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julia urquhart

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About julia urquhart

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  1. Start small - buy one property with a deposit & mortgage of 60-75%, add value, sell or rent out. See how it goes before committing the rest of your funds. There is a lot to learn and if you get it wrong it can be very costly. Learn the business before committing to it full time. You may hate doing up a property, you may hate being a LL so try a bit of both before you commit all your funds. Good Luck
  2. Even if the gives it to you she will still need to pay CGT - only a transfer to a spouse will avoid this tax - and you may need to pay Stamp Duty depending on your circumstances. She could transfer part of the property to reduce the bill but realistically you are going to have to pay the CGT at some point. The 7 year threshold I think you are referring to is Inheritance Tax, which would apply if she sold the property and gave you the cash. Remember CGT is 18% & 28% whereas IHT is 40%. You can do the transfer yourselves - it is quite quick & the land registry are quite helpful, but maybe the best answer is to sell the property, take the hit and then she gets her cash & you are not left owning a property that you may not want. Whilst CGT is an unpleasant tax to pay, you must just accept that the growth is a bonus onto of the rental she has received over 10years. As they say - only 2 certainties in life - Death & Taxes. Be grateful for the 70% + that she will keep and be philosophical about the tax she must pay
  3. I did this once - and then the tenant turned round and bit me! Unfortunately, you are unlikely to find anyone except your current LL who believes you will be a good enough tenant to warrant this. I would suggest your best hope is to ask your LL if they have any larger properties that might suit you. Otherwise you'll just have to look at the open market.
  4. I think Zoopla valuations are extremely unreliable. They are based on an algorithm applied to last sale price & can be manipulated by the owner. Rightmove's sold prices is a much more useful tool.
  5. Look at L&C online to see the best rates available for particular circumstance. 2.44% probably still quite competitive .
  6. There is already some very good advice here. I would reiterate the advice about taking care with a damp contractor who wants to sell you a damp course. I bought a house with a damp issue. The previous owner had an injection course done which did not solve the problem. We discovered there was no lintel above the window. Putting one in prevented the window form moving and solved the damp - it was coming in around the frame! If your tenant can 'manage' the issue they should be able to help you identify the problem. Look at gutters, downpipes, windows, chimney pots for signs of ingress. Look at how the house is heated - letting it get very cold then very warm will create damp as the water moves in & out of the air. Have ventilation bricks been covered over? Does the double glazing need tricks vents? Does the brick work need repointing? Only when you establish the cause can you remedy the problem. In the meantime get your tenant some Killrock damp traps to help take the moisture out of the air - maybe they can keep the windows closed this winter! Good luck!
  7. I don't believe renting a larger house for yourself makes sense - it will cost you more and remove any stability and control you have over your own housing. Your £128 per month profit may soon get eaten up with maintenance issues & / or void periods and what you actually receive may be significantly less. I would sell your existing home & buy a larger house for yourselves. If this releases enough equity to buy another BTL - well and good. If not then save up until you have a deposit.
  8. Not an expert but reading what you put above my first thought was that the freeholder arranges the repair but each of the leaseholders pays half. Presumably each lease holder has a lease that says 'to pay & contribute one half....' Sorry if that not what you want to hear.
  9. Personally, I think these cycles only really become clear in hindsight. Even if they were absolutely predictable, how could you ensure you had the money available at the right time to take advantage? For me, watching the market all the time allows me to have a sense of what a property is worth and I make my investment decision based on that. It is impossible to call the market right all the time but if you invest for the long term you will usually win. The biggest mistake is sitting on the sidelines waiting for the crash that never comes. If you invest in a good property, even if the value is not going up you are receiving income. There is an adage for stock market investing - 'its not timing the market but time in the market that counts'. I think this holds true for property too.
  10. Put in expensive underlay & then a cheaper carpet - you will really notice the difference! Good underlay will last a couple of new carpets & good underlay + cheap carpet will feel more expensive than cheap underlay + expensive carpet. Find yourself a good independent carpet fitter - preferably non VAT-able - and see what he recommends. Probably looking at £15-20 per square metre in total. Good luck
  11. Although the Govt wants us all to go to electric heating, tenants prefer gas! So if at all possible, in a family house especially, I would fit gas.
  12. There are a lot of things to consider when buying abroad not least how the process works in different countries, legal differences, tax issues etc. Plus at the moment the £ is pretty week against many currencies. If you go ahead, make sure you do due diligence & know exactly what you are getting into. I have no experience to share but I have heard horror stories so do be careful. Have you considered cheaper parts of the uk?
  13. Sometimes vendors have a price in mind that bears no resemblance to the actual value of the property and however you try to negotiate they won't budge. Decide what you want to pay & if they won't accept walk away. You can always leave your final offer on the table. If its a reasonable offer they may eventually come back to you - especially if their Estate Agent believes your offer is a good one.
  14. Interesting development - Young Labour want to bring Right-to-buy (Conservative policy) to an end. How would this fit with John McDonnell's policy of extending it?
  15. My advice would be to buy your own home first - on the longest cheapest mortgage deal you can find - and save the difference between this & rent in order to get a deposit to fund a buy to let. Buying a BTL first seems a bit like trying to run before you can walk - you will learn a lot from owning your own property which you can use in the futures. Also...having a secure roof above your head is, to my mind, the most important thing to establish. Good Luck
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