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About tomo222

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  1. Hey! Thanks for the advice. Do you know if the 3 month ban will be extended? Not actually told me tenant yet, don't really want to unsettle them (they a good tenant and still paying me) until I get some clarity that there won't be major roadblocks. I had heard it may be extended by another 3 months...
  2. Hi, I'm getting conflicting information out there so thought I'd ask the forum. I have a property I'm planning to sell. Current tenant has been in for over a year and AST is now rolling. If I serve notice now, are my tenants still required to vacate in two months (per contract) or does the COVID-19 legislation kick in not allowing any evictions of current (despite the reason being because I need to sell)? Appreciate your viewpoints! Thanks
  3. Hey there! Can you or anyone else help me!? So fast forward and my sale is now not anticipated until Mar 2020. I wanted to estimate the tax if payable. Does the below look right to you? Questions 1. as the property is jointly owned (but only from Feb 2017), can we claim CGT allowance of £24K instead of £12K? 2. Where in this calculation can you correctly deduct sale costs from? Is it an additional cost you enter below "Gain after PPR Relief"? Thanks!!!
  4. Hi, I own a 2 bed flat in Sutton with my wife with approx worth £350K with £80K mortgage remaining. This is our residential home. I am looking to begin investing soon and have decided going LTD company route for tax reasons. I need to move home first (upsize to £650K property), but wish to keep this Sutton property in my BTL portfolio for its capital growth potential. Could anyone advise from a high level perspective, which method would be the most financially prudent to facilitate this objective? 1. Move flat into ltd company structure? (Not sure of CGT implications...) 2. Keep flat as personal BTL, but then suffer additional 3% surcharge on second home purchase (additional £20K stamp duty on £650K 'second' property!) 3. Any other ideas I may be missing? The wife doesn't work right now... Thanks in advance for anyone's assistance!
  5. Thanks for your message! 1. Would a painter also fix this issue on the inside of the window (see pic)? 2. Contact any older painter or should I google for something more particular like "damp experts" ? Cheers
  6. Hi, thanks for your reply! When you say "fix the window", could you provide a little more detail as what the fix would be and what trade would it? I assume that isn the roofer's job you referred to? thanks a bunch!
  7. Hi, I have the following symptoms (that appears to be damp) in master bedroom en-suite of a portfolio property. You can see the on the inside there are marks on the ceiling, but also there seems to be almost crumbling or erosion of the wall/paint by the bathroom window. Interestingly, on the outside the brick work also looks to be exposed with some sort of erosion. I wonder if water is seeping in here... Please see the attached photos. 1) Can anyone help confirm what these symptoms appear to be? 2) What type of tradesmen would I look to get in to fix remedy this? Thanks in advance for any help!
  8. Hi, I'm in the fortunate position of having being able to amass six figure savings recently that I intend to begin investing in property, but not until 2021 due to personal circumstances. Obviously I want to try and keep my money rising with inflation until then, not stale in bank account. The best savings rate out in the UK market now are around 1.5% for a 1 Yr fix. Not amazing, but better than nothing. Bit weary of going into the stock market with this money with a short term view, especially as there is a mooted correction in FTSE coming in the next 24 months. Read a lot about P2P lending, but sounds like a lot of hassle as would need to spread my savings between a lot of accounts. Does anyone have any other ideas (relatively low risk) for where I can leave my money for a 1 year period that will likely achieve more than 2% growth, or beat inflation? Thanks in advance!
  9. Homeserve is another. I also feel your pain with BG. Been a customer for 3 years on Homecare 4 product and the first 2 years I called up at renewal asking for a better rate, they complied and gave similar/slight increase. Just had my renewal again and this time even after haggling, it was a substantial rise unfortunately. However, if I added a £60 excess per call out (not inc annual services) then the rate dropped quite a lot. I did a comparison against Homeserve as a new customer, was fairly similar. I think BG are the better company but defo do you research and don't pay over the odds.
  10. Hi, I am looking to use some spare cash to restructure my BTL mortgages, so I am actually borrowing very little. You may think this is strange tactic, it is, but that's another story (to do with reducing interest payments, giving me more savings than placing the spare cash in a savings account at historic low interest rates). This would only be a for a 1 year period when I would then look to remortgage again and take my money back out of these properties for other investment purposes. My question is does anyone know how I could structure a new BTL mortgage so that the lender's fees are low/zero when I only intend to borrow <25K GBP? A quick comparison search reveals lender chargers of over 1K which defeats my purpose. It may be that is just the case, but thought I'd ask the question! Thanks
  11. Thanks for the useful reply @stevejpyke86. I'd love you to continue helping me out so I'll give you some more detail; My goal is to reach £12.5K gross pcm from property income by 31.12.2026, so I can quit my day job and focus more on growing my property asset wealth, whilst sustaining a reasonable income for my family. The obvious thing to do would be to buy HMOs and make rental profit. However, from all the listening and reading I've been doing with Property Hub I understood that the real wealth from property comes from capital growth. HMOs aren't really geared towards that. I also don't have the skills or time to do flips either. However, I've purchased property before and am currently a landlord so I feel comfortable with buying property and renting out. Therefore, in simple terms I thought it be quicker to achieve my goal by buying BMV single lets, then either refinancing or selling them after a) refurb b) 2-3 years capital growth so I can buy more properties and get the rent figure up. Two questions; 1) Is this theory/logic accurate or make sense? 2) To break down that goal into how, I'm trying to analyse what sort of value/size properties would be best for this strategy stating with £200K (hence the thread question). The dreamline tool TPH provided is great, but it does not take into account refinancing and capital growth on a yearly basis. This is where I'm stuck working out the best way to get started. Any comments much appreciated. Thanks!!
  12. Hi, I have £200K to invest with the basic goal of growing that amount through recycling my cash undertaking refurbs and then looking to capital growth. I'm trying to analyse if I there is a sweet spot in purchase price/deposit required vs yield vs effort. For example, I can't decide whether to buy 3x properties at £200K price (£50K deposit + c. £16.6K costs) each or 6x properties at £100K price (£25K deposit + c. £8.3K costs). 3x properties is obviously less effort than 6x and considering some costs are relatively fixed and not proportional (e.g. mortgage broker fee/solicitors fees), does that mean going for higher value properties will return more than lower value properties? I know a lot depends on potential for growth etc, but if we assumed the same growth conditions across all properties sizes would it derive more return investing in smaller number of higher value properties than a higher number of lower value properties? Thanks in advance.
  13. Really helpful, thank you so much! Yes it is a bit puzzling the Lettings Relief part. Presuming my property is sold before new tax year starts, would we (me and my wife) have to fill out this type of detail above on our Self Assessment Tax return forms in Jan 2021? Good luck with your situation.