Tag Archives: surveyor

Bill Loryman of HMOTAX Ltd Northampton GOOD Landlords Campaign Sponsors

The GOOD Landlords CampaignBill Loryman of HMOTAX Ltd Northampton

I am not a landlord, however I do want to support The GOOD Landlords Campaign and welcome the opportunity to network with members.

All business property owners including HMO’s, multi-lets and holiday lets are entitled to claim the Capital Allowances that are in the fabric of every commercial property. They were established in law in 1897 and are a legitimate part of tax planning. A properly prepared claim, backed up by our surveyors report can give you worthwhile tax savings and future mitigation of tax relief.

We are here to help you and have a 100% success record with submitting Capital Allowance claims to HMRC.

Continue reading Bill Loryman of HMOTAX Ltd Northampton


Dont panic, woodworm wont make your house fall down Latest Articles

woodworm wont make your house fall downHave you ever wondered why old wood worm holes are often visible in floor boards  yet there is no history of treatment? Probably not but I will tell you anyway. Woodworm (of which there are many forms from common furniture to the dreaded deathwatch beetle) eventually dies off when the wood dries and provided the building is appropriately maintained, there is no reason why any widespread infestation should recur.  Of course, areas that are potentially in contact with dampness could remain at risk and these can be addressed by eliminating the source of moisture. In some instances it is impossible to do so entirely, for example where timbers are embedded into the walls. Continue reading Dont panic, woodworm wont make your house fall down


Landlords: how to counter tenants’ complaints about damp Latest Articles

Complaint about dampHow often have you had a tenant complain about damp patches or mould? You may even have had builders or specialists in to fix the problem, only to find that the come back again.

Unless you have worked out exactly what is causing the dampness and mould  in the first place, than all a builder can really do is mask the problem for a few weeks or months – it will come back. Yet damp problems can often be resolved completely by taking very simple steps, without the need to pay for major works –often just opening a window will suffice, if you’ve been able to trace the problem to condensation.
Continue reading Landlords: how to counter tenants’ complaints about damp


Robert Desbruslais of AskASurveyor Brighton GOOD Landlords Campaign Sponsors

The GOOD Landlords CampaignRobert Desbruslais of AskASurveyor Brighton

I am neither of the above, however I do want to support The GOOD Landlords Campaign and welcome the opportunity to network with members

www.askasurveyor.co.uk is a unique online service for anyone with concerns about property defects, conflicting advice from builders, “specialists” suggesting expensive damp or timber treatments, mortgage valuation problems or concerns about workmanship.

For £40, a fraction of the usual cost, you can ask a fully qualified chartered surveyor, registered with the RICS, your question and upload any pictures or files to help clarify the matter. You and the surveyor will then enter a private correspondence until your question has been satisfactorily answered. If for any reason we can’t resolve the issue, you will be refunded. Practical, independent advice you can’t afford NOT to have.

Continue reading Robert Desbruslais of AskASurveyor Brighton


Due diligence on buying a property with a tenant in place? Latest Articles, UK Property Forum for Buy to Let Landlords

Due diligence on buying a property with a tenant in place?My business partner and I are about to purchase our first buy to let property – a one bed flat in Southsea with a tenant in place.

We are keen for the tenant to stay on (he has indicated he is happy to) so what is the best way of handling deposits and AST’s in this situation?

The solicitor has advised that as long as some sort of AST is in place, the mortgage company will be happy.

The managing agent (who is also handling the sale) has told us that his deposit will not be returned due to extensive cleaning required (fairly dirty tenant who smokes). Our concern is that the tenant might struggle to find another deposit for us, when we buy the property.

Has any one had experience of this situation before? Although on the face of it this sounds less than ideal, we are happy to buy the flat in a ‘dirty’ state if the tenant is happy to stay, as he is paying good rent and is a reliable payer apparently.

Whenever he moves out, we have factored in around £4k refurb as it will need a new kitchen/carpets and redecoration of at least one room.

Our plan is to try to get a new 1 year AST in place prior to Exchange or completion, to minimse our risk and guarantee cashflow prior to a subsequent refurb in (for example) 12 month’s time. However we won’t have a date of commencement for this AST until a completion date is known so I am wondering how feasible this is?

Any other suggestions of how to minimise risk in this situation, prior to incurring cost of solicitor/IFA/surveyor would be appreciated.

Is it appropriate to ask the managing agent for records of payment history and any disputes?

Thankyou

Jon Baker


Capital Allowances – Tax savings for HMO and Multi Let owners Landlord News, Latest Articles, Property News

Council Tax CalculatorPart 2 of 2 written by Bill Loryman

The first reactions from Property Investors hearing about Capital Allowances are that they sound too good to be true and that,”surely my Accountant has identified them for me?”

Well, firstly they have been around since 1878 and are not a tax loop-hole or tax avoidance scheme. If you own a commercial business property, including an HMO or Multilet, you are entitled to claim Capital Allowances for them.

