Re: Brown window frames
Re: Brown window frames
The EGM was called to define 'buy to rent' - business or not? Evidence by way of newspaper articles on tax issues was presented to meeting, stating that buying to rent is classed as 'business'. Three of 14 properties are already rented, so Covenant already broken and precedent created. Meeting decided Estate agents' attention must be drawn to Covenant, but this will not entirely stop 'buy to rent' - for instance what if an owner has to go abroad to work for, say, a year but wants to keep his property and rents it out for that period? Or, these days, not everyone uses an Estate Agent. The Covenant was drawn up 30 years ago by Council in Conveyance to builder (who went bankrupt on completion of development). So there we are - even though Covenant already broken - brown window frames for ever ? Ugh !
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