire escapes on the outside of the building, although there are 2 stairwells. Might the council say I have to put in a fire escape to my individual flat? If so, wouldn't they also have to put in fire escapes to the council tenant's flats too? I don't want to ask the council at this stage, as it could be opening a can of worms, but I'm afraid I might be fined.!... Read More

Lenin Benin

13:45 PM, 18th October 2016
About 4 years ago

The correct way to end shared AST?

Thank you very much for your advice Gary. I will contact the girls to sort out the notice and will end the tenancy on 5th January as it is so much easier. Meanwhile, I am not at all sure that the remaining tenant has a copy of all the required documents, because he was assigned the tenancy by an agency. The original tenants all had the correct documentation as I did it myself. Although his part of the deposit has been protected with the rest of it,I am not sure that he was given any documentation, as the lead tenant informed me she had received an email from the deposit protection scheme containing all the information . I'm afraid that I assumed she had then given it to him. If I do decide to issue a section 21, I will make sure he has been given a copy of everything! It was good of you to point all this out, as it can be a minefield to negotiate if you are not careful!
Linda... Read More