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julia urquhart

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Everything posted by julia urquhart

  1. In short - there is no way to avoid IHT and if your Granny gave away the house but continued to live there without paying full rent it would not be deemed to have left her estate, so IHT would still be payable. She would also need to survive 7 yrs for it to be outside her estate if she did pay rent. Remember there is a significant nil rate band and with property involved it can be £1million. Before you decide to move heaven and earth to keep the house as a BTL are you sure this is a good move? There will be a lot of memories in the house and it may not be the best type of house to r
  2. I hate to be a nay sayer, but are you sure property investment is right for you now? It is a long game and can be pretty inflexible if you suddenly need some of your capital back. If you release capital from your home you are potentially putting it at risk if you get a non-paying tenant. I am 60 and I am beginning to get out of property because of all the extra rules and regulations thrust upon us. In your shoes I would take my savings and put them in the stockmarket - £20k in an ISA in one year. This would give you growth in a tax efficient way which may prove a better investment long t
  3. Decide how much you want to offer & then when you make your offer say to the EA 'my offer may be lower than expected because of these issues'. Whether the vendor is prepared to accept a lower offer or not will depend on them, the market & whoever else may be interested. When you make your offer also tell them any reasons why you are a good buyer - no chain / cash buyer etc. I would not make my best offer first - offer a lower amount to test the water and consider you next offer after they have responded. A straight t 'No' and you're not in the ball park, a counter offer gives you
  4. Where I am there is a certain style of house that is sometime NSC and sometimes standard - so the price tells you a lot. I did not say it was definitive but is one tool. You are clearly looking for a way to protect yourself without doing the legwork - sorry to say that doesn't generally happen.
  5. You can tell a lot from looking at a property. You can also look at sold prices of houses in the same street - NSC are often cheaper than you'd expect. Google is also quite useful.
  6. Actually - I have been told that is not true. Diesels are much cleaner now and the electric vehicle doesn't become greener until about 7 years down the line. We are being selectively told what the Govt wants us to believe. I agree that we need to stop using fossil fuels but I am not sure that we have yet really solved any of the issues of making green replacements. Whilst solar / wind power & electric cars are green when used, we do also need to consider their manufacture and - possibly more importantly - their disposal at the end of their life. Your electric car is not so green
  7. You need to escalate and go to court. I am sure once you issue the paperwork the HA will miraculously find her accommodation! Inform them that you are intending to proceed to court and that you will be claiming court fees from them. Hope this works.
  8. There is no CGT to pay until you dispose of the house. At this point there is likely to be some relief for the time you lived there and tax on the gain from the period it was rented. Good to keep a valuation at the point you move out to prove your figures at a later date. LISAs & Help to Buy ISAs can only be used for your first house but I don't see any reason why your partner can't use hers for a joint purchase - I am not an expert. No 3% stamp duty due when you get married but if you buy another house you will pay the extra. Don't think there is a website you are after.
  9. I can't believe any builder doesn't already put them in. The problem is retrofitting for the hundred of thousands of homes without space to put one. Oh...and how green is an electric car with a lithium battery with a limited life span & no simple way to dispose of the components?
  10. Welcome to property - what a time you have chosen to join! My son recently bought a house in Sheffield and we were surprised to discover that virtually everything is leasehold! Leasehold comes with a whole host of problems so my advice would be, if you can, buy freehold, but if you do buy leasehold make sure you understand the terms of the ground rent, its increases and the implications for the future. Also, do not buy anything that is not already (or can't easily become) EPC C. If possible EPC B. This for me is the next big thing in the PRS and LLs will be leaving in droves when thi
  11. I also joined the webinar. The most interesting point was that we will be moving from EPC (blunt measure, based on cost, favouring gas) to EIR (measuring carbon emissions, favouring clean electricity). So in order to get EPC C you need GCH & to then get whatever EIR rating they impose you will need to replace your gas with ....electricity!! Talk about trying to hit a moving target! So my plan is: 1) Sell all victorian properties that can't get to EPC C without EWI & underfloor insulation 2) Sell all electric properties that can't get to EPC C without putting bac
  12. Only thing you can do is pay the value of his mortgage - why would you? It's up to him to find a way to pay the difference between the mortgage & what you are paying.
  13. I like smaller properties as there is always activity at the bottom of the market - new renters / divorcees / down sizers - and you are unlikley to have both empty at the same time. One bigger house is a bigger problem when there is a void. It also depends on the type of tenant you want - 1/2 bed - singles or couples, turning over reasonably regularly with the opportunity to refresh & increase rent; 3 bed - family, kids, pets, maybe longer term but may end up below market level.
