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Sell or rent out current home

January 14, 2016, 5:00 am
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Currently own a flat (worth 180-200k) and am actively looking to buy a house with my partner and am really struggling to decide what the best option is.

Currently, we have a 35k deposit and are looking at up to 310k and will fix the mortgage for 5 years so we are sure of what we will pay out (by that time we may well have a decent lump sum to pay off). My flat would rent for about 850/month, which is a decent yield so am really torn between what to do. If it wasn't for the new stamp duty rules it'd be a no brainer (keep and rent) but the extra 8k SDLT could be a killer. However, after all fees, tax etc. it'd probably take 16-18 months to recoup this from renting my flat, meaning the next 3-3.5 would be paying towards our mortgage.

Prices seem to be at a high so perhaps selling the flat, making a nice profit and putting in a bigger deposit would be a good idea, however I do like the idea of a steady rental income and a 'fall back option' should anything go wrong (I hope it won't and don't think it will, but I am a realist, not a fantasist).

What would you do?

PS: before it is mentioned, yes I have done my research into being a landlord and understand the potential issues that may arise.
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looking for a lodger - do i need contracts?

January 14, 2016, 5:17 am
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Hi,

I'm needing to get a lodger into my house in order to keep on top of mortgage payments, due to change in personal circumstances.

Do i have to have a contract with the person taking the room?

any advice or useful links would be appreciated.
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Boundary Dispute, rear garden

January 14, 2016, 5:28 am
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Hi,
A family member is currently considering selling her home.

When she moved in to the property (2001) it was noted that a strip of land to the side of the garage had been fenced into the neighbour's garden. This strip of land would allow her to access her garage from both sides and is common to all the properties on the street which were built in approx. 1970s.

The current fence line is at odds with the Land Registry plans (which show a straight property boundary and takes a 'nick' that is approx 0.6m by 5m out of the boundary). It's also at odds with the convention for the rest of the street, including the neighbour in question who gets the best of both worlds.

She has raised the issue with the neighbour before (some years ago initially) but has been met with an unhelpful response/denial. She has not got solicitors involved.

Now its time to sell the property, she was keen to get the issue sorted. I'm not so sure it's worth it as I can't see the loss of land affecting the selling price.

What do others think? Will this cost £ks to sort out and take years? If she does nothing, would the 'dispute' (is it even a dispute at this stage?) have to be declared to buyers? Am I right to assume that adverse possession would not apply here?

Thanks in advance,

AE
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taking a landlord through small claims court

January 14, 2016, 5:31 am
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I was recently renting a room in a shared house, and moved out a month ago.

My (insert derogatory term) of a landlord has retained £200 of my security deposit without due cause.

I've read the advice page on the small claims court and feel i have an excellent case and will be willing to go through the process, but this will be a first for me, so any advice that can be offered by you good folk would be appreciated.

some background:

moved in 12/1/15
moved out 12/12/15

paid £475 deposit a couple of weeks before taking the room, but on the landlords insistence, did not have a contract. room was advertised (and still is) as inclusive of all bills at £475 (now advertised at £500).

when i served notice on the room, landlord said "so long as room clean, tidy and undamaged" i will get my deposit back.

he approved the room, and said acceptable, and would transfer money, but only transferred £275.

he withheld money from both previous tenants to move out prior to me also, so i had seen it coming, to be honest.

he claims that money retained is due to excessive utility bills, and considers it necessary to retain against his costs.

While he had made mention of the excessive bill he received in october, he did not make any reference to taking money, but did consider putting a payment meter in for the future, which he would top up to a certain amount each month and if it went over, it would be our problem - but he hadnt done that by time i left.

He made no mention of retaining any money when i served notice, nor in the 2 times i saw him after that when handing over keys.

he has not provided any evidence of bills or justified the £200 payment.

I have told him - in conversation and by text - that i will be willing to review his costs and consider what i think to be a fair offer towards his costs (which considering advertised as bills included, i dont feel obligated to do, but will).

He is also a nasty piece of work, but i dont think i should go into that here.



my approach to the claim:

I have via text message and phone call, given him until 5pm this friday to return my money, otherwise i will pursue action.

I do not expect him to cough up, even though he's not said anything definitive either way.

I have therefore written a letter as 'pre-action' conduct, which i can copy into here for feedback if that's acceptable, and i will issue that letter to him on saturday if payment isnt received.

the letter gives him 10 days to pay me the £200, otherwise i will make a formal claim through the courts.