Secondly, the process of valuing the likely tax savings has to be completed by Capital Allowance experts who need to send Surveyors into the property to assess the “plant & machinery” – fixtures and fittings – assets etc. that are in the fabric of the building. They then prepare a typically a ten page report, with photographs, plans and a detailed analysis of all the qualifying assets that will satisfy the HMRC guidelines on submitting Capital Allowance claims.

This is a very specialised tax service that many accountants simply outsource in order to help their clients. A specialist will help you submit a claim, or work with your accountants to work out how much tax and money you can save, either as a tax rebate or off-set over future years.

• You need to be a UK tax payer. The investment property can be owned by a Company or a person. Whether the tax band is 20%, 40% or 50%, the higher rate you pay the greater the tax benefit and savings.

• The minimum value of a property really needs to be £150k but total value of portfolio qualifies. If you are buying this year or last you can qualify for AIA (Annual Investment Allowance) of up to £250,000 which can help make the claim successful and give substantial tax savings.

• Your accountant will claim for the furniture and general repairs but Capital Allowance surveyors look into what makes the building work, so the hidden assets unclaimed in the fabric of the building, items such as heating installation, wiring, lighting, fire alarm systems etc. are all valued using Quantity Surveying rules that confirm to the HMRC guidelines on submitting Capital Allowance claims.

Three of our recent examples are shown below:

Sussex Hearts Norfolk
HMO/Multi Let Purchase Price £280,000 £155,000 £205,000
Capital Allowance Identified £28,000 £12.500 £9,200
Net Tax Saved £14,500 £3,500(refund) £7,680(refund)

Clearly everyone’s tax situation is different and you will need to discuss preliminary details in order to get an illustration of the likely tax savings such as property address, type of business – Multi-let, HMO, student let, holiday let etc, date of purchase and the price paid plus the value of any improvement work you have carried out.

When you (and your accountant) decide to go ahead an engagement letter to be signed which gives the authority to contact the Land Registry to ensure no previous claims have been made. The property will then be surveyed for qualifying assets and a full report prepared for submission to HMRC.

The whole process typically takes about 10 – 12 weeks and should always involve your accountants. Fees for this service are usually generated out of a small percentage of the claim value on a ‘no claim – no fee’ arrangement.

Bill Loryman is the Managing director of HMO Tax Limited and has 20 years experience in the property world involving franchising, licensing, acquisitions and property development.

If you would like an illustration form of your likely tax savings on your investment property please complete your details below.

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Free insulation for tenanted properties Landlord News, Latest Articles, Property News

Free insulation for tenanted propertiesDid you know that landlords can now get free loft, cavity and solid wall insulation and more, especially if your tenants are in receipt of benefits?

The procedure to find out whether your properties qualify for free insulation is simple; it costs just £100 for a survey and if the works go ahead the survey fee is refunded too! Continue reading Free insulation for tenanted properties


Lending Criteria to Consider when Purchasing a Buy to Let Flat Commercial Finance, Landlord News, Latest Articles, Mortgage News, Property News

I had a question concerning this from our reader Dan today, but many Buy to Let investors I talk to are unprepared when looking to purchase a flat about considering what lenders will take as suitable security. Banks often have a surprisingly vast array of criteria that needs to be considered when lending.

I have compiled a list of questions a lender will ask and factors to consider when purchasing a flat. Although fairly in depth, I would not consider this exhaustive as after 15 years I know it is still possible to run across circumstances not seen before. Continue reading Lending Criteria to Consider when Purchasing a Buy to Let Flat


Alastair Lygate of Irvine GOOD Landlords Campaign Sponsors, UK Property Forum for Buy to Let Landlords

The GOOD Landlords CampaignAlastair Lygate of Irvine

I am a Surveyor with a small portfolio of around 20 properties.

My philosophy is that my tenants are my customers and that as they pay my income in return I provide a service to them. I try to keep issues arising within a 9 till 5 time frame and to pre-empt this I contact them on a regular basis,but recognise and accept that issues may arise outside those times.

I find that this approach develops a relationship with my tenants and they begin to see me as more than just a ‘money grabber’, which can often be their pre-conception and experience they have of previous Landlords and I welcome tenants from all backgrounds and financial situations.

I am proactive in developing professional characteristics of Landlords in North Ayrshire by being involved in a working group forum with the Local Authority and advise on their private sector development and strategy team.
I also am a qualified to carry out Domestic EPCs which I carry out on a regular basis within Ayrshire which brings me into direct contact with Agents, Landlords and tenants, and enjoy meeting with them and listening to and discussing pertinent issues concerning property related matters.

In a previous life (1980 to 2000) I carried out mortgage valuation reports, constructed, repaired and extended residential, retail and commercial property so I have reasonable knowledge of the property market, including having run a local estate agency all within a partnership of surveyors.

In my spare time!! I enjoy eating out,cinema,skiing, golf ,church and holidays with my wife and family.

Continue reading Alastair Lygate of Irvine


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