  14. My sister does airbnb. She rents rooms in her own house as I believe the original set up was meant to. It works very well for her & she can earn upto £7500 pa on rent a room scheme tax free. I think the whole house Airbnb is likely to come in for some regulation & tax changes as it appears to exploit loop holes in tax and planning laws & remove properties from the PRS. Its not an area I plan to try although serviced accommodation does appear pretty popular on Gumtree!
  15. Another story on Landlordzone today, reporting a story in the Times, saying that the dates for EPC C will now be 2026 for new and 2028 for existing tenancies. Given the apparent number of properties still being rents below an E, I don’t see how they expect all the Es and ads to get to C in this time scale.
  16. I don't know the legal position but you might be surprised at the cost - I just had a garage roof replaced (asbestos) and the disposal wasn't that expensive. Just need a licensed carrier to remove it and take it to the tip. Worth getting a quote or two.
  17. You may be completely misjudging your LL. There are many reasons for a LL to sell a property and as an investment there is no guarantee that any LL will own a property forever. Your LL may have tried to sell as a let property but have had no interest & so was forced to try to sell as a residential. If the LL has taken the property off the market and you have a new contract it would seem to me that you are shooting yourself in the door if you now leave - assuming you are happy in the property. Why not have a discussion with the LL about their future intentions regarding the proper
  18. You can drop a note through the door notifying him of an inspection with 24 / 48hrs notice and then proceed with the visit. If the keys have been posted through the door I would deem the tenancy surrendered. If his stuff is still there it is not. If it is empty with no keys it is a little less clear and you would need to make a judgement call. You could also text &/or email and say that no response will be deemed as surrender or offer or tell him he is responsible for rent until he actually tells you it is surrendered. The problem comes if he claims it is an illegal eviction so h
  19. Story on the BBC today about a house that was stolen using identity fraud: https://www.bbc.co.uk/news/uk-england-essex-59069662 You can sign up for free for alerts at the Land Registry (up to 10 properties per person) and be notified when there is any activity on one of your properties. Well worth doing! Sign up here: https://propertyalert.landregistry.gov.uk
  20. Councils have had their budget cuts so much in recent years that they have had to come up with a new funding model - Selective Licensing! They are not allowed to make a profit - but they seem to be allowed to run their housing dept from the proceeds! SL doesn't give them any powers that they don't already have, it just makes the good LLs pay the Council's expenses. In Nottingham, when they went out to consultation they said that the LLs would just absorb the cost (£780 for 5 years). LLs said ""no we won't we'll pass it on to tenants". Tenants said "we like the idea of better housing". Res
  21. Issue a MCOL and then she gets a CCJ if she doesn't pay - at least that will flag her to other LLs and stop them getting burned!
  22. If one tenant has been in the same job but went bankrupt 2 years ago why does that job security give you any reassurance? Can be hard to get payments out of a guarantor so I would definitely not be keen to take these tenants.
  23. Story on Landlordzone saying that because David Amess was the sponsor of the bill that aimed to introduce EPC C by 2025 / 8 his death makes it unlikely that the bill will proceed. Whilst this does not remove the threat of EPC C it does push the timeline back as the Govts own white paper suggests the date of 2030. So a bit of breathing space for those of us with properties with EPCs lower than C and a bit longer for the boffins to come up with a better solution than heat pumps to reduce our carbon emissions! You can read the story here: https://www.landlordzone.co.uk/news/b
  24. Hi Rich, Its good to have a plan and you seem to know what you want. Buying 5 or 6 properties in the next 2-3 years is quite ambitious, especially when the market is as hot as it is right now. You don't say how you are going to fund the p purchases but be aware that once you own 4 properties you become a 'Portfolio Landlord' and mortgage companies have to comply with more rigorous screening - more paperwork etc. Leverage is certainly an advantage that property has over stocks & shares however when you want to release some cash remember you can't sell half a house so CGT comes int
  25. It is really difficult to make a lot of money by flipping unless the market is rising strongly. If the market is strong then it is difficult to buy at a good price - catch 22 really. Given that you are then going to pay 40% tax on your earnings its really difficult to make a decent return on your hard work. Many people start with your idea and then become LLs because the surest way to see the capital value of your property increase is to keep it. If you do that you might as well rent it out while you wait and hey presto you are a LL! Once again, the 40% tax will really hurt, but when you
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