MPG ambassador, Carl Lomas MBE blogs,UHY Hacker Young property guru Clive Gawthorpe opening the MPG 2019 January event to a full house, all seats taken and folk standing at the back. In what has become the property networking must attend event for developers in Manchester, who want to talk shop with fellows in a no sell environment, that exchanges vision from new build to refurb. January was an exceptional turn out, toad in the hole to finish after a headline run through 2019 budget for property and a full trade secrets showcase of the property insurance brokerages. All that and champagne prizes supported by Landmark Investments!
Clive Gawthorpe from UHY Hacker Young explained budget updates focused on property in a condensed master class of key titles. Capital Allowance to increase from 200k to 1 milion. 'Give something, take it away.' Clawing back some tax relief, it's an end to 100% allowance for products on the energy technology list. Passing on sub-contractors VAT will be a new challenge. Moving to letting relief reform and property tax for overseas landlords. Clive to a healthy set of questions from the floor, brexit had to come up, 'My prediction is a no deal.'
The MPG group has become renowned for advice inside the box. The full house January meeting talked property insurance. Carl Abbott of LIFT Insurance spoke frankly, brokers work on fee or commission, if they didn't ask for a fee they are receiving in the thirty per-cent ball park of commission. 'Tips on the best deal for you, choose a broker by reputation, ask around.' With a full house of property developers MPG events a perfect measure. Back to nuisiness, 'let me explain, don't ask two brokers to compete from the same insurer, as a broker if I press my favourite insurer for a best deal for you I can negotiate, the minute a second broker places the request to the same insurer, the price is fixed. If you do shop between brokers as them for quotes identifying specific insurers, leave your negotiation open for maximum discount. Think about the optional extras, NIG offer kitchen or bathroom pods at the property after a fire, keep them serviceable and let. Cyber is an option, extortion and even media liabilty. When you place the business be sure to explain what you do. Don't just tell them you are a builder. If working at heights or depths, this is often excluded, if its excluded, you have not told them, then you are not covered and your policy is money spent for no cover. When you are negotiating, try to get the insurer in the room, ask the broker to get the insurer in the room, if the insurer sees you as a low risk the premium is going to be better. Don't go too far, if you ask the World then the broker may walk away. My final advice, cheapest is not always best, ask your broker for the cheapest deal and then ask for the deal your broker recommends.
Next MPG event is February 7th, clear your diary!
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