Jump to content


Established Member
  • Content Count

  • Joined

  • Last visited

About steely3

  • Rank
    Established member
  1. Hi all, Looking for some advice on the question below as I have been on the unfortunate side of being charged 3% on my new residential property price although my converted LTB was priced and remortgaged significantly lower than the new residential. Is it possible for me to convert my current residential property into a BTL and then rent/move in with a friend for a period of 6 months and then buy a new residential mortgage without incurring the 3% ADS on the purchase price on my new residential home and instead, it would be calculated off my BTL at the time of conversion
  2. Hi Jason, I have already got it all in place now, however, thanks for getting back to my post and I’ll keep you in mind for next year! Kris
  3. Thanks for your reply Jordan. I’m most likely going to err on the the side of caution and keep these costs as capital expenses unless otherwise informed. Kris
  4. Hi folks, Does anybody have any recommendations for insurers who would insure non-standard construction builds (Wimpey no fines)? My current insurance is with Discount Landlord, however, they have increased my premium this year so I am intending on shopping around first before renewing. Thanks, Kris
  5. Thanks for your response Derek. That’s how I would interpret this subject as it is costs relating to ‘obtaining finance’. However, it is quite ambiguous on the HMRC website and is open to a variety of interpretations. Kris
  6. Can anybody generously shed any light of clarity on this?!
  7. Hi guys, I was seeking some clarity as to whether arrangement and broker fees are tax deductible as allowable expenses or if these would be classed as capital deductions when selling a property? I have researched the net and continually find myself seeing varied opinions as to whether these are classed as 'allowable expenses' or not. Thanks!
  8. Hi Kirsteen, Yes, that's correct. My first property (converted into a BTL) has a value of £135k. Our second property (£197,500) we have just acquired is our residential. I find the calculation of ADS in this instance very unfair and baffling as the ADS charge shouldn't be on the residential, it should be on the BTL property whether or not that is the first property or second as it's another unfair expense on what already is an expensive expensive for an additional dwelling. I suppose it's just another tactic from the government to discourage people from trying to becom
  9. Hi folks, I just wanted to know what your thoughts were on what I feel is a completely unfair system up here in Scotland with regards to the topic name and wondered if it works in a similar way in the rest of the UK or are Revenue Scotland just greedier and trying there utmost to discourage people to get into property investment. I am in the process of converting my current residential home into a BTL and have remortgaged on BTL product for £135k. My partner and I have also just purchased our flat together for £197500. Before speaking to my solicitor, I was under the im
  10. Interesting points Paul. I'll be sure to keep these tips in mind and use them in a subtle way in the future Out of interest, what would the usual cost of free rent protection and legal insurance be? 1-2% of the monthly letting fee would be my rough estimate. In other words, how much would you be saving?
  11. Hey Rob, Did you ever compile the checklist? If so, is it available on PDF? Thanks, Kris
  12. Hi OP Hi Paul, That's an interesting point about asking for free rent protection and legal insurance as part of a deal. Do you have an example of deal that you achieved when you received discount, did this increase the percentage you had to pay to the letting agent or was the percentage on the high side of things to begin with? Is there any other incentives you have asked for in the past and the letting agent has obliged? This will be part of my negotiating technique for sure! Thanks, Kris
  13. Morning Tim, Thanks for your response and hope you're well. I did come across the link you sent when I was doing some research on the net. Thanks again for responding. Kris
  14. Hi guys, I have a question regarding safety certificates that are required when it comes to renting out a property in Scotland? My understanding is that I need a Gas Safety Certificate, Electrical Safety Certificate and a EPC. Is there anything else I am missing? What are the ballpark figures for these three certificates? Furthermore, what is the situation regarding smoke alarms and heat alarms. My electrician says that I need a wired-inter-linked smoke alarm upstairs and downstairs along with a heat alarm in the kitchen and possibly in the living room (roughly about £3
  • Create New...