ASK438: Should I change my "cheap property" strategy? PLUS: Help me challenge my service charge!
Jul 23, 2024
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The hosts discuss property investment strategies for accelerated growth, focusing on whether to go for high-yield properties or a different approach. They also provide advice on shifting to high-end properties for quicker growth. Additionally, they tackle a listener's concerns about leaseholder rights in disputing service charge costs.
08:37
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Podcast summary created with Snipd AI
Quick takeaways
Consider opting for properties with higher capital growth potential for long-term investment objectives.
As a leaseholder, you have the right to inspect detailed financial records for service charges under the Landlord and Tenant Act 1985.
Deep dives
Investment Strategy Dilemma
Rick, a property investor, grapples with two paths for his investment strategy. He contemplates whether to continue buying multiple properties like his initial purchase with his available 50,000 or opt for a more expensive property initially for potential higher capital growth. The decision weighs between familiarity and ease versus aiming for more significant growth in his portfolio. The advice leans towards exploring properties with better capital growth potential to align with longer-term objectives.
Leaseholder Rights and Service Charges
Luke seeks clarification on his rights as a leaseholder regarding service charge disputes and access to detailed financial records. As a leaseholder, Luke does have the right to inspect individual invoices and receipts for service charges. The Landlord and Tenant Act 1985 supports his quest for transparency in reviewing service charge-related documents within six months of receiving a summary breakdown. Additionally, paying under protest can facilitate challenging charges in the future.
Closing Remarks and Advice
The podcast ends with reminders to engage with the Ask Rob and Rob platform for property-related queries and mentions upcoming episodes. Luke is urged to consult the Leasehold Advisory Service for further assistance in navigating service charge disputes. The episode emphasizes proactive engagement with resources and seeking support for legal and financial matters affecting property ownership and management.
1.
Exploring Property Investment Strategies for Accelerated Growth
It’s time for your latest edition of Ask Rob & Rob!
(0:51) Rick owns a buy-to-let property with his business partner, which provides good yields but slow capital growth. With £50K to invest, he plans to start his own property portfolio, focusing on capital growth and rapidly increasing his number of properties. Unsure of the best strategy to achieve his goals, he turns to Rob & Rob for their advice.
(5:16) Luke’s disputing the service charge on his leasehold property as the cost has quadrupled this year without any explanation. He’s requested to see individual invoices and receipts for the maintenance costs and wonders if he has the right to this detailed information and if the freeholder is obligated to provide it before he makes the payment.
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