Rekha Patel loses her house

[Drch]

If the house is sold for less than the market value, stamp duty can be charged on the market value of the house, rather than the purchase price.

[exiledscouser]

A contrived sale at under value to a related party hiding behind a limited company designed to defeat the original possession order?

Someone's heading for prison here.

Stupid stupid stupid.

[notorial dissent]

Comes down to you can't sell what you do not own. She lost title back in April last year I think it was. She is guilty of slander of title and fraud though at this point. The court will look at the record and ignore it.

[JimUk1]

https://companycheck.co.uk/company/1047 ... house-data

Yeah- because having your Dad purchase the property for £2 with a limited company, doesn't look suspicious at all!

So she's prepared to allow her own family to be complicit in this fraud!

Shows the measure of the average freeman.

[He Who Knows]

A quick check on the Land Registry shows that Rekha Patel sold on the property to yet another company, Tunkashila Ltd a month later on 13th Dec. Peter McDowell is the director. Is this a game of pass the parcel and how does the Land Registry allow this?

[notorial dissent]

The only thing I can think of is that when she lost the property in April, that the attorneys for the plaintiff didn't record whatever they got from the court changing the title, which suggests to me that any further expense as a result would then be theirs, as ownership should have been changed over to the new owner's name at that time.

[Pox]

If the house is sold for less than the market value, stamp duty can be charged on the market value of the house, rather than the purchase price.

IIRC, stamp duty is only charged for sales with a value of over £125k but we don't know the market value, do we?
I am wondering about any capital gains liability though or whatever the 'equivalent' is for a limited company?

[Wakeman52]

Whilst not discounting the probability of just plain fraud, she's running up more costs, e.g. those for company formation agents, not to mention the other side's lawyers etc.

Additionally, for any sale to go through, at some point, surely a solicitor or similar would had to have been involved for contracts / conveyancing etc. As the charges register - see page 3 of this thread - has outstanding entries, those alone ought to have raised some kind of warning flag.

Edit : Stamp duty @ 2% would be due for the £2 sale, as the current value of the cottage, with its fetching plywood front door and concrete barrier, must be slightly less or the same as the price she bought it for (GBP162,500) in 2010.

[Bones]

If the house is sold for less than the market value, stamp duty can be charged on the market value of the house, rather than the purchase price.

IIRC, stamp duty is only charged for sales with a value of over £125k but we don't know the market value, do we?
I am wondering about any capital gains liability though or whatever the 'equivalent' is for a limited company?

Not sure how accurate this is

http://www.zoopla.co.uk/property/hanove ... s/21606710

Public info

Property type: End terrace house | Tenure: Freehold | Last sale: £162,500 | Sale date: 25th Oct 2010
This 2 bed freehold end terrace house is located at Hanover Cottage, 81 Simmondley Village, Glossop SK13 6LS and has an estimated current value of £203,000. Simmondley Village, SK13 has 25 properties on it with a current average value of £382,155, compared to an average property value of £204,220 for SK13. There have been 3 property sales on Simmondley Village over the last 5 years with an average sold house price of £296,833 and this end terrace house was last sold on 25th Oct 2010 for £162,500. There are currently 112 properties for sale in SK13 with an average asking price of £285,586 and 21 houses and flats to rent in SK13 with an average asking rent of £323 pw.

[Bones]

Apologies if previously posted

Planning Application made by Ms Patel
http://planning.highpeak.gov.uk/portal/ ... KID=129339

Interesting letter from a Building Inspection

https://www.google.co.uk/url?sa=t&rct=j ... aJ1XcNhPWA

[Bones]

The above letter is addressed too



The "new owners"

[Bones]

[Pox]

As the charges register - see page 3 of this thread - has outstanding entries, those alone ought to have raised some kind of warning flag.

Edit : Stamp duty @ 2% would be due for the £2 sale, as the current value of the cottage, with its fetching plywood front door and concrete barrier, must be slightly less or the same as the price she bought it for (GBP162,500) in 2010.

Is the title register posted anywhere? Do we know if a charge has been registered against the title?
Of course, as suspected earlier (I can't remember who by) she may have paid the outstanding debt but isn't letting on? But then why bother with all this £2 nonsense?
I think (?), the 2% is payable on the amount above £125k so around £740.
For reasons that I won't bore you with, last year I wanted to change ownership of a property within weeks of it changing hands.
My solicitor advised that both parties should wait at least 6 months before proceeding with the transaction.
It seems LR get twitchy if they see properties changing hands quickly - something to do with money laundering so Miss Patel may have attracted some unwelcome attention?

[Bones]

Rekha Patel has sold her house to two companies 'Fringed Limited' and 'Landlord Property Protection Alliance Ltd' for ...wait for it...£2 ! Baron David Ward was one of just two directors for the second company until he resigned after 2 weeks, Penny Ross a maths teacher was a director of the first company until she resigned shortly afterwards, leaving Mr Patel the sole director of each. https://www.facebook.com/groups/8253281 ... 845415840/

I think her Dad is the Director of one company and her Mum is the director of the other. So she has involved both her parents in this "situation"

[He Who Knows]

Ah, the penny's dropped. You have 30 days to pay Stamp Duty (which for this property would have been at a Buy-to-Let rate of 3-5% on market rate of £200,000 ie £7,500). The two companies that her parents are directors of sold the property just in time to the current owner on the Title deeds, Tunkashila Ltd, Unit 9 Perseverence Works, 38 Kingsland Rd, London E2 8DD on 13 December 2016 - just within the 30 days to avoid the £7,500 stamp duty. Cunning plan.

[JimUk1]

Yes it's popular for landlords to use limited companies at the moment to buy property, as cooperation tax is cheap, and going to get significantly cheaper.

They have probably got the idea from buy-to-let landlords.

But it seems to me that whoever has put their name to these companies will end up been barred from active directorships in the future.

Could be more court cases in the future!

[TheNewSaint]

Let's not forget this:

From EFOTB

Rekha Patel
2 hrs

The land registry updated my deeds to Patel Cottage, 81 Simmondley Village and on 25th Nov 2016 I am the sole owner of my property.

Of course, Rekha Patel lost ownership of the home earlier in the year. So if there's a discrepancy in the Land Registry that's stalling the eviction, it's because she put it there. Cunning plan indeed. But I suspect the neighbor's attorneys are going to quickly get their ducks in a row with the Land Registry. When that happens, things will get very unpleasant for our heroine. I see, at a minimum, one count of real estate fraud and one count of lying on a government form. Whatever the proper UK terminology is.

[Bungle]

Let's not forget this:

From EFOTB

Rekha Patel
2 hrs

The land registry updated my deeds to Patel Cottage, 81 Simmondley Village and on 25th Nov 2016 I am the sole owner of my property.

Of course, Rekha Patel lost ownership of the home earlier in the year. So if there's a discrepancy in the Land Registry that's stalling the eviction, it's because she put it there. Cunning plan indeed. But I suspect the neighbor's attorneys are going to quickly get their ducks in a row with the Land Registry. When that happens, things will get very unpleasant for our heroine. I see, at a minimum, one count of real estate fraud and one count of lying on a government form. Whatever the proper UK terminology is.

If she genuinely believes that she is the sole owner of the property then this begs the question:

WHY HASN'T SHE MOVED BACK IN !!!

[He Who Knows]

One count of real estate fraud, several counts of contempt of court, one count of squatting (she moved back in last summer) anything else?

[The Observer]

If she genuinely believes that she is the sole owner of the property then this begs the question:

WHY HASN'T SHE MOVED BACK IN !!!

Because she doesn't know how to break in through the roof?