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  4. Hi Paul Are you looking to move these properties into an LLP? If so i would say your first port of call should be a tax advisor who can go through the costs as its not a transfer, but a transaction. That means SDLT and CGT may be payable. SDLT cant be avoided, but you might benefit from having been resident there when it comes to CGT. In regard the mortgages specifically, you can use an LLP as long as it meets the lender criteria similiarly to an SPV Ltd company. For brand new purchases, or a purchase from yourself this shouldnt be a problem, as long as the tax payable above is
  5. Hi Cristina Im afriad lenders do not like BTL and Residential lending to be combined in any way. Further, you'll find it quite difficult to find a Residential lender who will accept a property with an annexe if it can be used as an AirBnB/Holiday let. If its not been developed then outbuildings are less of a concern, but still a complex factor, especially if they could easily be converted. It would also be almost impossible to get a residential mortgage without income you can prove either.
  6. Hello to all, Myself and others (passers by) have had our eyes on my next door neighbours 3 bedroom, 3 car front driveway, rear garden and a garage (with a huge loft and potential to convert the front garden into 6 car driveway) as well as possibly build on top of the garage etc.. I wouldn't do all of these changes however I just wanted to highlight it's huge potential. The property is based approx 10 miles form central London also with good schools and amenities close by. A nice place to live although crime is high. He has been severely mentally ill for the majority of his life and
  7. Where refinance funds are reinvested in the business, interest and related costs are allowable. Restrictions only apply to what you draw back out personally. you are correct on the cash purchase, you can extract up to original purchase price.
  8. Thanks for that Taxtantics. As you give me clarification I find more queries so I hope you don't mind if I ask for more advice. It's helpful to know that about rentals that we once lived in. We do have one like that but originally we also purchased a property for cash for rental purposes so can I assume that we can remortgage up to that original purchase price and claim the tax benefits of mortgage interest relief and beyond that we cannot - even if it's reinvested? It's not just limited to that level if we remortgage for personal use? Again thanks
  9. Thanks, I got lost while reading the guidance. Do you know if I should also fill the Non-resident Capital Gains Tax (NRCGT) on UK property or land and indirect disposals section as a non resident landlord? At the moment I only filled box 1-5, 7, 9-10
  10. Correct kind of - your capital introduced is the open market value on the day the property became an investment or business asset. So if you bought a property for £100k that you lived in and then moved to a new home keeping the old property as a buy to let when it had increased in value to £200k, then you can take finance up to £200k and still claim full interest relief. Same if you inherit or get gifted property that you don’t really pay for - you can still claim finance costs up to open market value on day property became part of your investment portfolio or business.
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  12. Could I ask which course you are referring to? There are some courses that **might** be worth it. However, 95% of property courses do the following: Provide basic information (most of which is available for free or low cost) Some examples of deals. The numbers will be made up - I promise you, they are The opportunity to connect with like minded individuals. This part could be worthwhile An upsell to their (stupidly expensive) mentorship program Given that property courses normally costs upward of £1,000, it's not worth it in my view.. I have a blog wi
  13. Thanks Taxantics. Can I just ask for clarification on one point. If we originally owned a property outright could we refinance up to that original purchase price and still claim the tax relief? It's only if we exceed this threshold, we then be unable to do so? Again, thanks
  14. I once went to a free two day course. Still wasn't worth the money and nothing that hadn't been done by the same person on YouTube. That's bus fare I'm never getting back...
