Eduardo Prato

Registered with Property118.com
Saturday 25th July 2015


Latest Comments

Total Number of Property118 Comments: 5

Eduardo Prato

12:01 PM, 31st July 2015
About 4 years ago

Restricting finance cost relief for individual landlords - PETITION

We have sent the link to all our landlords.

The next step is to lobby our local MPs.... Read More

Eduardo Prato

11:58 AM, 31st July 2015
About 4 years ago

Agents chasing for payment but I have moved out?

Agree with all of the above, and particularly with Steve Masters. Try to negotiate something with the agent, but I'm afraid they have the upper hand. You have a contractual obligation to pay the rent until the end of the tenancy, unless both parties terminate the contract (by agreeing to new terms, i.e. negotiate an exit option)... but BOTH parties must agree to it.

Good luck!... Read More

Eduardo Prato

10:01 AM, 30th July 2015
About 4 years ago

Letting agent hasn't collected enough rent?

Hi Simon,

You need to establish how much the tenant has actually paid. Any difference between the actual payment and the contractually agreed rent is clearly a rent arrears and you as the landlord can pursue this issue.

However if your figures are correct and the agent has either allowed the arrears to build to £2,500 without notifying you at any stage, or not paid you the funds that he has received, you have a case against the agent.

The agent cannot be blame for the tenant not paying the rent, but he is at fault if he has failed to keep you updated on any irregularities surrounding the tenancy. On the second case (if fund have not been transferred to you), the agent is clearly at fault.

To solve this issue, first of all, ask the agent for a plan to solve the problem (whatever that may be), with a very specific time scale. If that proposal is not of your satisfaction, take the case to The Property Ombudsman or any redress scheme / professional body that the agent belongs to. You will need a proposal (or Final Position) from the agent before you contact The Property Ombudsman / professional body, thus the reason of asking for a proposal from the agent as the first step.

Depending on how bad the relation with the agent may be, I would consider moving the property to another agent. Mind you, as soon as you do that, the agent will have a lesser interest in solving the problem. So it may be better to stick to the agent if you believe that it has been a genuine overseeing that they are keen to solve (sometimes at a loss for the sake of keeping your instruction), but if integrity / ethics are in doubt, move the property to another agent now (and still pursue the case with the professional bodies above-mentioned).

Regardless of the situation with the agent about the poor / unprofessional serviced that you may have received, you can always contact the council to pursue any arrears as the tenancy agreement is between the tenant and the landlord. If you decide to go this route, make sure that the council starts paying any future rent directly to you or the new agent.

Good luck,

Eduardo... Read More

Eduardo Prato

13:55 PM, 29th July 2015
About 4 years ago

Buying a BTL property for Brother in Joint name or single?

Hi Rupang,

I agree with Neil with regards of the delicate situation that you may create if you decide to do business this way. Nevertheless it is something that can be done if you are prepared to put your brotherhood at risk (for the sake of helping your brother!). I've done something very similar with some family members.

Please seriously consider the following:

- Tax implications on rent
- Capital Gains Tax: Sooner or later you will be passing on the property to your brother, which will attract CGT. The value of that future transaction should be supported by a reputable valuation, as it should be done at 'arms-length'
- Separation: what happens if you divorce? Your brother's interest need to be protected. It doesn't matter how much we love the person next to us, things can change (and do change) very fast.
- Death: You should have a will that clearly passes on the property to your brother if you die... again now you also need to look at inheritance tax, etc
- Maintenance: what happens if there is a major repair and money has to be put into the property: will your brother be ready to pay for it?
- Arrears: who will be paying the mortgage and the legal costs if the tenant is in arrears?

And the list could go on. So, as you can see there are many implications. I have done it with my family because I'm very lucky to have a very, very close relationship with them, but this is not something that is appropriate for the average family.

Good luck,

Eduardo... Read More

Eduardo Prato

13:19 PM, 29th July 2015
About 4 years ago

My Flat being used as a Brothel!

A few issues need to be clarified so that I give you some additional advice:

1. Do you have a written contract with the Agent?
2. Do you have a written contract with the tenant? If so, is the contract between the tenant and yourself (the landlord), or between the tenant and the agent? What type of contract do you have (assured tenancy, short assured tenancy or holiday let?
3. Is the agent registered with any professional body?

Regards,... Read More