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[Gordon999]

See page 26 in RICS Management Code :

https://www.rics.org/globalassets/ri...ition-rics.pdf...

[Gordon999]

The valuation of a flat is adversely affected by :

(a) "wrong location" such as next door to refuse collection centre or cemetry or "up north" or "no bus service " or tower block with combustible cladding .
(b) "lease with remaining short term"...

[Gordon999]

If OP is already charged interest at "standard variable rate", does this mean the outstanding mortgage loan can be repaid without penalty ?

[Gordon999]

https://www.directline.com/home-cove...-is-a-stopcock

Is a Stopcock a Legal Requirement?

It is now a legal requirement for every home to have at least one stopcock. Most properties will have one, situated somewhere close to the water input from the main supply.

...

[Gordon999]

Since you are planning to sell, you could ask three local estate agent to quote you their estimated valuation figure for :
(1) your flat with the freehold and
(2) the other leasehold flat with 64 years remaining.

[Gordon999]

The rules on collective enfranchisement are given in the free guide which can be downloaded from :

https://www.lease-advice.org/advice-...tting-started/

Nothing to prevent you making an offer.

[Gordon999]

Make complaint to your local MP .

[Gordon999]

I think " the proposed cupboard under the stairs" ( within your demised property ) is not an "alteration" covered under the lease.

Its a "removable partition", it is not an alteration.

[Gordon999]

If the seller of leasehold flat is including a " one third share of the freehold title" and since collective enfranchisement in 2010, no ground rent has been demanded by the other 2 joint owners of the freehold, you have to assume the ground rent payment is an obsolete term.
...

[Gordon999]

If building was constucted 200years ago, that means around 1821 . The installation of dpc ( damp proof coarse) in new building was made compulsory in 1875.

[Gordon999]

Making Tax Digital for Income Tax

Self-employed businesses and landlords with annual business or property income above £10,000 will need to follow the rules for MTD for Income Tax from their next accounting period starting on or after 6 April 2023.

Some businesses and agents are...

[Gordon999]

https://www.gov.uk/running-a-limited-company

When a company finds it has no directors it is in breach of the Companies Act 2006, which requires a private limited company to have at least one director and a public limited company to have a minimum of two

[Gordon999]

Send an enquiry for "buildings insurance quote" to residentsline : using the same "insured cover" as under your current policy.

It has to be for the same "insured cover " in order to compare the cost from a different insurance company .

Don't ask...

[Gordon999]

https://boughtbymany.com/news/articl...nsurance-cost/

This website says £163 p.a for insuring a house.

Your premium at £500 for a lat is very high.

What is the insured value of your building ? and number of flats and current cost

[Gordon999]

If the company is not trading with outside parties, it is holding the freehold title on behalf of the 3 leaseholders.

When the leaseholder is on both sides of the extension and the transaction is "done at no charge", its treated as "trading with yourself" and there is...

[Gordon999]

You should buy a copy of the freehold title from Land Registry Online and check if the freeholder is the same party in 1991 ?

You should check the wording in the lease if any payment is specified in clause for obtaining consent for alteration.

[Gordon999]

If the house has 2 separate property titles , then you are buying 2 properties and will be paying extra 3% sdlt on the second property.

You have to discuss with solicitor the sdlt charged on each property or if the property title for 2 bed extension can be cancelled or merged....

[Gordon999]

Copied from website by Moneysuperrmarket.com

" How property type affects home insurance costs

• People living in flats or apartments pay the highest premiums on average* for combined buildings and contents insurance, at £149.14
• The cheapest premiums on average apply to those living

...

[Gordon999]

Yes.

The gross income = £58K less £16K maintenance expense

= £42K less loan interest 20% x £17K ( £3.4K)

= £38.6K less £12.5K personal allowance

= £26K @ 20% = £5.2K tax.

[Gordon999]

Sorry, above reply posted to wrong thread,