  15. There will probably be easier and cheaper ways to get to a C rating. It's not a requirement yet anyway, but start with LED bulbs everywhere; thermostat including room thermostats and; loft insulation. If that lot plus double glazing doesn't get it to a C, it's likely to be exempt if they ever bring the legislation in, as the costs would be prohibitive I'm looking forward to how they propose heat pumps on back to back terraces, or £20k of works on a £50k house. Even better if you can't evict the tenant as not their fault, but you also can't let go them as illegal due to EPC. Guess the cou
  16. Hello all, My first post so please forgive me if this has been covered before. I am leaseholder owner in a block of flats in London, and this is my principal home. This block has some cladding issues and we have taken comfort from the recent passing of the Building Safety Act which should protect leaseholders from undue cost burdens. However, the government summary says: owners of a total of up to three properties in the United Kingdom will qualify for the protections. For example, if you own your own home plus two additional flats, those flats will qualify for the pr
  17. Yes this was my concern also, not to mention some what of a ramp up. I am still digging, I did get this from one company... the question remains what is the "right" amount . You can get 5mm foam underlay, the type you would use for under vinyl click flooring etc. "I have spoken with our senior assessor regarding an EPC assessment and how they arrive at their conclusions. When an assessor is conducting an EPC he will easily be able to determine whether a floor is solid or suspended. To state whether a floor has been insulated on an EPC the assessor has to assume it is uninsulated unless t
  18. Hello I am looking for help about an LLP Me and my wife own 3 properties (2BTL and 1 Residential). The 2 BTL we have previously lived in and keep. Property 1 = value 360k with rental of 1200 per month and mortgage for 196k (about £320 per month Fixed until 2024) Property 2 = value 560k with rental of 2350 per month and mortgage of 406k (about £650 per month fixed until 2024) I am in the higher tax band and my wife is in the standard band. For the rental income for my share is lot. in an LLP can you offset the mortgages ?
  19. Hi, you just show the gain you already reported in box 9 and the tax already paid in box 10. HMRC should marry up the rest although its worth attaching pdf's or copies of the NRLCGT returns. HMRC's guidance on this is at https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1063020/sa108-Notes-2022.pdf
  20. Hi, if you remortgage over and above the original purchase price and accumulated capital costs, then allowable finance costs should be restricted. There are no further tax implications. There should not be a CGT cost to refinancing. If you extract sums in excess of your original capital, there are no immediate tax implications although it does restrict reliefs for options such as tax neutral incorporation of your property business later on should that be considered. As above, you should not claim tax relief for finance taken for your own personal use.
  21. Additional info I should have mentioned that I am not a limited company. All properties are owned jointly within family.
  22. Hi, After a lot of searching I am unable to find a CLEAR answer to my question and would welcome advice or direction to a source. We have 6 rental properties. We started by making a substantial initial investment from personal savings and added further properties by remortgaging over the years. I am now wondering about taking some of the investment out for personal use so have been investigating the tax implications - and I have found substantial variability in the advice. I suspect some of the advice might be outdated but even so I find more recent info unclear. Some key questions
  23. Hi Everyone, I have been trying to get into property for just under a year, learning how to find and package deals for investors. Which i have found to be a great way to learn the ins and outs of property investing! Still a long way to go to reach my goals of building my own portfolio, but pushing forward and learning every day. I have just started as a co-sourcing manager with invest-sourcing, excited to see where this takes me. Share your stories below, I love to hear about peoples journeys. If you is looking to get into deal sourcing and haven't built up your investor
  24. Hello, I would like to know if I can ask for abut to let mortgage for half the value of a property which annexe( barn) I’m going to use as holiday let for income and the main house as residence for my family. I don’t have a job, just done savings from previous house sales. Thank you, Cristina
  25. Good morning Currently struggling to purchase a BTL property without at least 10 people viewing it before and crazy offers going in which blows my top price out the park. I'm now looking at auctions. I appreciate from research that auctions are the same but I want to give it a try as i've found one that could work for me. The only problem is that it is in auction on Wednesday and panicking that I'm not prepared. Just wondering if anyone can recommend a good solicitor to review the legal pack for me. I've had a look through the legal pack numerous times but I'm worried I might miss
  26. Lenders dont like it at all. It very much depends on the amounts and frequency. It also very much depends on the LTV, affordability and other criteria how important it is. If you are buying at the max you can borrow, at 90% LTV and there are other factors that make this risky then yes i'd expect lenders to have concerns about gambling transactions. If you are at 60% LTV and well inside what they think you can afford then i doubt they will even look that closely. Not a very helpful answer i know, but at this point you might as well wait and see what they say.
  27. Here at Property Hub, we believe that knowledge about property investing shouldn't be held behind a paywall - that's why absolutely all of our content and educational resources are completely free! Out of interest, what course is it you\re considering applying for?
  28. If you lay insulation that is 10-15cm thick you are going to raise all you floor levels which will foul all your doors; cause havoc in your kitchen & bathroom & might stop your front door opening. This is not straight forward!
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