Chris H

Registered with Property118.com
Wednesday 2nd September 2015


Latest Comments

Total Number of Property118 Comments: 5

Chris H

16:01 PM, 7th November 2016
About 3 years ago

LTD company for small time landlord or stay a sole trader?

We are talking 3 properties, purchase prices a combined 1.225m, current combined value 1.8m with 0.92m mortgages outstanding.

Thanks... Read More

Chris H

14:50 PM, 7th November 2016
About 3 years ago

LTD company for small time landlord or stay a sole trader?

Thanks Neil, following your first link i determined as i am not married i should follow the linked page which states the following,

What if I am a sole trader?
Sole traders must pay SDLT on incorporation, which is often a major disincentive. However, there are a variety of cost effective ways to form a partnership with a spouse, another landlord or a family member without you needing to refinance or pay excessive amounts of stamp duty or CGT. For example, you could take on a partner who owns just a 1% stake in the beneficial interests of the business

To achieve this partnership with a friend is it a Declarations of Trust? If so is there a way I can understand the likely costs associated with Stamp Duty, CGT and professional fees to achieve such a partnership via this method?... Read More

Chris H

12:56 PM, 7th November 2016
About 3 years ago

LTD company for small time landlord or stay a sole trader?

I am all but decided that i want to create a company to purchase any further properties and expect to transfer my existing sole trader properties into this company at an appropriate time. I understand to do this it is in my interests to create a partnership as soon as possible in support of this in years to come. Can anyone advise how to work out how much this would cost to transfer 1% of my current properties to another person? Also who i would need professionally to support this activity?

Finally are there any issues with creating a company today and purchasing properties in parallel to the partnership and later transferring to this same company? I am not clear if the company should be newly formed to support the transfer.

Thanks... Read More

Chris H

1:06 AM, 4th September 2015
About 4 years ago

OM Property Management - Sublet fees and 'license'

Thanks Mark. What you have suggested is what i was taking from the clauses, I was hoping someone would be able to confirm that they have no right under these clauses to demand fees, let alone such hefty ones. Appreciate your input.... Read More

Chris H

23:48 PM, 2nd September 2015
About 4 years ago

OM Property Management - Sublet fees and 'license'

I have previously received 2 demands from OM Property Management for subletting fees of £264 plus £38.40 renewal fee, i had ignored these requests and have now received a 3rd request from the new management company First Port Bespoke Property Services for £282 for a single consent to let which suggests this will be levied for each new agreement.
I have asked First Port to highlight where in my lease they have the right to expect these fees and after some delay they have responded with the following 3 clauses from the lease,

25.2 underlet the whole of the Demised Premises with the prior written consent of the Manager or its agents (such consent not be unreasonably withheld or delayed) PROVIDED ALWAYS that such under letting shall be by means or either an assured shorthold tenancy agreement or any other form of agreement which does not create any rights of tenancy for the tenant after the term of any such agreement shall have expired.

26 On the occasion of every assignment or transfer of the Demised Premises for the unexpired portion of the Term and in every under-lease which may be granted to insert a covenant by the assignee transferee or undertenant (as the case may be) directly with the Manager to observe and perform the covenants conditions and obligations on the part of the Tenant appearing in this Lease other than payment of the reserved rents in the case of an under letting or under-lease which for the avoidance of all doubt shall remain to be performed by the Tenant

27 To give written notice within twenty eight (28) days to the Manager (or its agents) of any assignment transfer mortgage charge grant or probate letters of administration order of court or other matter disposing of or affecting the Demised Premises or devolution of or transfer of title to the same with a certified copy of the instrument effecting any such dealing AND ALSO to pay or cause to be paid at the same time to the Manager such reasonable fee appropriate at the time of registration in respect of any such dealing PROVIDED ALWAYS that in the case of a contemporaneous transfer and mortgage the fee shall only be payable on one of such matters

Not that this is completely clear to me by any means but i am not convinced this even covers a request for payment related to subletting let alone challenging the amounts they are requesting.

I would appreciate any input from anyone and suggestions on how best to respond to their presentation of these 3 clauses as justification for the requested payment.

Many thanks in advance for any support anyone can give.... Read More