Even accountants make mistakes – mine did!

admin    Uncategorized     agents

Today I had to undiscombobulate my accountants who were in utter confusion over Section 24. Not only had they applied it to my 2016-17 tax return but they had calculated it wrongly too. Fortunately I spotted this and was able to point out the error of their ways

The post Even accountants make mistakes – mine did! appeared first on Property118.

View Full Article: Even accountants make mistakes – mine did!

Small Claims Court for time and earnings?

admin    Uncategorized     agents

Hello, long time lurker here. I own the leasehold on an ex-Local Authority flat.

The flat above mine, which is also in private hands has, for the 4th time leaked water into my flat. My question is, although building insurance is included in the service charge it does not compensate for lost time &

The post Small Claims Court for time and earnings? appeared first on Property118.

View Full Article: Small Claims Court for time and earnings?

Ltd Company or Personal Name for newbie buying for cash?

admin    Uncategorized     agents

I’m 23 years old, just finished under-graduate university and currently unemployed. Starting a Masters degree in property in Sept 18.

I have no income and unlikely to be fully employed until July 2019; but have capital which I want to invest in property now.

The post Ltd Company or Personal Name for newbie buying for cash? appeared first on Property118.

View Full Article: Ltd Company or Personal Name for newbie buying for cash?

Tenants not signing contract – Where do I stand?

admin    Uncategorized     agents

I have some tenants who have failed to sign the renewed shorthold tenancy agreement that I have signed and issued to them. This involved a rent increase.

They were given 10 weeks’ notice of the contract renewal and agreed to meet me at the property to sign the new contract.

The post Tenants not signing contract – Where do I stand? appeared first on Property118.

View Full Article: Tenants not signing contract – Where do I stand?

Scottish Letting Agents to be Regulated

admin    Uncategorized     agents

Agents’ Code of Practice:

Letting agents in Scotland will soon be regulated through a statutory Code of Practice and will be entered in a register of Scottish letting agents. The Housing Minister, Kevin Stewart, is to write to all commercial letting agents in Scotland setting out the changes and the need to comply by 31^st January 2018.

The new code sets out standards by which all letting agents must deliver their services. The new legislation makes it compulsory for agents to have Client Money Protection and Professional Indemnity Insurance in place.

Landlords and tenants will be able to use the code to challenge poor practice and, if necessary, enforce it through the new First-tier Tribunal for Scotland (Housing and Property Chamber). Letting agents will be required to join the Scottish Government’s mandatory register of letting agents, and key individuals in agencies will be required must meet a minimum level of training.

Mr Stewart said:

“We are committed to ensuring the highest quality private rented sector, which empowers tenants. Our framework for regulation, and the need for the sector to meet key standards and expectations through the code, is an important step in achieving our ambitions.

“Many letting agents already do a great deal to continuously improve standards and inspire confidence amongst landlords and tenants. The introduction of the code means a level playing field for all and ensures clarity on rights, responsibilities and expectations.

“For many people private renting provides a place to call home, and they deserve the necessary standards and protections to find and keep that home. With six months until the code comes into force letting agents must take steps now to be ready for these new ways of working.”

The Housing (Scotland) Act 2014 introduces a regulatory framework for the regulation of letting agents in Scotland. The Scottish Government has developed a guide for those undertaking letting agency work to assist them in meeting the requirements for registration. It is available here

Scottish Government is introducing a number of reforms in the private renting sector through the passage of the Private Housing (Tenancies) (Scotland) Act 2016

Letting Agents’ Code of Practice

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Scottish Letting Agents to be Regulated | LandlordZONE.

View Full Article: Scottish Letting Agents to be Regulated

Interaction between Ramsay, Partnership Act 1890, schedule 15 FA2003 and landlord incorporation

admin    Uncategorized     agents

Schedule 15 of the Finance Act 2003 is the piece of legislation which enables a partnership to transfer its properties to a company at the point of incorporation without paying SDLT. Link to HMRC guidance.

A Partnership is defined by the Partnership Act 1890 as “the relation which subsists between persons carrying on a business in common with a view of profit.”

The post Interaction between Ramsay, Partnership Act 1890, schedule 15 FA2003 and landlord incorporation appeared first on Property118.

View Full Article: Interaction between Ramsay, Partnership Act 1890, schedule 15 FA2003 and landlord incorporation