So, does anyone have experience of similar, and can anyone offer any advice to give me the best chance of success?

thanks.
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Student rental issues.

January 14, 2016, 5:33 am
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My son, a dopey student, moved into a joint rental property last October. The circumstances are that he replied to an ad placed by Andrew on gumtree and the room was available as Andrew, one of the tenants was moving abroad. Andrew advised that he needed to pay the deposit to him (and showed him a document from the letting agents confirming this) and that he would replace him on the tenancy (and that Andrew's deposit would in effect become his) and that the letting agents would contact him to arrange all the paperwork. He gave Andrew £280, got the keys from Andrew, moved in, met his fellow tenants and began paying rent to the one who collected it and paid the agents. Unfortunately my son is quite vague about who said what to who and when but it is my understanding that very shortly after moving in he paid a company £90 to carry out referencing/credit checks. Six weeks later he rang and asked if I would be a guarantor for the rent as he had not passed the credit check. I refused and told him it was all a bit late now as legally he should be a tenant by virtue of living there and paying rent.
The agents disagreed when I spoke to them and said as far as they were concerned he was merely a guest in the house and that they had told him not to move in till the tenancy agreement was signed etc. Dopey son doesn't remember being told this - but he's not that dopey, and there is nothing in writing to confirm this.
They had another go at the credit check (as he had originally put down that he was a student with no income, despite having grant/loans - did I mention he was a bit dopey!). Despite this he has still not passed the credit check and the agents have now said: pay the rent in full till the end of the tenancy, or provide a guarantor, or move out. The first two are not going to happen and he is now fed up.

I'm really not sure who's fault this is, as I don't have all the facts or the chronology of what happened but I suspect my son, the agency and Andrew all bear some responsibility.

I have advised him to move out; his term finishes in May and we are only 10 miles from college so he can stay with us. My questions are:

Given that the agents state that he is a guest, not a tenant, are there any legal implications of him leaving before the end of the tenancy he doesn't have (July)?

And (assuming I am correct in believing that the agents are not going to refund the deposit he paid to Andrew) would it be ok for him to not pay this month's rent but stay there for the month as a way of recouping the deposit?

Any advice on this mess would really be appreciated.
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buyer wants to rent before buying?

January 14, 2016, 6:42 am
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Our Estate Agent has phoned today to say that a lady on the other side of the country has seen our house online, she wants to buy as a 2nd home but finances are tied up with pension (or something) for the next few months, so would we consider renting it to her for a few months before she is in a position to buy it. If so, she will come and view this weekend.
I am tempted to say yes we would consider so at least she makes the viewing and we can take it from there. It's almost pointless taking it seriously until she views in person. If the deal isn't for us we could always say no.
But my main question is, does this happen very often? It seems a big risk as she could rent it for a month or so and then say no she doesn't want to buy. If this is a common situation is there something we can do to protect ourselevs? We obviously can't get her to sign something which forces her to buy it a few months down the line but maybe an excessive deposit initially which is non refundable if she does not buy it?
Any comments would be very welcome.
Thank you.
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Advice on maintence charges of leasehold property

January 14, 2016, 7:39 am
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Hi Everyone,

I'm looking to get a bit of advice on my property which is a leasehold. I've had it just over 3 years and with this i pay ground rent to one company and a service charge and maintenance charge to another company. Now the ground rent and maintenance charges I don't have a problem with as they have stayed the same, for the same services. The service charge has drastically changed. I didn't receive the notice until after the 22nd December (I had gone to my parents for Xmas) and the payment was due on the 1st Jan. Upon viewing the statement, I was alarmed to see that the payment I usually make has gone from around £60 per quarter to £343 per half year. I understand from the paperwork that the amount now needs to be half yearly (as stated in the lease) in advance rather than quarterly, so equating this means that the equivalent payment has nearly tripled.

Now the reasoning for upping the amount is that “you will only pay towards the cost of maintaining what is defined in your lease as “the building” and a share of professional costs like management, accountancy and legal fees incurred by the block management company.”

I have looked at my lease and because I am a flat over a garage between two blocks of flats I am in a "building" of 16 plots (15 flats and 1 flat over garage).

I’m seeking advice on whether the management company are well within their rights. I fully suspect they are but I just find it wholly ridiculous that this payment has nearly tripled. They claim that the fee charged to the apartments is different to the flat over garages and maisonette properties.

I fear that by the time I look into a solicitor I will be in an even worse financial position and will still need to pay the maintenance fee but thought it was worth a shot investigating whether there are any loop holes in the lease. If not whether I can claim unfair trading through the office of fair trade.

