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[Gordon999]

I have some faint recollection that a complaint of " in-house legal team" was raised before a LVT or FTT Tribunal and Chairman decided "in-house team" did not qualify as "solicitor", who are required to conduct CDD ( Client Due Diligence ) before taking...

[Gordon999]

The RMC has legal rights under the lease to administer the service charge account and demand annual service charge contribution from leaseholders. . It should not be dissolved because it holds the freehold title of the building.

If you transfer the freehold title to the leaseholders,...

[Gordon999]

( a) I agree adding holiday let income to your own income ,tax on £50K at 40% = £20K , leaving you with £30K in hand .


(b) If you let to Ltd Company at £10K, your tax = £4000.,

The company taxable income = £50K - £10K rent = £40K charged at 19% corporation...

[Gordon999]

What is an overage clause ? What is PP and ATM ?...

[Gordon999]

I agree with jpk. Your entry cost is £200K. + £5K sdlt + conveyancing solicitor costs + Land Registry costs.

[Gordon999]

This clause requires registration of "assignment of underlease" with landlord's solicitor and E&M are not solicitors.

You should report E&M to your local MP and ask the MP to report this to CMA and Minister of Levelling UP.

[Gordon999]

During past 50 years , house prices are up from £4K to £260K = 60 times.

During past 50 years . job income are up from £1K to £30K = 30 times.

So house prices are going up /salaries going down...

[Gordon999]

UK average house prices reached a record high of £266,000 in June 2021, which is £31,000 higher than this time last year. Average house prices increased over the year in England to £284,000 (13.3%), in Wales to £195,000 (16.7%), in Scotland to £174,000 (12.0%) and in Northern Ireland to £153,000...

[Gordon999]

Around 1970s, roughly 50 Years ago, it was possible to buy a new house for under £5000.

This was a rocky decade. Widespread unrest and hardship on the one hand and a boom in home ownership on the other.

The mortgage market took off and house prices flew. At the start of...

[Gordon999]

https://www.lease-advice.org/advice-guide/right-manage/

[Gordon999]

There is a free guide to RTM which can be downloaded from www.lease-advice.org.

To set up RTM, you should get support from 51% of leaseholders in each building ..

[Gordon999]

Make a complaint to SRA ( Solicitors Regulation Authority).

Make a complaint to CMA

Make a complaint to local MP , asking MP to lodge complaint to Minister for Levelling up.

[Gordon999]

I suggest you calculate your "total expenses" and then :

subtract the expenses incurred for maintenance of existing items ( which are chargeable against rental income ) and

balance of expenses will be "improvement costs " plus the original...

[Gordon999]

AIPs are usually valid for about 90 days. Does it matter if one becomes invalid ? Just apply again

[Gordon999]

The rental tenant should give you the contact address of leaseholder or you can post the service charge demand to the letting agent which collects the rent money.

[Gordon999]

Under the shared ownership scheme , you pay "rent " on the housing association's share of property. . This "rent" payment should stop if you staircase to 100% of ownership scheme.

If you purchase the freehold title from the housing association , then your...

[Gordon999]

See your local MP and get his/her advice.

[Gordon999]

Has your friend lived in the property at any time ?

Does your friend's annual income from " job plus rental property" exceed the annual personal allowance, during each of the last 6 years.?

Does taxable income come under the 20% tax rate each ye...

[Gordon999]

The extra 3% SDLT charge is charged if the joint buyer already has a property registered under their name.

However the 3% extra charge does not apply if the buyer is moving from old main residence to a new main residence....

[Gordon999]

Here is my rough calculation of the tax bill :

Total period of ownership = 245 months

Main residence period = 4 years 3 months plus 9 months after moving out 60 months .

Period under letting = 185 months and Capital gain= £158,200 x 185/245= £119,457 ....