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About lewiss

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  1. 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 might be a very difficult thing to sort out until I and my partner have sold our respective houses. Thanks again Lewis
  2. 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 (deposit Also we wouldn't want to pay the higher stamp duty rate of 8% for 2nd property ownership. I know this is a long shot, but didnt know if there is some financial wizardry possible. Thanks very much in advance
  3. Thank you both very much, that cleared everything up perfectly!
  4. 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
  5. 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 relief and if so how would it be applied? Any enlightenment would be much appreciated Thanks Lewis
  6. 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 would want to use some of the income initially anyway it seems to me it would be better to stay as an individual investor and only be charged at basic rate rather than corporation tax + dividend tax. Again all thoughts and comments welcome! Cheers Lewis
  7. 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 to: buy BTLs until the income generated (in addition to our main income) reaches just below the higher tax band, looking at things simply we could earn a total of just under 30k gross from property and remain basic rate tax payers @20%. Any subsequent investments should then be made through a Ltd Co in order to benefit from the Corporation Tax rate rather than paying the higher rate of tax band of 40% I can see an issue with this if one or both of us were to get a pay rise which in addition to the property investments would then push us into the higher tax band, but at that point we could sell one or more of the properties to the Ltd Co - I suppose the argument there might be, why not just buy it through a Ltd Co in the first place and not have to pay the SDLT twice? I hope that makes sense, thanks in advance Cheers Lewis
  8. Thanks very much! Really appreciate the help
  9. 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 ways around this problem? Maybe me getting the BTLs in my name initially then adding her name after x amount of time? Really appreciate all your thoughts. Thanks in advance! Lewis
  10. Hi, I am new to property investment. In the next 6-8 months I am hoping to sell a property and have about £115,000 cash to invest. My overall goal is in 5-6 years time be earning around £40,000 /year before tax from BTL property. I looked at flips as a good strategy however I am based in the South West and I feel the opportunities are more limited and generally around my area it's more expensive to get started. Another reason is I do not want to do flips that aren't nearby for now as I would not be able to put in the time to do refurb etc. I think I have settled on BTL specifically looking at North West, Manchester and Liverpool. My strategy over the 5-6 year period would be to buy 2 BTL with my initial money with the aim to purchase an additional property every 2-2.5 years. I have been looking at flats in Manchester OFF PLAN offering assured 1,2,3 year 7% Net yield, fully managed. Some of these are asking for 50% deposit. I would really appreciate your thoughts on all of this if possible. It would also be great to here from people who have experience with off-plan and assured yields. Kind Regards, Lewis
  11. Hi, I am new to property investment. In the next 6-8 months I am hoping to sell a property and have about £115,000 cash to invest. My general strategy is to purchase 2 properties with this money as BTL off plan. With a 5-6 year ambition of acquiring a property every 2 years. The northern market as PropertyHub have pointed out seems to be a good opportunity with lots of development and off plan property (mainly Manchester). However given that I expect to have the money available to invest in 6-8 months is it likely that I'd be too late and the market already too hot (as I believe they say) or even over saturated with BTL? Would appreciate any opinions on this, thanks in advance, Lewis
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