Many Thanks!

Charlotte
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Question regarding electric & gas meters

January 14, 2016, 8:37 am
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Hi

A property I am interested in buying has prepayment meters for both Gas & Electric at present, am I right in assuming that they will remain that way for the new owner? I.e. the electric & gas company wont change them??
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council tax reduction for single person

January 14, 2016, 8:50 am
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I'm sorry if this is in the wrong forum, i couldnt see a better spot for it. I'm sure it's one that'll be resolved in one or 2 replies anyway, judging on the help i've had in my other two posts today.

I moved out of my house last jan, and moved back in mid december. my wife has now moved out. I will be getting a lodger as soon as i can, but cant put a timescale on it.

I have 3 questions:

1: my wife (separated) and daughter lived in the property for 11 months. Is she entitled to a single person discount for this period?

2: can she make a backdated claim for this, or did it need to be done while she was living there and i wasnt? if so, how?

3: can i claim for single person discount now, and if so, how?

thanks in advance.
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Question regarding deposit on exchange

January 14, 2016, 9:05 am
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As I understand it 10% deposit is usually required on exchange of contracts.


But what happens if your deposit is tied up in the equity of the property you are selling?


What happens in that case? I thought your equity only becomes available on completion day not on exchange?


Or can some of the mortgage money be requested?
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New 3% Stamp Duty tax

January 14, 2016, 9:08 am
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We were told that this new tax only effected people buying either investment properties or second homes but as a tenant who also has investment properties, I now find that I will have to pay 3% Stamp Duty on the full amount (on top of the normal SD) when I buy my first residential home.
See question and response below from HMRC:
Hi,

I was wondering if you could please clarify something for me. Myself and my wife own and rent out buy to let properties but our main residence is a property we rent off my mother in law and have done so for the last
2 years. We are looking to purchase this house off her later this year (at market value) and therefore we will go to owning our own main residence as opposed to being tenants in it. I have read the consultation document about the change and cannot clarify where we stand as we are not replacing a main residence in the scenario of selling and buying discussed in the document. We will own one more property at the end of the transaction than we started with but will go from OWNING no main residence to OWNING one. We can provide clear evidence that we have lived in the house for the last 2 years.
Please can you clarify if the new higher rate of an additional 3% would apply to this transaction.

Thanks and Regards
Martin


Dear Martin

In the circumstance you describe the higher rates will apply to the purchase of main residence for you and your family - see section 2.2 of the consultation.

Regards

Jane

Jane Ewart | Policy Adviser | Stamp Taxes | jane.ewart1@hmrc.gsi.gov.uk
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Buying a flat - time to receive draft contract

January 14, 2016, 10:59 am
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Hello - have not bought a place since 2000 ... how long does it take to get draft paper contract from seller solicitor typically?
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Selling a share in my home to an investor

January 14, 2016, 11:15 am
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Is it legal, possible and practical to sell a share in my home to an investor?

My wife and I want to stay living in our home but we need to raise money a.s.a.p. to clear debts.

We can't get equity release because my wife is too young and, ideally, we need to stay in our property that we have lived in for 22 years.

We have joined StepChange for our unsecured debts and want to work our way out of our financial problems that have accrued as a result of illness.

Any advice would be greatly appreciated please.
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How long is reasonable for a RICS valuation?

January 14, 2016, 11:24 am
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Had a basic valuation carried out by a RICS surveyor on my partners property. We are now up to 17 working days (not including the day he visited), am I right in thinking this is pretty poor?

I can't find any sort of guidance online - the RICs website says in their professional standards that firms should carry out work with "expedition", but doesn't give any guidelines to what "expedition" is, presumably because it can vary substantially for different cases.

Another firm I spoke to indicated they had a standard 5 day turnaround (probably working days, though I don't recall) and I got the impression that was fairly standard.

It's only the most basic valuation for a help to buy repayment, on a small, low value, two year old house.
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Compulsory first registration

January 14, 2016, 11:45 am
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Hoping the helpful Land Registry representative can give me an answer here...

I have probate for my late father. My parents house was in his name but never registered. I have completed the forms to register and transfer it to my mother's name, got the ID sorted, etc.

Now I suddenly realise that this should have been done within 2 months, but I have been busy organising care for my blind Mum and my disabled brother - all things which seemed more urgent.

My father died last February and I'm kicking myself for not reading the guidance notes more carefully.

