Chris Byways

Registered with Property118.com
Friday 11th December 2015


Latest Comments

Total Number of Property118 Comments: 406

Chris Byways

15:01 PM, 12th February 2019
About 2 months ago

Disagree with letting agent penalty?

https://www.property118.com/disagree-letting-agent-penalty/

Yes it has happened again.

Had an agent manage a property for 4 years, left due to poor service and several poor tenants. Used another agent who was unprofessional, so moved back to first agent when tenant left. Not pointed out that fees were now payable open-ended so long as same tenant remained. This IS in contract, but not pointed out. Obviously not in previous contract, or not enforced.

They found a tenant, a very good one, who comes to me direct with any problem “because the agent never gets anything done”. However the agent charged for finding the tenant and they have had 5 years of 8% +vat for doing very little. (SPT)

They now suggest the rent is increased for the first time in 7 years, by just 2.2%. And their fees are going up 25% from 8% to 10%. This is a double gain as they will get more due to any rent increase. Despite several issues of poor service (which I have not yet complained about), they have NOT done all of the twice annual inspections specified. So a breach of contract in it’s own right.

Notwithstanding that breach, surely The Foxtons Judgment confirms paying 5% evermore is unfair? We don’t want to (won't) evict the excellent tenant, it’s their home.

This is still in agent’s current terms (Feb 2019) on their web site.
“Cancellation of contract during a tenancy term: if you decide to terminate our Management Service during an existing tenancy, for the duration of the tenancy our charges will continue to be payable at 5% + vat of the monthly rent payable.”

The agent also wants £150 when they do the inventory checkout to release the deposit. Should I return the deposit, or is that problematic having built up trust with the family?... Read More

Chris Byways

12:34 PM, 29th March 2016
About 3 years ago

Budget 2016 - Landlord reactions

Reply to the comment left by "Jon Pipllman" at "29/03/2016 - 12:05":

I'm not convinced this is worth the web space it is printed on!

Graphs, no reference numbers, 2 & 3 have no content (on this ipad) and from the fourth the second column must be 11, but looks three times the size of 6, and 5 does not even register.

They say this is from lenders PLANS. Was this BEFORE the LLs plans to pay off or reduce gearing, to largely stop further leveraged purchases, to rearrange portfolios in several ways?

With so many attacks on PRS every month, it seems highly likely this is WISHFUL THINKING on the part of lenders, and talking up thier prospects from past lending.

At first glance seems as lightweight as our esteemed (sic) chancellor's IF "research", and it's unknown effects, like 'won't impact on rents' and other crass remarks.

But thanks for posting it Jon.... Read More

Chris Byways

15:26 PM, 28th March 2016
About 3 years ago

Buy to Let starting out - Families DSS Student HMO?

Reply to the comment left by "John Walker" at "28/03/2016 - 14:31":

Hi John,

Which abbreviations, the only less common ones were CT, Council Tax, and RGI, rent guarantee insurance, any other?

Would you like to meet up for a coffee one day? I think you are in Builth, I'm not far away 20 miles or so. Chris.byways at gmail.com if you would like to, nice scenic run out there!... Read More

Chris Byways

13:00 PM, 28th March 2016
About 3 years ago

Buy to Let starting out - Families DSS Student HMO?

Why the stock market? 3 months ago it seemed a fairly safe bet, now it's 15% down, and with the Clown we have trying to juggle the economy, it's at least 50/50 it will drop substantially further, or, 50/50 it's a buying opportunity. Brexit is a known unknown. So is the eventual disintegration of the Euro. So a bit of diversification seems best policy for a windfall.

Commercial property looks a far better option to me. No c24, I don't think the vindictive extra CGT applies, nor the higher vindictive SDLT, nor the insane vilification of LLs who help those that want to rent / need to rent.

I only have a couple of commercial properties, but if I were to buy more property, it would not be residential with this deceitful goon in office.... Read More

Chris Byways

10:58 AM, 28th March 2016
About 3 years ago

Buy to Let starting out - Families DSS Student HMO?

I am no expert, so would also be interested in the views of the very experienced folk here.

I would suggest not put all your eggs in one basket, prices could well fall - it has certainly spooked Osborne, and too some extent BoE. This is more likely in London /SE where prices have increased excessively, if there is any substantial drop outside the major cities then the whole economy will be screwed, so bricks and mortar is as good as it always has been, at least for diversity.

With an expected inheritance you won't stay single for long.......

Avoid HMOs, only for those with experience and wanting hassle/ challenge.

Avoid DSS, unless the impending returns increase to make it VERY worthwhile, (I am thinking of osbo's crass attack on PRS forcing DSS to be unviable)

There will be far higher churn and far greater unpaid rent ( and possible damage) with a number of HB tenants.

Flipping is far less viable with punitive anti property renovation measures - enhanced SDLT and CGT. CT on voids, or whilst work underway.

So I think that leaves my choice in your position, with time and assistance available, wide choice of area, buy cheap, within easy travelling of where you move to, at or after auctions, poor but sound properties, one at a time, in good areas, turned quickly to a high standard, and let out to professionals, or decent students that get a guarantor and can get RGI.... Read More