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Lorna Powell

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    North East England

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  1. Hi Joanna, Just wondering how you got on investing in East Anglia? We invest here and experience slightly below average net yields but brilliant capital growth. Damien is local to the area I believe so I'd definitely be listening to his experienced advice.
  2. Dear All, I'm currently living overseas in a rented apartment. I hold UK properties in my individual name, fully managed by an agent in the UK. Am I allowed to claim an allowance for working from this rented apartment? if Yes, is this method/formula OK to use for calculations?: Divide the total number of rooms excluding the bathroom and kitchen in my rented home - Eg, 1/8 Multiply the fraction calculated above (1/8) by the total monthly rent + utility bills Reduce the above amount to 85% because the room is used for other purposes The important point is that my rent is extremely high so this could result in considerable savings I'm hoping. Any help or advice would be greatly appreciated. Thank you. Lorna.
  3. Hi All Does anybody know what happens to Capital Gains Tax Liability under the new rules after returning back to the UK ? We have bought several UK BTL properties whilst living overseas. As the new Non Resident CGT rules stated that property values would be re-based for CGT purposes from April 2015 we obtained estate agent valuations on all of them as at that date. My question is.... If we return to the UK without selling, can we continue to use these re-based 2015 values when we sell in the future? I tried to get straight answer from HMRC helpline but response was - 'The rules only apply to non-residents and if you return to the UK, the rules no longer apply'. This does not seem right I would love to hear from anybody who has looked into this further. Thanks Lorna
  4. Yes, they were secured whilst we were offshore with Skipton International. We found Skipton very professional and hassle free. LJP.
  5. Carly, I recently bought a property with a sitting tenant and had absolutely no problems. I forwarded on a copy of the tenancy agreement to the mortgage provider. It was noted in the contract that it would not be vacant possession on completion and that was the end of the matter. It was not an issue at all.... Lorna.
  6. Hi, I purchased the book via Audible and thoroughly enjoyed it. Sometimes it feels as if you're the only ones buying buy-to-let properties so I felt in good company. It would be nice (if there is a follow up book) to have an expat buy-to-let landlord interviewed. I'm sure there is a large following for the book and podcasts from the UAE and Doha. My husband and I specifically moved to the Middle East to be in a position to save large deposits for our buy-to-let portfolio; our end goal being to secure a rental income to retire from. Its working well and we plan to retire in 3 years. There is another way to reach your goals in life - its just a matter of finding the best way for you. Its a big world our there and happily some of it pays in tax free income! As long as you have a good letting agent and help on the ground sourcing properties its relatively easy and fast to build up a large portfolio over a 10 year period. LJP.
  7. Hi, This change affected my husband and I as we are living in the Middle East and have 7 buy-to-let properties back in the UK. To have the properties valued was expensive so we opted to have two Estate Agents formally value the properties and document this for us as of 6th April. In addition I keep details from Right Move of similar properties sold. We don't plan to sell our buy-to-let houses but you never know... Hope this is helpful.
  8. Well , guess what ...... after a change of circumstances the seller has asked us if we would like to keep the WM & FF free of charge We will get them checked obviously but I think it is worth keeping them if they aren't costing us anything.
  9. Hi Everybody I have read that expat investors will be liable for CGT on all property from April 2015. I have also read that this is only on gains made after April 2015. Does anybody know what needs to be done to officially re-value a property so that the value used would be acceptable to the Tax man in the future? Thanks in advance for any advice.
  10. Thank you Richard, this is excellent advice. After much consideration we have decided to buy new. The goods were not excluded in the sales details so I think the vendor was just trying to secure more cash. We want to be the best landlords that we can and new appliances, as you say, are a relatively small cost in the long run. Thanks so much again.
  11. Hi, any help would be much appreciated on the below issue:- The vendor of a small house we are purchasing is asking us if we would like to purchase the washing machine and fridge freezer currently in the house (which has been let out and is now empty). We actually thought they would be included as we paid close to the offer price. Should we purchase them untested and what would be a reasonable offer? I guess they must be a few years old. Also could we write these off against captial gains tax in the future if we sold the house? Thank you. Lorna.
  12. Sounds as if you have things well in hand Jim. Please let me know how you get on, and the best deal that you find. I'm sure we can't be the only Expats with this goal. Keep safe with the driving in Qatar, I hear its quite a challenge! L.
  13. Jim, We work with H C Property Lettings which cover South Cambridgeshire. Its a small family run company based on integrity with an ethos of treating both tenants and landlords fairly. I can't recommend them highly enough and when we visit the houses with the tenants they all seem extremely happy. NatWest have been excellent and do provide a fair rate of interest with a sensible arrangement fee. If you google the Telegraph article it will give you the other options. I have not gone through a broker but would be interested if you do, to see what other options are available. I believe there is one called LiquidMortgages. Where are you based Jim? we are in Abu Dhabi. Lorna.
  14. Hi Jim, I agree with Simon with regard to contacting your own bank initially. We bank with Nat West and have secured a good rate and 1% arrangment fee. Its not easy as there is a lot of paperwork to complete but its worth it. We organised all of their requests into different .pdf's then sent the documents in an organised manner efficiently. Others mortgage providers were recommended in a recent article in the Telegraph but some had a 2% arrangement fee on the amount borrowed. We have an outstanding letting agent in the UK that we pay for a full management service. We don't have any involvement apart from agreeing to pay for items that need replacing, eg, the odd washing machine etc. We visit once a year to look at our properties (to keep us motivated!) and receive an inspection report every 3 months for each property. Our agent has been the key to our success to be very honest, and we always ask him to look at any property we are considering buying for his opinion on it. We basically have no voids because of him too and have had no problem tenants at all. On a personal note I read Rich Dad Poor Dad a while ago and realised that to retire early we needed to do something drastic to change our lives to produce a passive income. We moved to the Middle East and both work and earn a good salary, like yourself. One day we will return having 10 properties in the UK and it will have all been all worthwhile. Lorna.
  15. Thanks, thats great advice. Its often difficult to see the property as a 'business' and overlook the fact that its something that I would not necessarily like to live in myself. Its been let consistently by its previous owners so I guess thats proof enough too.
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