Podcast Summary
Buying a flat without an EWS certificate is a risk: Buyers should ensure they have an EWS certificate or proof of completed remedial work before purchasing a flat to avoid potential vulnerability.
Buying a flat without an EWS (External Wall System) certificate, especially when the seller or management company cannot provide evidence that the necessary cladding work has been completed, can be a significant risk. Rob and Rob, hosts of the Ask Rob and Rob podcast, emphasized that while it's possible the work has indeed been done, the absence of concrete evidence puts buyers in a vulnerable position. They shared their experience of dealing with untrustworthy individuals in property transactions, highlighting the importance of thorough due diligence before making such a large investment. Therefore, it's crucial for buyers to prioritize obtaining an EWS certificate or solid proof of the remedial work's completion before proceeding with the purchase.
Investing in incomplete properties or dealing with difficult tenants requires careful consideration: Assess potential repair costs, ensure proper deposit protection, and follow eviction procedures to minimize risks and maximize rewards.
Investing in a property with incomplete or subpar work requires careful consideration and a significant discount to offset potential risks. If you're in a situation where you have a tenant refusing to pay a rent increase and you've mishandled their deposit, it's crucial to prioritize deposit protection and follow proper eviction procedures. When dealing with a property that needs work, make sure you've assessed the potential costs and have a solid understanding of the work's status. Only make an offer if the discount is substantial enough to cover potential repair costs and the inability to remortgage the property for an extended period. In the case of a tenant issue, ensure you've followed proper deposit protection procedures and eviction guidelines. Late deposit returns can make the eviction process more complicated, but it's essential to address the situation and take the necessary steps to regain control of your property. In both scenarios, being well-informed and making calculated decisions is key to minimizing risks and maximizing potential rewards.
Protect tenancy deposits within 30 days: Failure to protect deposits within 30 days can make eviction difficult. Agreeing on deductions may be challenging, seek help if needed.
Landlords must protect tenancy deposits within 30 days of receiving them in an approved scheme. Failure to do so can result in difficulties serving a valid section 21 notice for eviction. Repaying the deposit and proving it to the tenant is the solution, but agreeing on deductions may be challenging. Seeking help from a landlord's association or a specialist solicitor is advisable, especially if there have been previous unconstructive interactions with tenants. Ignoring the deposit protection rules could lead to complications and potential additional issues if the case goes to court.
The importance of seeking professional advice in property investment: Seeking professional advice can save you from costly mistakes and financial losses in property investment
When dealing with property investment, seeking professional help can save you from potential mistakes and financial losses. While it may come with a cost, the potential benefits are significant. Rob and Rob, the experts in property investment, emphasized the importance of getting advice from professionals, especially in complex situations. They encouraged listeners to not hesitate in asking for help, as the potential consequences of making a mistake on your own could be costly. They will be back with more insights on The Property Podcast and on Ask Rob and Rob next week. Until then, remember that seeking professional advice can be a valuable investment in your property journey.
