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[AndrewDod]

The only time I have ever had a 50K loss is when a massive service charge of around that amount was levied for major repairs to a leasehold flat. Otherwise it is pretty difficult. So please explain how you did that. I am suspicious and HMRC would be likewise.

Have you put in a tax return...

[AndrewDod]

You can probably obtain valid insurance for the entire building - but explain to the insurer exactly who you are.

Unfortunately the very point of all the vacuous and non-enforceable legislation in the leasehold arena is precisely to shield freeholders against any sort of prosecution for...

[AndrewDod]

That is all extremely helpful - thank you lawcruncher.

I presume that entering the restriction that "no disposition under which capital money arises is to be registered without a court... (rest of your paragraph)" can be implemented without any recourse to B/cooperation of B...

[AndrewDod]

Thanks lawcruncher. So lets get to something that has always bothered me and which has appeared in various threads over the years:

Let's suppose A and B are on the legal title - as tenants in common in equal share

A in turn has a bare trust which assigns the beneficial interest...

[AndrewDod]

Well my answer was in principle - that beneficial owners do not have to be on the legal title.

However - the mortgage complicates things. (there is no SDLT on an unmortgaged gift).
The marriage somewhat complicates things - there would need to be an R17 declaration which does NOT...

[AndrewDod]

I think the issue is with not naming your buddy on the lodger agreement - not that they are not on the land registry. Lodging does not have to do with ownership - after all an AST tenant can have a lodger....

[AndrewDod]

Not true. Owners do not have to be registered holders of the legal title at all. Children for example can be beneficial owners and are not entitled to be trustees. The individual named on the title might simply be a trustee of a bare trust.

Likewise a property can be owned by 20 people,...

[AndrewDod]

Saying "I don't have responsibility" for the 5% of default responsibility I "forgot" to include in a contract is not the same as not having responsibility....

[AndrewDod]

What does that mean?

The friend was living there throughout, owns the property, but happened not to be named on the lodgers agreement? Right?...

[AndrewDod]

And churning out 25 identical leases with one number changed from the original will hardly cost £25K of solicitor time. I guess the crux problem underlying this and a lot of other leasehold problems is that much of the legal profession are basically vampirous crooks profiting from misery and closing...

[AndrewDod]

I have no experience of these kids of leases. However

a) Leases don't normally say the freeholder has to contribute to costs, but if they screw up on the leases, and also have the responsibility to keep the building in good nick via that contract, they do have to pay the difference (to...

[AndrewDod]

Agree with that .... but I think it unfortunate that legislators have painted us into this corner where everything is about "legal rights". It does no-one any good. The simple fact is that inspections (including finding stuff tenant is doing wrong) can serve interests of all parties -- for...

[AndrewDod]

If you use any decent tax software it will remember it for you and take into account on your next tax return. If you have payments on account they do go into your next return....

[AndrewDod]

As leaseholder64 says you are thinking about this wrongly. You each own a third share in an entity which owns the whole thing (and in fact the whole building including your flat which you are renting). There will also be other implications such as proportiante changes in service charges, liability for...

[AndrewDod]

If the lease is not allowing sufficient service charges to be collected this is entirely the freeholder's problem to pay for any correction. If it were not corrected the freeholder has to bear the shortfall out of his own pocket in order to maintain his obligations under the lease. It is not the case...

[AndrewDod]

Only things which are likely to cause long term damage if not addressed - like failure to mow the lawn, water where it should not be, damp.

Cleaning the place is up to them (unless that will be difficult/impossible to correct - e.g causing infestations)....

[AndrewDod]

Most redress schemes and regulatory schemes are not designed to deal with problems. They are designed to massage and divert them. They will of course do a couple of high-profile slap downs each year to maintain credibility....

[AndrewDod]

I presume in Scotland folk charge a much higher rate of rent and do not willingly select most tenants (than would otherwise have been charged) due to the risks imposed by legislation. So you knew what you were letting yourself in for....

[AndrewDod]

Don't even think about it.

Unfortunately governments (and your tenants) think that security of high-quality accommodation for people who want flexible accommodation is derived from having long tenancy agreements. It is not -- it is derived from having a vibrant, flexible, free, competitive...

[AndrewDod]

No such thing as a 1000 profit exemption. You are thinking about interest on savings.

Not having to do a tax return is not the same as not having to pay tax. And the requirement to do a tax return depends on income (and other things) not profit.

Are you sure you are calculating...