David Main

Registered with Property118.com
Tuesday 30th July 2013

Latest Comments

Total Number of Property118 Comments: 7

David Main

14:29 PM, 13th August 2016, About 5 years ago

Landlord email to Scottish MP

I'm afraid I don't share the optimism shown by other commentators to the potential for this post to influence government thinking. Most Scottish MPs are SNP, which is unremittingly hostile to the PRS. Remember, the Scottish Government very quickly replicated Osborne's 3℅ tax surcharge and recently consulted on changes to letting law that includes removal of 'no fault' repossession and paves the way for rent controls.

As a fellow Fife landlord I will be interested to be updated with the outcome of the meeting with the MP - if it even happens. If my experience of SNP MSPs is anything to go by I suspect the MP's reaction will less one of intellectual persuasion or rebuttal and more one of smug satisfaction that a private landlord has been well and truly kicked in the financial goolies.... Read More

David Main

6:50 AM, 30th July 2013, About 8 years ago

Rent to Rent Success Stories

Perhaps I missed it but none of the R2R articles I have seen have discussed insurance. The landlord policies I have taken out over the years have all restricted letting to AST/SAT leases only AND EXPLICITY DISALLOWED SUBLETTING.

R2R is an attractive option for me but the contract offered (by Northwoods) was a Short Assured Tenancy, which I don't think can apply when the 'tenant' is a company intending to sublet. I therefore couldn't do it as I couldn't find a landlords insurance policy that covered that particular scenario. If there is such a thing, can someone point me towards it?... Read More

David Main

16:15 PM, 2nd March 2013, About 9 years ago

Crazy tenant puts landlord through hell

I had a bad feeling once about an outgoing tenant. On vacating day I put my mobile into my shirt pocket, camera facing outwards, and began recording before I rang the doorbell. The tenant duly tried to shake me down for more than his deposit for supposedly ignoring complaints about an essential repair that he had needed to do instead. He incriminated himself beautifully and wasn't best pleased to be told (once I had my keys back and we were out of the house, of course) that the whole exchange had been videoed!

I don't know about the legalities of that but as a defence it's bullet proof.... Read More

David Main

3:18 AM, 7th September 2012, About 9 years ago

Would you sell in an auction if you were me?

Hmm. £320pm on a £50-55k property equates to a 7% yield, give or take. What is wrong with that? If by modernisation you mean the discretionary upgrading of obsolete/old fashioned fittings rather than the essential replacement of fittings no longer fit-for-purpose then run with it; you're getting £320 a month for no initial outlay and, with a (presumably content) ten-year tenant, not much hassle either. I'd take that deal anytime!

If it were me, the time to sell would be when the tenant vacates or if the payback period on essential modernisation needed now is uneconomic in terms of the additional rent achievable.

Good luck.... Read More

David Main

1:03 AM, 26th August 2012, About 9 years ago

End of Tenancy Council Tax Question

I had a similar argument with my local authority over 1-day council tax demands. It said it worked on the basis of beneficial use of the proprty, as represented by overnight stays, rather like hotels do. So, if one tenant moves out on 31st and a new one enters on 1st then the landlord has the beneficial use for that one night. Not sure whether that is pragmatism or has a legal base but it all cancels itself out since if a void ends on the 31st the landlord only pays council tax until 30th.... Read More