Transfer of property between companies – DIY conveyancing?

admin    Uncategorized     agents

I am looking for advice from anyone au fait with the process or has any knowledge on this procedure.

Summary: I have an Special Purpose Vehicle (SPV) company with mixed properties. I am looking to transfer out one particular Semi-Commercial property (which has a lease) to a new SPV I have registered to hold it.

The post Transfer of property between companies – DIY conveyancing? appeared first on Property118.

View Full Article: Transfer of property between companies – DIY conveyancing?

“Land for the Many” report threatens radical change…

admin    Uncategorized     agents

“

Land Taxes:

Yesterday’s launch of Labour’s Land for the Many report – see link below – sets out radical policies which if implemented would have far reaching consequesnces for many land owners, home owners and buy-to-let landlords.

The report by lead author George Monbiot, Guardian columnist and the author of “Feral, The Age of Consent and Out of the Wreckage: a New Politics for an Age of Crisis�. Mr Monbiot says in a recent article for the Guardian, “Want to tackle inequality? Then first change land ownership laws.�

Among the many proposed reforms: publishing all information
about land ownership – “who benefits most from our current unequal arrangements�
– giving councils the power to sell vacant land by public auction, local planning
juries, and boosting democratic participation in planning processes. Plus lots
of other radical proposals, all aimed at “delivering a fundamental shift in
wealth and power from the few to the many�. All of these proposals says Labour
will be considered for inclusion in the next Labour Party manifesto.

Ending the “Buy-to-let
frenzy�

Chapter 3 of the report recommends major reforms of the
private rented sector, for example, tenancies would be open-ended, and
landlords would lose their power to evict a tenant who has not broken the terms
of the tenancy agreement for the first three years of the tenancy agreement,
and would have to provide grounds for eviction after that point.

There would be a cap on annual permissible rent increases,
at no more than the rate of wage inflation or consumer price inflation (whichever
is lower), and Buy-to-let mortgages would be more firmly regulated and
restricted.

There would also be a commitment to an ambitious social
house building programme, and there are suggested changes to the system of land
assembly and community ownership. It is recommend that the Land Compensation
Act is reformed to enable development corporations and other public authorities
to acquire land at prices closer to its “current use value�, rather than its
potential future residential value. This, says the report, could reduce the
cost of building genuinely affordable housing by up to 50%.

“Progressive and efficient tax reform”

To discourage “the use of homes as financial assets�, reduce
the tax paid by the majority of households, and encourage more efficient use of
the housing stock, the report urges a Labour government to replace Council Tax
with a progressive property tax. This would be payable by owners, not tenants.

The valuation of properties for tax purposes would be
updated annually, and empty homes and second homes would automatically be taxed
at a higher rate. It is also recommending a surcharge for all properties owned
by those who are not resident in the UK for tax purposes.

Stamp Duty Land Tax would be phased-out for those buying
homes to live in themselves, and capital gains tax for second homes and
investment properties would be increased. It is recommend by this report that
inheritance tax would be abolished, to be replaced with a lifetime gifts tax
levied on the recipient.

Business rates would be replaced by a Land Value Tax,
calculated on the basis of the rental value of local commercial land, and farmland
would be reserved for farmers only to prevent it from being used for tax
avoidance and speculation we proposes – a new English Land Commission would
review all tax exemptions given to landowners. The aim would be to “restrain fiscal
privileges without harming family farms.� The removal of similar tax exemptions
on woodlands and forestry would also be considered.

An Offshore Company Property Tax would be payable by
companies based, or beneficially owned, in secrecy jurisdictions. The report also
recommends that an increase in the Annual Enveloped Property Tax and a removal of
the exemption for properties under £500,000.

Land for the Many report

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – “Land for the Many” report threatens radical change… | LandlordZONE.

View Full Article: “Land for the Many” report threatens radical change…

FAIR POSSESSIONS COALITION

admin    Uncategorized     agents

PRESS RELEASE

LANDLORD CONFIDENCE KEY
TO POSSESSION REFORMS

SECTION
21 repossessions should be retained in the private rented sector unless and
until a new system is in place that provides landlords with the same level of
confidence  about repossessing properties
in legitimate circumstances.

