steve p

Registered with
Tuesday 15th September 2015

Latest Comments

Total Number of Property118 Comments: 71

steve p

14:28 PM, 14th August 2018
About 5 months ago

Where can I go when the Energy Ombudsman takes tenant's word?

Do you have a letter from the tenant with the date they are leaving?

I have come across this before where even though the tenant tells the energy company they are leaving on the right date they give a slightly false reading to the energy company, so you as a landlord end up paying for some of their energy...

I always make sure tenants are their for a check out, do a cursory look, mainly to look for obvious damage but mainly to make sure there is nothing left, you would be surprised how many tenants leave stuff they don't want, then I write the energy readings on a piece of paper and offer for the tenants to also check the meters and sign, I use words of the affect. "I the tenant accept that I have checked and confirmed that the following reading are correct for the check out of [property name] on [date]"

Get them to sign and date....

Last tenant I did that suddenly realised I was doing it and said "Oh ok can you message me those readings as I think I told the energy company different readings"...... Read More

steve p

19:21 PM, 12th July 2018
About 6 months ago

The 5 Year House Price Freeze Idea - How Stupid Is That?

I think they are giving it as a target to the BoE, im not quite sure how they will have the tools to do that, apart from raising interest rates forcing repossessions through the roof and threatening destroying the economy... I guess it makes a change than just blaming landlords.... Read More

steve p

11:53 AM, 10th April 2018
About 10 months ago

Are 2017/18 Tax Returns An Accident Waiting To Happen For Landlords?

I have to say I have known about the S.24 since the announcement by GO but the self assessment tax form is extremely confusing.

It says you can only claim 75% of the finance costs, this though is not totally accurate, you can only claim 75% of the costs at higher rate of 40% and 25% at lower rate 20%.

The wording could be a lot clearer, why are they even making us do this calculation? Why not just say put in the total finance costs and say in the notes put in all your finance costs and HMRC will calculate as the rules have changed...

So much easier and those that are oblivious will also get captured. They are just making more work for themselves or trying to trip up landlords.... Read More

steve p

18:56 PM, 7th March 2018
About 11 months ago

Stamp duty refund via Limited Company?

Yep seems a valid action, there are a few points though... The company will need to pay the addition rate 3% SDLT, also if you have any sort of mortgage it will possibly need to change to a commercial mortgage, this would mean fees for the getting out of the old mortgage as well as fees for the new mortgage and a likely higher rate of interest.

The advantage is there are ways to pay yourself from a limited company that are tax efficient if you are both 40% tax payers. You would though avoid the section 24 tax. Basically what im trying to say is there is more to think about than just the SDLT.... Read More

steve p

9:43 AM, 22nd February 2018
About 11 months ago

BBC Panorama to debate Section 21 no-fault eviction featuring Landlord Action

I agree, I was disappointed that originally they said they had fallen out with the landlord and so were being evicted via section 21 no fault..... The real story later came out and depending on how you show it I would say more like, landlord has been subsidising the tenant for years with well below market rate rent however now (Likely due to new taxes) cannot keep doing this and the tenant cannot afford to live in that sort of house any longer due to government housing benefit not keeping pace with market rent...

The tenant that said she had paid £40k for nothing, also stated she had paid £40k which would have paid off a quarter of the house for the landlord.... Ummm not the landlord will have to pay interest, maintenance etc and then pay tax (likely at 40%) so of that £40k maybe as little as < £5000 over 4 years. This is the big problem and why as landlords we are being attacked, tenants seem to think the amount they pay in rent is the amount the landlord puts in their back pocket, we all know this is not the case.... Read More