Selling/Managing UK Property
We have an outstanding dispute with the freeholder for our London property which we have been working two years to resolve. She happens to also be the owner for the ground floor flat and we are the owners of the first floor. It is a long story, but we have solicitors engaged, but she is taking every opportunity to not actually resolve the dispute, knowing that if she resolves it, we are likely to put our house on the market and move and whomever replaces us, is going to be far more difficult to deal with.
We are then likely in the situation where we will need to migrate to the US before we resolve the dispute and will need to engage someone to "manage the property" which is likely just checking up on the property a couple times of the month. Googling for "property management" just comes up with a load of letting agents. Does anyone have any experience with any London based companies that do this, or do most property management agencies also deal with this sort of "light touch" management? |
Re: Selling/Managing UK Property
Property managers make their fees as a percentage of the rental income. I doubt many would be interested in "popping by" a couple of times a month.
Without knowing the nature of your dispute, it is hard to be sure, but I'd be inclined to strike a deal so you can sell, or put the flat on the market as a bargaining chip. Certainly once you get solicitors involved you have lost control of the situation and are facing spiraling legal costs. |
Re: Selling/Managing UK Property
The legal costs to date are arguably to be part of the cost basis for both US and UK tax purposes, so you will want to keep good records of these.
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Re: Selling/Managing UK Property
Originally Posted by Pulaski
(Post 11984493)
Without knowing the nature of your dispute, it is hard to be sure, but I'd be inclined to strike a deal so you can sell, or put the flat on the market as a bargaining chip. Certainly once you get solicitors involved you have lost control of the situation and are facing spiraling legal costs.
You can see, it is rather complicated and solicitors have been engaged for nearly two years. If anyone has a good idea of how to gain control of it again, I have open ears, but we are seriously at the end of our rope. We can afford to sit on the property and wait for her to eventually resolve the matter, but we can't do it from the UK. We did offer to allow her to buy the flat, but obviously there is no way for her to get a mortgage on the property, because banks won't allow you to buy both maisonettes, afraid you will knock them through. Phew... |
Re: Selling/Managing UK Property
In England Property managers and Lettings agents are one of the same. I pay around 12% of rent to mine. If you do need one try and find one before you leave. Interview two or three and then take your pick with maybe one or two in reserve if the first doesnt work out
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Re: Selling/Managing UK Property
Keep in mind the US tax implications of delaying a sale for too long ( CGT exemption of only $250,000 single/$500,000 joint if you lived there 2 of last 5 years....)- you'll find information on this in this forum.
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Re: Selling/Managing UK Property
Originally Posted by Asg123
(Post 11985975)
Keep in mind the US tax implications of delaying a sale for too long ( CGT exemption of only $250,000 single/$500,000 joint if you lived there 2 of last 5 years....)- you'll find information on this in this forum.
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Re: Selling/Managing UK Property
Originally Posted by Asg123
(Post 11985975)
Keep in mind the US tax implications of delaying a sale for too long ( CGT exemption of only $250,000 single/$500,000 joint if you lived there 2 of last 5 years....)- you'll find information on this in this forum.
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Re: Selling/Managing UK Property
Originally Posted by mrken30
(Post 11986621)
This is calculated in US dollars so with the pound declining you might not have so much CGT , if any to pay. Depending when you purchased the property.
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