user_969

Registered with Property118.com
Friday 2nd August 2013


Latest Comments

Total Number of Property118 Comments: 521

Mike

3:03 AM, 14th November 2020
About 2 weeks ago

Do I borrow and renew lease now?

Although I am not going to renew lease on my flat, as it gives me absolutely no advantage whatsoever, as I would not have given any part of this property to anyone other than perhaps charities, so if I die and there is still 30 years lease on it, and the property yields let us say 100K as opposed to its true value of say 400K in 20 years from its current value of 240K now. So whatever it yields to my beneficiaries, it is still some money they can happily do with it, if they inherit it from me and choose to sell it.

However,. I can if I want , offer silly money like 20K to the free holder to renew it to 99 years total, even though he indicated he is looking close to 50K, he will be a total loser if he don't accept my 20K now as by the time I have gone, he too would be close to going, what benefit would that give him at his old age? 20K can be a lot more beneficial to him now than 50K or even 100k when he himself may be close to going, unfortunately he is a trust, so I guess they may not accept a lower offer.... Read More

Mike

13:24 PM, 13th November 2020
About 2 weeks ago

Do I borrow and renew lease now?

The main thing to consider is you have 57 years lease left on this property, you are getting your rental income from it regardless of how many years lease is left, add your current age to it, what is your total , so let us assume you are now 55 years old , so that adds up to 112 years, can you outlive this figure, most likely answer is no, not many people live past 90 or perhaps lucky ones 100 years.
So why do you want to take on a debt for your future dependents, if assuming you do have children, by the time your life ends, there most probably will still be some years left on that lease, so let your children who inherit your estate sort it out, let them take out a loan or a mortgage and extend its lease if they want, or sell it on at a silly price due to the fact there might only be a few years left on the lease, so live for now, do not take on any loans or mortgage as you depend on this income now.

I am in the same boat, I have 50 years lease left, and I am over the age of 65, I am not renewing it, I was given a bald park figure of 50K to renew it on a property that is worth around 240K, a two bedroom first floor flat with no garden in East London, so after I am gone, I couldn't care less how much it would cost my beneficiaries if they wanted to renew its lease, or accept a very low price if they must sell it without renewing the lease.

You worked hard in your life, for yourself, not for others to benefit from it, unless you have loving children and you do not want them to suffer in future, so as everyone has said it depends on your individual circumstances.... Read More

Mike

10:29 AM, 9th November 2020
About 3 weeks ago

Lodger belongings being collected one trinket at a time?

Doesn't that make your blood boil? but yes it is important that you do not fall into her trap, stay calm, you have reported this to the police, stay a little more patient and bear this insult, what else can you do as throwing her belongings out after the final notice expires for her to collect, you can tell her due to covid situation you will not allow her in and you will put her belongings outside for her to collect that is when she phones you or sends you a text message when she would be coming around to collect some of her things, don't let her in, when she comes ask her to stay outside due to covid rules, and start putting her bags outside and close the door and say good bye to her, get someone to video this if you can, once you have placed all her belongings outside, in her presence, it will now be up to her whether she takes them all away or leaves them behind. Do not take them back in again. This is the approach I would take, which I do not think she could challenge due to covid rules as well as you placed all her belongings outside in her presence and she is the one who chose to not take them away.

you have already given her legal ultimatums, therefore you have covered yourself against putting her goods outside in her presence. Of course there are possibly other ways too, let us see what others might come up with on here.... Read More

Mike

12:12 PM, 28th October 2020
About a month ago

Deposit not protected and solicitor demanding six times deposit repayment?

It seems like the tenant went to seek the advice from a solicitor, using a no win no fee platform, solicitors has advised the tenant to pursue a claim against the landlord for 3 times the deposit plus solicitor adds his own charges equal to another 3 times the deposit so possibly offering the tenant 3 times and taking the case to a court if necessary where the court fees and legal charges would be added on top of 3 times the deposit amount awarded by a court, so for example a court could only award 3 times the deposit amount, but the solicitor will then add his own legal fees and court fees thus he is offering to settle it for 6 times the deposit amount.
I would destroy the solicitor's greed by approaching the tenant directly and making her another offer of say 3 times the deposit and withdraw her case from the solicitor, and possibly pay initial charges if she has to cancel a contract with the firm, and sign the legal papers with the tenant as acceptance in full and final settlement.
I hope the tenant has not signed a contract with her solicitor where if she withdraws then she could be liable for the legal fees so far.
This certainly looks like they got the landlords balls in their hands.

Or might be worth negotiating with the solicitor as well.... Read More

Mike

14:48 PM, 20th October 2020
About a month ago

EPC clearly wrong so can Assessor be made to change it once issued?

Get an assessor who has given good ratings to adjacent properties, from the public register, do some searches of nearby streets and look at a few ratings, then scroll down and see who the assessors were pick one that seems reasonable, you get their names and contact numbers published on each report.... Read More