What should I do now? Include an apologetic letter with the application, or is something more required?
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Issue following valuers report

January 14, 2016, 12:27 pm
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Hello

I have recently agreed to purchase a property and have since had an issue raised with regards to some work that is potentially required on the property.

The mortgage valuation report states that 'additional support above several external openings may be required', but no further detail is given.The mortgage was approved despite this, however, our solicitor has advised that we should 'seek estimates for appropriate works obviously required in relation to this matter'.

I'm now concerned that this will delay the completion of the purchase. It's also difficult to gain estimates when it's unclear what the problem is.

Has anybody experienced any similar problems and do you have any advice on how I should proceed ?

Thanks
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Anyone used Move Home Faster for conveyancing??

January 14, 2016, 12:44 pm
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As the title says really!
We are selling and buying and the quote from Movehomefaster is so much cheaper than the local solicitors (£1600 inc stamp duty as opposed to £1900 excluding!)
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buying neighbours house for more space

January 14, 2016, 12:58 pm
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Hi.

I live in a semi rural location. I have a modest 2 bed semi detached cottage with a growing family. Im fortunate to own a barn (not an old barn like you see on grand designs but it is built out of Yorkshire stone like the rest of the house.) on my plot and close to my house. I have a sizeable chunk of land that is my back garden. I have been granted planning permission to extend into my barn.

The land extends behind both my neighbours houses. so both neighbours left and right don't have a garden as it belongs to me. the neighbour attached to me is thinking of selling. His house is approximately 1/3 larger than mine and has 3 bedrooms.

He tells me it needs some work as he's let it go since his wife past away years ago.

going by zoopla i guess his would be worth 160k ... perhaps a bit less if its not a good state of repair.

would it be more sensible to try acquire this house rather than extend to my barn?

barn conversion 120k final fit
house purchase 160k - but would need to spend to repair / decorate etc.

the final house if merged with his or the barn would be approx same size.

The only difference is the small extension connecting my house to my barn would be single story and as such id have bedrooms in separate parts of the house. quirky.. not sure best move.

Thanks
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Need Help With Being a Tenant Please!

January 14, 2016, 1:12 pm
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I was wondering if anybody has any advice or knowledge regarding my current situation?

I have been a tenant of my property for nearly 2 & a half years now. When i moved in, and cleaning the property, i realised some wet clothes had been left in the washer/dryer, (I'm guessing from the previous tenant) this had caused a smell, the washer was cleaned but i just couldn't use it after seeing the smelly socks being removed from inside. My mum agreed to do my washing for a while (Bonus!).

About 6 months or so ago now, i decided i would try the washer/dryer out (Couldn't let my mum do it all anymore) I realised (after getting various family members round & countless tries) that the washer/dryer didn't even work! My lovely dad offered to take a better look inside the appliance for me, however, it is build into the work spaces in the kitchen, meaning bringing the flooring up, taking away parts of the kitchen etc just to get to the back of it! I declined this as i didn't want anybody unqualified or unbeknownst to the landlord to touch it (just in case).

I contacted my landlord and explained the washer/dryer wasn't working and asked if they could send somebody out to take a look. The landlord replied to say it had been written in my contract the washer/dryer was not included in their right to sort it..
I took a look at my tenancy agreement and it says nothing about the washer/dryer, in fact it says nothing about any appliance in there what so ever.
However, on a letter that was given to me on the day i moved in, (just saying welcome to your new home, here is your landlords number & these are the bill companies you need to contact) it has been written in pen at the side next to: any maintenance emergencies contact the landlord *Except for washer/dryer*

I am not sure if this is legal proof that she does not cover problems with the washer/dryer etc?
Or why it doesn't take anything about any appliances.

If anybody has any advice, knowledge, information or experience regarding this, i would be so grateful for your help!!
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Boiler Compliance Certificate

January 15, 2016, 12:38 am
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I have read through the posts relating to this issue but cannot find one that fits my case. I had a boiler installed by a corgi engineer four years ago and was given the commissioning paperwork. However I did not realise a compliance certificate should have been issued and the engineer has now retired and I have lost touch with him. The boiler was registered with the manufacturer but not building control. British Gas checked my boiler in order that I could be covered for annual checks which I have had done since the installation and produced the paperwork for the buyers. I am now selling my property and after four months the buyers requested an indemnity policy which I agreed to provide. However they have now contacted the local authority invalidating any policy and my solicitor has advised the only option I have is to contact a qualified engineer to certify the heating system has been correctly installed and provide a building regulations compliance certificate. I have contacted several engineers who said they are not willing to do this. I have no idea what to do next. With thanks for any advice.
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