Groups
representing landlords and letting agents forming a ‘Fair Possessions Coalition’
have united in warning that plans to abolish Section 21 repossessions without a
new system in place would undermine investment in the sector at a time when private
landlords are relied upon on to provide homes for one in five households in
England.

In a statement
the Coalition notes that whilst landlords much prefer to have good tenants
staying long term in their properties they need certainty that in legitimate
circumstances, such as tenant rent arrears or anti-social behaviour, they can
swiftly and easily repossess their properties in much the same way as social
landlords and mortgage lenders.

It is argued
that the current ‘Section 8’ process, under which landlords can repossess
properties based on a number of grounds, is not fit for purpose and does not
provide the level of certainty offered by Section 21.The current judicial
process for dealing with possession cases is confusing for tenants and takes an
average of over five months from a landlord applying to the courts for a
property to be repossessed to it actually happening.

Instead
of tinkering with the system, the Coalition calls for a comprehensive overhaul
of the regulations and processes enabling landlords to repossess their
properties. It should lay out clear grounds for repossession that are unable to
be exploited by criminal landlords or unreliable tenants.

Linked to
the reform should be the establishment of a new, dedicated, fully funded
housing court. This should make better use of mediation taking into account
models in use abroad and meet in local venues such as schools and community
centres, making the process less intimidating and easier for landlords and
tenants to obtain the swift and accessible justice they need if the
relationship is to work effectively.

The Coalition argues that such reforms must form part of a wider package of measures including welfare reforms to better support vulnerable tenants to sustain tenancies and smart taxation to encourage the development of the new homes for private rent the country needs.

The Fair Possessions Coalition is made up of: ARLA Propertymark; Cornwall Residential Landlords Association; Country Land and Business Association; East Midlands Property Owners; Eastern Landlords Association; Guild of Residential Landlords; Humber Landlords Association; iHowz; Landlord Action; Leeds Property Association; National Landlords Alliance; National Landlords Association; North West Landlords Association; Portsmouth and District Private Landlords’ Association; Residential Landlords Association; Safe Agent; South West Landlords Association; and Theresa Wallace (Chair, The Lettings Industry Council)

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – FAIR POSSESSIONS COALITION | LandlordZONE.

View Full Article: FAIR POSSESSIONS COALITION

Section 21 Summit Success

admin    Uncategorized     agents

Following Theresa May’s announcement that she would abolish Section 21, the Alliance announced that it would hold an emergency summit in Manchester and invited other Landlord representative bodies. Following discussions with the RLA, we agreed to cancel our summit and attend a summit in London chaired by Lord Lytton.

The post Section 21 Summit Success appeared first on Property118.

View Full Article: Section 21 Summit Success

Land for the Many – Not for Landlords

admin    Uncategorized     agents

The Labour Party have commissioned an ‘independent’ report titled “Land for the Many” that proposes changes in the way land in the UK is used and governed.

Key proposal headlines include:

Tenancies should be open-ended, and landlords should lose their power to evict a tenant who has not broken the terms of the tenancy agreement for the first three years of the tenancy agreement

The post Land for the Many – Not for Landlords appeared first on Property118.

View Full Article: Land for the Many – Not for Landlords

Possession reforms must retain landlords’ confidence

admin    Uncategorized     agents

Section 21:

Interested parties representing landlords and letting agents
have formed a group to be known as the “Fair Possessions Coalition�.

The industry leaders’ group has united in warning the Government
that plans to abolish the no-fault Section 21 repossessions process, before a safeguarded
alternative system is in place, would undermine investment in the sector. This
they say is crucial at a time when private landlords are being heavily relied
upon on to provide homes for one in five households in England.

