Jo Westlake

Registered with Property118.com
Saturday 27th June 2015


Latest Comments

Total Number of Property118 Comments: 40

Jo Westlake

19:14 PM, 20th November 2020
About 2 weeks ago

Transferred residential to our sons?

If the rent is below £7500 a year as a lodger presumably it should be covered by the Rent a Room tax exemption.
To determine market rent a good starting point would be the LHA rate for a room in a shared house and then tweak it up or down accordingly after checking websites such as SpareRoom for similar local rooms with live-in landlords. Keep good records of how you arrive at the rental figure.... Read More

Jo Westlake

11:39 AM, 16th November 2020
About 2 weeks ago

Surprised by low offer from leaseholder?

I was trying to edit the above. Didn't mean to post it twice.
That was a Statutory lease extension. The version that extinguishes all future ground rent and adds 90 years to the lease.
It is also possible to do a Negotiated lease extension where the lease can still include ground rent and can be for whatever period you agree to. This is much cheaper for valuer and solicitor fees.

Which route to go depends partly on the attitude of the freeholder and partly on why someone is extending the lease.

I did a negotiated extension 3 years ago with a really good freeholder. Minimal fees, extra 90 years and no nasty new charges in the extended lease. I did a Statutory extension this year with an absolutely horrendous freeholder. Other flats in the building have negotiated extensions and apparently (according to an estate agent) were given 3 versions to choose from with varying levels of ground rent. Something like a 30 year extension with ground rent of £150 a year cost about £11000. The freeholder couldn't be bothered to tell me what the negotiated options were so I went straight in on the Statutory route.

If someone just wants to extend the lease so they can sell the flat negotiated is fine (for them). That person won't have to live with whatever is negotiated.
If someone intends to retain ownership long term and the freeholder is as rapacious as they can be Statutory is the way to go.

For the freeholder it's all about compensation. Either they get a guaranteed ground rent income for the next however many years or they get a big lump sum up front and no future ground rent. Or with a negotiated extension they get both if the leaseholder agrees to it.
Marriage value comes into it when a lease drops below 80 years.... Read More

Jo Westlake

11:04 AM, 16th November 2020
About 2 weeks ago

Surprised by low offer from leaseholder?

I extended a lease earlier this year. It was 67 years so similar to yours.
I had to pay for my valuer and solicitor and also for the freeholders valuer and solicitor (both of which were somewhat more expensive than mine).
My valuer valued the lease extension premium at £11600, theirs at £12500. We agreed on £12050. In total the fees for both sets of valuers and solicitors came to £4700.... Read More

Jo Westlake

10:58 AM, 16th November 2020
About 2 weeks ago

Surprised by low offer from leaseholder?

I extended a lease earlier this year. It was 67 years so similar to yours.
I had to pay for my valuer and solicitor and also for the freeholders valuer and solicitor (both of which were somewhat more expensive than mine).
My valuer valued the lease extension premium at £11600, theirs at £12500. We agreed on £12050. In total the fees for both sets of valuers and solicitors came to £4700.... Read More

Jo Westlake

21:51 PM, 16th October 2020
About 2 months ago

EPC clearly wrong so can Assessor be made to change it once issued?

EPCs are a complete nightmare. It's pot luck with what result any assessor will come up with.
I bought a complete renovation project a few months ago with a recent EPC of F25. I got my regular EPC assessor in to advise on how best to improve the EPC. He started by carrying out a new EPC and found it was actually G14. Acting on his advice I've managed to increase it to D55.

Another property clearly had a pattern of drill holes where cavity wall insulation had been installed but that assessor assumed no insulation!

On another day I had 3 EPCs done on the same day in similar properties with identical heating controls. She rated 2 as good and one as poor for the identical kit.

Another house has large areas of flat roof which had been replaced between the original EPC and the most recent one. The assessor had to assume no insulation as the Building Control certificate didn't specify how many mm had been used (only that it complied) and the photos the roofer took only showed his hand next to the Celotex not a tape measure.

Recommended measures are often impossible in Conservation areas or leasehold properties.... Read More