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HP Mum

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Everything posted by HP Mum

  1. i have 10 invoices which were raised over the last 4 years. Might it be an idea to create 10 excel sheets? I'm struggling to do this !
  2. Thanks HB The Trust has no £s, just the asset. Personally I am unable to loan £s. Unfortunately the system works against freeholders. The majority of the time it is leaseholders that have issues with ruthless and rich freeholders and so all the charities and pro-bonos are geared up to assist leaseholders, not freeholders. Its quite annoying in this set of circumstances. We have a specific 'thing' we want to action but definitely need counsel input first
  3. The terms are 4% over base. I have checked the interest rates since March 2019, when they changed and for how long each interest rate lasted, and added the 4% over. The minimum chargeable rate is 4.75%. The maximum (currently) is 9.25% How on earth do I input the figures into one of these calculating sheets (suggested FOCI) ?? Mar 19 - Mar 20 =1y at 0.75% + 4% = 4.75% chargeable Mar 20 - Dec 21 = 21m at 0.1% = 4.1% Dec 21 - Feb 22 = 2m at 0.25% = 4.25% 3 Feb - 17 Mar 22 = 0.5% for 6w = 4.5% 17 Mar - 5 May 22 = 0.75% for 7w = 4.75% 5 May - 16 Jun 22 = 1% for 6w = 5% 16 Jun - 4 Aug 22 = 1.25% for 7w = 5.25% 4 Aug - 22 Sep 22 = 1.75% for 7w = 5.75% 22 Sep - 3 Nov 22 = 2.25% for 6w = 6.25% 3 Nov - 15 Dec 22 = 3% for 6w = 7% 15 Dec - 2 Feb 23 = 3.5% for 6w= 7.5% 2 Feb - 23 Mar 23 = 4% for 7w = 8% 23 Mar -11 May 23 = 4.25% for 7w = 8.25% 11 May - 22 June 23 = 4.5% for 6w = 8.5% 22 June - 3 Aug 23 = 5% for 6w = 9% 3 Aug - now 23 = 5.25% for 10w (to date & continuing) = 9.25%
  4. The problem is the amount of interest rate changes. From 0.75 to 5.25. How do I average that??!!
  5. 4% above base (Nat West) for unpaid ground rent is covered in a clause in the lease. Have sent demands according to the rules. Its payable twice a year - so invoices are raised within 1 month before due date. Remains unpaid. Unpaid GR within the lease actually provides an ability to serve for breach of lease and forfeiture. But its such a small sum - I just want to bill them Have advised will be sending over a sheet including interest payable. Now I just need to figure out how to do it !!
  6. Hello As a landlord owed ground rent since 2019 can I use the interest rate sheets on here? I'm a bit foggy brained on this. In the past I have used the sheets to calculate 8% simple interest or say 29% compound interest on credit cards to reclaim £s taken by banks as late fees. In this instance its ground rent that I am owed every 6 months, which hasn't been paid. Not much. But still owed. Non-payment also makes the leaseholder in breach of lease. However the sum is very small and I just want to reclaim the money. The lease allows for 4% over base. But of course the base rate has changed from 0.75% to 5.25% since 2019. How do I account for the base rate changing on the excel spreadsheet? Or I can't or don't? I just add today's base rate in the % box and calculate at today's rate, irrespective of the base % being lower in 2020-22? Do i have to generate separate sheets for each sum owed? Or just bulk them all together? Sorry for sounding stupid. I'm having a mental block on how to account for the base rate changes to create an appropriate invoice including interest to date which isn't going to be rejected
  7. Thanks Stu The process of registration I have researched. The bit I can't seem to find conclusive answer to is whether hmrc would consider this specific transfer a "dwelling" that would mean the transferee would lose their 1st time buyer relief. This property isn't a dwelling - it can't be lived in, can't park a car in it - as it is just the freehold reversion. The long lease belongs to someone else and they have the rights of usage. So would it be 'fair' of Hmrc to consider this a 1st time residential purchase? Even hmrc struggled to answer.
  8. The legal workshop has been shut for the summer and there is a long wait until the next available appointment. Ive asked Hmrc SDLT team on phone and twice they couldn't advise. So clearly it's a tricky grey area. I do hope they reply soon. But I suspect they also will be slow with a reply. I need to action this pretty promptly. Which is why I've reached out on here
  9. It's for both. The proposed transaction is to a young relation. The freehold is not mine per se, it's in a trust and I'm one trustee. I'm trying to create an extra layer of protection for the freehold for the beneficiaries. And one way I can see to do that is to do a transfer of this one garage and create a new freeholder - but one which is still kinda in the family. I'm looking out for all sides. And yes, this is still tied to all my other issues - unbelievably
  10. Am asking from the perspective of being the freeholder wanting to transfer title to a relation who is a 1st time buyer. Don't want to jeopardize their relief discount. It's a strategic move - rather than a sale to a stranger - in order to provide an extra layer of protection for the bigger freehold title. Rang Hmrc twice. They struggled with the question! Have just written letter to see if get a definitive answer in writing from them!