The collective says that, “Section 21 repossessions should
be retained in the private rented sector unless and until a new system is in
place that provides landlords with the same level of confidence  about repossessing properties in legitimate
circumstances.�

The Fair Possessions Coalition is so far made up of: ARLA
Propertymark; Cornwall Residential Landlords Association; Country Land and
Business Association; East Midlands Property Owners; Eastern Landlords
Association; Guild of Residential Landlords; Humber Landlords Association;
iHowz; Landlord Action; Leeds Property Association; National Landlords
Alliance; National Landlords Association; North West Landlords Association;
Portsmouth and District Private Landlords’ Association; Residential Landlords
Association; Safe Agent; South West Landlords Association; and Theresa Wallace
(Chair, The Lettings Industry Council)

Landlords and letting agents are worried that simply abolishing
section 21 without the necessary safeguards will undo all that the 1988 Housing
Act provided as an incentive for landlords to invest in the rental property market.
Already tax and regulatory changes are taking their toll and some landlords
have already taken steps to abandon the market.

In a statement the Coalition says:

“…whilst landlords much prefer to have good tenants staying
long term in their properties they need certainty that in legitimate
circumstances, such as tenant rent arrears or anti-social behaviour, they can
swiftly and easily repossess their properties in much the same way as social
landlords and mortgage lenders.�

Government has intimated that simply tweaking the current
‘Section 8’ process, under which landlords can repossess properties based on a
number of grounds, would suffice. But landlords, especially those who have
experience of the current courts system, have little confidence that this would
work to their satisfaction.

The coalition says, “[It – section 8] …is not fit for
purpose and does not provide the level of certainty offered by Section 21. The
current judicial process for dealing with possession cases is confusing for
tenants and takes an average of over five months from a landlord applying to
the courts for a property to be repossessed to it actually happening.�

Instead of tinkering with the system, the Coalition thinks,
a comprehensive overhaul of the regulations and processes enabling landlords to
repossess their properties is what’s needed. The government would need to
set-out clear grounds for repossession and a mechanism for swift action in
dealing with re-possessions that are unable to be exploited by criminal
landlords or unreliable tenants.

Linked to the reform, says the Coalition, “should be the
establishment of a new, dedicated, fully funded housing court. This should make
better use of mediation taking into account models in use abroad and meet in
local venues such as schools and community centres, making the process less
intimidating and easier for landlords and tenants to obtain the swift and
accessible justice they need if the relationship is to work effectively.

“…such reforms must form part of a wider package of measures
including welfare reforms to better support vulnerable tenants to sustain
tenancies and smart taxation to encourage the development of the new homes for
private rent the country needs.�

A full copy of the statement, which has been sent to the Government, can be accessed here

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Possession reforms must retain landlords’ confidence | LandlordZONE.

View Full Article: Possession reforms must retain landlords’ confidence

Property investment seminar invitation – Brentwood Essex

admin    Uncategorized     agents

At Property Investor Partnership, we believe that investing in property should be straightforward and easy to understand.  Our Property Seminars are designed to empower both the novice and seasoned investor with the skills, knowledge and tools to achieve financial freedom through UK property.

The post Property investment seminar invitation – Brentwood Essex appeared first on Property118.

View Full Article: Property investment seminar invitation – Brentwood Essex

Scottish Parliament to consult on rent controls – Will we all follow?

admin    Uncategorized     agents

There has been a trend in the Private Rental Sector for the UK to follow Scottish legislation and the general theory is that the various pieces of legislation have been introduced in Scotland and the market is still working well.

The post Scottish Parliament to consult on rent controls – Will we all follow? appeared first on Property118.

View Full Article: Scottish Parliament to consult on rent controls – Will we all follow?

Sprinkler system reponsibility?

admin    Uncategorized     agents

I own a flat where there was a sprinkler system that installed by the developer when this property was first built. Now this building is run by the Management company.

However, there is an issue with this, whereby there is a water leak from the pipes from the Sprinkler system.

The post Sprinkler system reponsibility? appeared first on Property118.

View Full Article: Sprinkler system reponsibility?

New Form 6a – Section 21

admin    Uncategorized     agents

An updated version of Form 6a has been released confirming that after the introduced Tenant Fees act a landlord cannot serve a Section 21 notice if they have taken a Prohibited Payment from a tenant and that payment has not been refunded in full.

The post New Form 6a – Section 21 appeared first on Property118.

View Full Article: New Form 6a – Section 21