Ian Narbeth

Registered with Property118.com
Monday 8th July 2013


Latest Comments

Total Number of Property118 Comments: 1137

Ian Narbeth

11:32 AM, 9th April 2021
About 3 days ago

No confidence in legal advice from property experts?

Hi Alex. I am a "proper legal" person, a commercial property solicitor of 35 years. I don't know who has spoken to you. You can sell the freehold (as is) to someone who wants two self-contained flats. It may not be straightforward for the buyer to get a mortgage as lenders prefer "simple" arrangements: they would potentially have to split the title to realise their security and that is a hassle and disproportionately costly. Even if the buyer is a cash buyer he/she will anticipate the same problem on a future sale.

DGM is correct about creating separate leases. However, you cannot grant a lease to yourself but if you alone own the freehold, you could grant leases of the flats to yourself and your partner. You need to consider tax implications and principal private residence exemptions and such-like. Suggest you employ a solicitor.... Read More

Ian Narbeth

16:30 PM, 7th April 2021
About 4 days ago

Ground Rent makes property an AST?

Reply to the comment left by at 07/04/2021 - 11:36
No, this IS a problem for mortgagees. Because the lease is treated as an AST the mortgagee might not receive notice of the landlord gaining possession for non-payment, e.g under s8. The risk is theoretical but some lenders will not lend. Solutions are (a) negotiate a deed of variation with the landlord (b) to seek a lease extension and (c) to take out an indemnity policy.

For Mike option (c) will be the easiest if the buyer agrees. Failing that try option (a). If the landlord won't play ball threaten him with option (b).... Read More

Ian Narbeth

10:23 AM, 31st March 2021
About 2 weeks ago

MPs call for urgent rent debts action welcomed

Reply to the comment left by Monty Bodkin at 31/03/2021 - 10:02Abolishing so-called 'no fault" evictions is, emphatically, not the issue at present. The issue is rent arrears. Non-payment of rent is fault par excellence.
Will Government continue to require landlords to be unsecured, involuntary creditors with some tenants accruing larger and larger debts or will it do something to help a sector that has been hard hit? Wishing that nobody will lose their home because of COVID is as futile as wishing nobody will get ill.... Read More

Ian Narbeth

12:08 PM, 25th March 2021
About 3 weeks ago

HMO Covid-19 rent reduction conundrum?

Reply to the comment left by Dilep at 25/03/2021 - 11:38
Depending on what fee arrangement they have (do they just take a percentage or are they taking an excess over the guaranteed rent?) you could offer them a higher fee if they beat certain levels of rent. That gives them the prospect of catching up on their losses and incentivises them to get your rooms filled. This will only work if they are competent and prepared to tough it out until times improve.... Read More

Ian Narbeth

11:28 AM, 25th March 2021
About 3 weeks ago

HMO Covid-19 rent reduction conundrum?

Hi Dilep
It will be necessary to review the contract to see what is "guaranteed". If the agents have indeed guaranteed you £X per month then they are legally obliged to pay it and will have to top up any shortfall. Your starting point is to insist on that. They secured the instruction to act as agents by giving the guarantee so they must take the commercial risk of not obtaining the minimum rent.

That said, who is managing your HMO? If it is the same agents then you need to ensure that they are complying with all relevant regulations and also that they do not just leave you high and dry when their contract ends. I suggest you take legal advice as cases like this depend on the specific circumstances.... Read More