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lewiss

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About lewiss

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  1. Hi, I need some help with the following... Parents are returning to live in the UK after living abroad for nearly 20 years. They have a pot of money, but I expect they are going to struggle to get a mortgage having not been resident for such a long time. They want to increase their pot size and do a few flips. I wanted to try and gain some clarity on the following: 1. Due to them not being resident for such a long time, renting somewhere for 6 months will help them build a credit score and them make them more "lendable" moving forward? 2. When doing the flips, if they are ren
  2. lewiss

    Resi To Hmo

    Hi Conrad, Thanks for your reply, I noted above that 2 of the rooms would be ensuites so there would be a communal bathroom between 3 other bedrooms. I'm based in Gloucestershire, the rents I would expect to achieve are 500 for room and 525 with ensuite. Yes I am unsure on the valuation bit, I would want to refinance after doing the work so need to know what the valuation impact would be Cheers
  3. lewiss

    Resi To Hmo

    Hi All, I am looking at a potential first Resi to HMO. I have attached the current floor plan and was thinking I could add 2 bedrooms downstairs, both with ensuites taking it to a 5 bed HMO. Reshuffle upstairs to reduce the bathroom slightly and increase the size of the back 2 bedrooms and have the front bedroom spanning the width of the house. It would also be fully redecorated, new kitchens and bathrooms to a decent spec. My question being, would rejigging and adding bedrooms downstairs actually have a positive effect on the value of the house or could it even possibly devalue
  4. Thanks for the information Adam that's really helpful!
  5. Hi, any insights would be much appreciated on the following: I am looking to buy a property which is being sold as 2 flats (a 2 story house has been split over 2 floors) each with it's own private entrance - according to the details I would be buying the freehold and own the whole property I could either keep it as flats or turn it back into one house. 1. Would I be able to get a residential mortgage on the property? 2. Would I be able to keep it as flats, have one flat as my primary residence and rent out the other one? All whilst staying on the resi mortgage? 3. If I w
  6. Hi, any insights would be much appreciated on the following: I am looking to buy a property which is being sold as 2 flats (a 2 story house has been split over 2 floors) each with it's own private entrance - according to the details I would be buying the freehold and own the whole property I could either keep it as flats or turn it back into one house. 1. Would I be able to get a residential mortgage on the property? 2. Would I be able to keep it as flats, have one flat as my primary residence and rent out the other one? All whilst staying on the resi mortgage? 3. If I want
  7. Thanks for the reply , the properties for sale, are worth around 275k (but I own a smaller percentage than my friend) with 2 yr fixed rate ending in a couple if months and my partners is around 250k ish. (No mortgage) The property were looking at is in scotland and we are based in the south atm where our jobs are so we wouldn't be able to live there straight away (idea was to rent somewhere own south whilst owning in scotland and doing it up - it's a ruin btw) In addition my partner has started a new job and is still in her probationary period. I think given all of the barriers it m
  8. Hi, any insights would be much appreciated: I own a house jointly with a friend, the fixed term is due to end at the end of October. My friend will be buying me out and I should have about 22k My partner owns a house with her friend, which is currently for sale, she should get around 120k We are looking to buy a place together (~290), with 90% ltv, however we need to put an offer in asap (this week) Is there anyway we could access our properties equity now (given that they are for sale) to use as a deposit for the new purchase? We would only need around 45k total released (deposi
  9. Thank you both very much, that cleared everything up perfectly!
  10. Thanks for the reply. I wanted to check that the initial calculation was correct and it wouldn't be different if it had been let ou I assume I would have 7.5k (12 - (7.5 - 3)) to use as CGT allowance for 2019/20 after this. It was lived in for 5months initially then subsequently let out. Essentially I just want to reassure myself I've made the correct assumptions and calculations. Thanks again
  11. Hi, I'm looking at selling a property that was gifted and am trying to determine if CGT needs paying on it. Property was gifted in September 2016 to 2 people split 50/50 ownership. Value in 2016 ~250k Value now 2019 ~265k So based on 7.5k profit (15k / 2), minus costs ~3k each and minus CGT allowance (12k per person) I work out that no CGT would be payable. However the property has been let for most of that period (Feb 2017 - now). So I'm not sure how this works CGT wise. Question: I'm getting a little confused if we would get letting relief and residence rel
  12. Thanks for the reply! I certainly will look into getting some professional advice. Yes I believe that mortgage interest is not an allowable expense from April 2020. I would be looking at getting the investment properties mortgaged. I have seen that the rates are usually higher and there are more costs involved. I suppose I am trying to gauge whether it's worth spending a bit more now to be better set up for the longer term or whether it makes more sense to hold off until I'm closer to the high rate limit and then look into Ltd Co options given the higher costs. I wou
  13. Hi, I am not sure if this is the place for this, but i'll try anyway. I am looking at making my first BTL investments and am trying to figure out the most tax efficient way of going about this from the get go. After some reading into the options of buying as an individual or as a Ltd Co I have come up this the following, would love it if someone could tell me if this is a sensible idea or if not suggest any alternatives: 2 people earning ~35k gross per year each (~15k below higher tax band) We would split investment ownership and rental income 50/50 Would the best option be t
  14. Hi all, I am looking at moving in with my gf and buying a residential property together. I have had a residential mortgage before. She has not but she has been named on property deeds before. (Gifted) We are also looking to invest in a couple of BTL properties as well. As this would be a joint venture between myself and her, will there be any issues in getting joint BTL mortgages if she has never had a residential mortgage previously? Do we need to have had the residential mortgage for a minimum amount of time prior to applying for the BTL? If this is the case are there any
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