  11. Thank you - So just read the first link and ...potentially: 1)"non-disclosure of material facts when the order was drafted' and 2) " supervening events" ?? I'm not sure the 2nd link is relevant -as this is not a divorce/ splitting of assets issue
  12. I was duped! As a freeholder I agreed to a consent order: to grant a lease extension. Fortunately the c.o specified that the new be same as existing. When I tried to draft new lease I realised I couldn't - because the claimant had not served another party to the existing lease - another freeholder. I did mention this but they were insistent the freeholder had just disappeared off the title. They then drafted their own lease excluding the other freeholder - kicking them off a registered title. And have got super aggressive threatening to write to court to enforce their own lease. (I now understand they have ulterior motives) There is a lease clause specifically stating that the other freeholder's written consent is required on any assignment/ transfer/ sale. So I refused to collaborate. Especially as this other freeholder has been registered at Land Reg for 4y. Bottom line is they should have served them - they didn't. Which makes their Notice invalid. I located this other (overseas) freeholder. Took more than 2m. Their lawyer states the Notice was not served on them, is invalid, and the otherside must serve a new one. But I signed a c.o. Can I revoke it because of the above? How do I try?
  13. Hello Own freehold of a property which has some underlying garages. Want to transfer the freehold title of one garage to someone. There is an apx 90y lease on this garage in someone else's name - and they use the garage. So the desired transfer is just the freehold title not for the use of the garage. The transfer will be a nominal sum (not agreed yet but just a few thousand) to someone who has never owned property before. The question I have is - will the transfer of the freehold into this person's name impact their future ability to get 1st time buyer stamp duty relief/ discount when they want to buy a property in which to live? Thanks for some input
  14. Just to ask again - from the date of a court hearing how does one count days?? Is it working days? Or just normal counting days including weekends?
  15. Can anyone advise on dates. If court gives a order for possession and gives 28 days before the next stage (letter before warrant I think) - how does one count the 28 days ?
  16. (* posts 1-21 above of dx's amalgamation of threads are irrelevant) I had a BTL originally. I had always rented the whole property whenever I could (school hols) and otherwise had lodgers and resided in it with kids. I needed to re-finance to cover cost of a lease extension (adding 90y to a short lease). I had a tenant in-situ when the broker was appointed - the rent was very high and would have covered annual BTL mortgage costs within 3 months. The broker should have been able to get a BTL. Instead he got me a bridge loan - separated into 2 loans with 2 lenders under 1 parent institution. I should never have been put on a bridge - the sales market had already proved challenging whereas the rental market had always been successful. * I found out 2.5y later (mid 19) that the broker had breached FCA regs - did not follow correct protocol/ did no fact-find etc. I sent them a SAR immediately, they admitted their errors/ breaches. I did not follow up then because I could not quantify my loss. I assumed the property would sell within months and then I could re-write to the broker or to the FCA/ FOS and quantify my loss and get compensation. Fact is 4y have passed and the property still has not sold. I'm now re-assessing if I can resurrect my complaints but actually go for full restitution? As in, get the property back and get a BTL loan now? Re the bridge loans: after 1y with the bridges the property still hadn't sold. The lenders had refused to let me rent it out so I wasn't able to even service the loans. Over that year the agents had only one offer but at a price which didn't cover the then inflated loans. Separately I found a private lender which would have enabled me to rent the property out (as I'd originally wanted). I offered the same value as the purchase price offer to the bridges lenders. The future rental income would have covered any shortfall. The bridges lender refused to accept my offer. They were convinced the property was worth more. They stated they would just let my loans increase - so they got more interest - and then would be able to sell at the price they thought it should achieve. (They later discovered they couldn't sell it either). End 17 (almost 6y ago) the bridges lenders (PoA) lawyer sent 2x LBA - one of which attributed the wrong value to one loan. He followed that up with a deed of assignment - also quoting the wrong value. He then also filled out 2 legal forms, both of which quoted the wrong value. This wrong value then got registered at Land Reg*. For example (not using real £s): one lender loan was 250k, other lender loan was 150k - total 400k The PoA lawyer registered 150k to the lender loan for 150k - total 300k now registered as one charge against the property. Not 400k. * I only just this week discovered the wrong £s were stated in the deed and registered at LR. I am now asking advice on if lender can retrospectively change the deed and what was registered at LR? Obviously the registered sum equals the lender's charge on the property. As it stands the charge was registered at a lower value - which meant/ means my loan/debt was lower. This would have impacted/ does impact my legal arguments... In 2018 I had offered some £s to the lender. That formed part of a consent order. My question about does the value of the registered charge equal the value of my loan/debt impacts this co. I am questioning now the validity of the co if the charge/ debt values were wrong? This is important now because a judge ruled in end 22 that this co had brought an end to the t&cs of the original loan(s) - and he capped my debt to the level it was in the 2018 co. The last 4y have been ultra complicated with all sorts of legal angles attempted by the lender, me and the freeholders. The property was repossessed start 19. The (now just one) lender spent 1y marketing. The lender tried to compulsory acquire the freehold but the property does not qualify - it can only ever be a lease. They then asked the freeholders to give the freehold to them for free. They never offered a decent price for the freehold. They failed to maintain the property, squatters got in, it became dilapidated. the freeholders issued a schedule of dilapidations. The whole situation becomes complicated because I am a trustee for the freeholders (the freehold is held in a trust) and i have a fiduciary duty to protect the freehold interests separate from my own interests (in the lease). This has meant I have been juggling legal issues on both sides - which has been exhausting. 2019-20 one buyer had constantly offered to buy it. The lender eventually agreed to sell but then reneged/failed to complete on the transaction. Later legal disclosure (probably sent to me by mistake) shows the chief exec of the lender wanted/wants the property for himself. Meanwhile behind the scenes in 20 the lender was trying to make me bankrupt. Eventually I got a lawyer to get their B petition thrown out, end 20/start 21. Their SD was invalid (not served correctly) - thankfully their attempts to get a back-door B via wrong addresses had back-fired. Their petition made no mention of the loan being secured against a property - so the petition was deemed in breach of the Insolvency Act. The lender's lawyer had argued the leasehold property could not be sold because the covenants of the lease were onerous, the lease was short (though it was >100y) and no buyer could make any alterations. However, simultaneously to the lawyer's statement, the lender sent a team of builders in to sledgehammer the property. Seriously mad. And totally in breach of the lease and thus preventing anyone being able to buy the property. The freeholders had to serve notice for breach of covenants/ forfeiture of lease. However, the lender continued to do major works (took >1y). They spent like £1m (+ legal costs) which they have tried to add to my loan/ debt. They finished, spent 2 months trying to sell at an inflated price but still no-one wanted to buy just the lease (+ not whilst legal action threatened forfeiture). They removed it from the sales market for another year. Throughout they continue to add interest to my loan - even whilst deliberately preventing a sale. The lender knows they/a buyer can't have the freehold unless they pay a decent sum for it. Perversely if they'd offered a decent sum 4y ago the property could have been sold. Instead they've wasted so much money. Bizarrely the lender now wants to extend the lease. Even though every single potential buyer has said they will only buy the property with the freehold. The freeholders don't, in principle, have any issue with selling an extension. But - the costs of any extension would again be added to my loan/debt... which after >4y is a further ridiculous waste of (my) money on a >100y lease... The lawyer appointed and paid for by a friend should have been able to negotiate a settlement 2y ago - simultaneous to the B petition being struck out start 21. He was negligent. He totally missed points of law because he failed to read and act upon legal papers sent to him. (he admitted he hadn't read them). But this only came to light end 22, via a legal clinic's intervention. He took (friend's) money (and whatever I had left) and yet totally ruined the negotiations. * I have made a formal complaint, had some £s returned, and the firm is aware I am bringing a negligence claim against them a) for return of all fees paid in last 2y, b) for compensation, c) for loss. As a separate issue I discovered the lawyer is very good friends with someone the lender appointed to manage the property. His negligence could have been on purpose/ due to this conflict of interest? This has dragged on for >4y. I can't work because it's a full-time job (+ I'd lose pro-bono help and fee waivers). I am fighting the injustice of it all. I'm trying to either get some equity out of the property or full restitution and the property returned (with a BTL loan going forward). I am looking at every possible way to achieve some kind of positive result. The above is just the bare bones of what I've gone through.
  17. Dx -I am not sure what you are trying to say and achieve with your comments? you have historically been quite helpful and I have been appreciative. But right now you seem to have got out the wrong side of bed and seem to be quite spiteful with your comments? The whole point about separating issues is precisely because I have had to deal with issues separately. Otherwise they overwhelm me. The people I am dealing with are just beyond awful awful people. Does it matter if I don't name them? I have been fighting them - with whatever they throw at me - for years - mostly alone. Although along the way, I've discovered that some professionals, supposed to help, were self-serving so I end up also having to figure out if I can challenge what they did or didn't do. All you have done this morning is make me cry and unbelievably upset. Just stop. People don't come on this forum to be attacked and criticised for trying to fight legal issues. Innocuous comments can push people over the edge.
  18. Lender A that assigned their loan to lender B have the same parent company. They didn't 'wipe their hands - it just became easier for them to make a legal claim if the 2 loans were one. My question is not so much about 'typo" - the lawyer wrote a lower £ figure on the deed of assignment. And the lower figure was then recorded on the Land Reg legal docs. Which meant the registered charge is a lower figure. So my question is - if that figure is registered as the charge can they retrospectively change the deed and the LR docs? The reason I ask - is because maybe they sold the loan/debt at a lower price, as lenders sometimes do. (It is the same lender I have had on-going issues with for years. I dm-ed you who it was a long time ago. I just didn't want to disclose on a public forum)
  19. Just as an update. I chose to ignore the penalties. Instead I sent cheques for the original fees and wrote accompanying letter on why I was refusing to pay the penalty charges. Quite surprisingly I got a letter in the post saying they'd decided the mistakes weren't mine and they returned the cheques. That was an unexpected reply!
  20. Thanks Ethel. Noted. I will get a patch job done. And then assess next steps
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