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richardhughes

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  1. Insurers having given 3 months but it is normal for them to limit the time. I am sure in the circumstances they will give an extension. Usually insurers want empty premises checked every 30 days. I think this is a justifiable reason for travel, you have a business premises which you are obliged to check on. It sounds like things might be easing a little now making this easier for you. Insurers should play ball and give an extension.
  2. Does anyone know what the new legislation says. I believe it is watered down and landlords can still give notice but is this 3 months instead of two and does the tenant still have to be 8 weeks in arrears? What does the legislation say?
  3. I think your sentiments are good and might open up a more open discussion of what they can afford and what you can live with. Well done.
  4. I’m not so optormistic. If your job was on the line, would you be looking to move house now? I 7nderstand lenders are prioritising mortgage breaks and asking more questions before lending. I think the market will stagnate at best. Landlords are going to stack up a load of unpaid rent in the next 6-9 months because tenants have been told they won’t get evicted if they don’t pay - so why would they pay. Effectively the government have taken our property out of our control. What’s to stop them compulsory purchasing housing stock? Things are changing. Don’t judge the future by the past .
  5. It makes you wonder why the agent is telling tenants they are free to take the ....
  6. Its all well and good lenders agreeing to a holiday but it is still the landlord that will be liable for the debt. We are good people and we will pay our dues. I fully expect at least one of my tenants to ask for a rent holiday (they ask for everything else under the sun!)I will want to see confirmation that they have been laid off and a copy of their bank statement. Then we can discuss how much they can afford to pay and how and when do they intend to pay me back? Of course I am just going through the motions because I have little power force them to pay rent. Why should they pay rent? Boris has told them we can't start court proceedings to get the house back until all of this is over. And then it will take 2 months to issue a notice. So by that time they will be owing 6 months rent; lets call that £3000 minimum. If they can't afford a months rent now they wont be able to afford 6 months rent in 6 months time. And anyway why should they pay if we've kicked them out! So more legal action and the court will take pity on them and say they can pay us £10 a week for the next 300 weeks. Of course, they will start paying and then stop once the heat is off and we will have to take more action to get the courts to enforce their decision, by which time they will have hit more hardship and the payment will be reduced to £5 a week for 600 weeks! I think we just have to accept, we are now providing free housing until this is over when we can get back our houses and refurbish them to let again.
  7. We are in a similar position and have decided to refinance and buy 4 more BTL's. Initially the cautious plan was to buy one every 6 months over the course of the next two years to spread the risk. Of course once we started looking at houses in January we put in offers and it gave an addictive high! We currently have two nearing exchange of contracts. Of course, the world has changed and a more cautious approach would probablyhave been better. We are watching the market to decide whether to proceed with these purchases. We might just proceed with one at the moment as originally planned!
  8. Blue skies, I am a NLA member, landlord and a Fellow of the Chartered Insurance Institute. I am happy to give you impartial advice and tell you what I do. Richard@abinsurance.co.uk
  9. Some were predicting a “correction “ in the stock market this year. Could this be the global event that causes it? Meanwhile the BBC is saying we have a housing shortage and we have seen a busy January. The “wobble “ might continue a little longer.
  10. Thanks Conrad - yes very clear and thanks for highlighting the risk.
  11. Thanks Conrad, So if I interpret your comments correctly, yes I could supercharge my income in this way and that would be Ok if prices keep going up and lending criteria stay the same BUT we cant rely on the future being the same as the present and as Tuk points out there is a risk....Suddenly if I can't remortgage and if Ive not left enough equity in the property to cover the expences of selling including CGT, I would get into an uncomfortable position. Your strategy seems to be based upon paying down the debt and yet others advocate the advantages of leverage. By keeping leverage as high as safely possible you would maximise your ROI?
  12. By 18 year old son is in full time education and needs a bit of extra cash so is going to do my changeover cleaning and ironing. I usually pay £90 for this to a spcialist cleaning company and include it as an allowable expence. Can my son invoice me for this the same. I will include it as a valid expense and he will declare his earnings, which will fall bwithin his personal tax allowance. If it is an unrealted person it is allowable, If it is my son is a family member is that OK?
  13. I will have a couple of properties to advertise this year. Where do people advertise? any tips on writing a good advert? hiw can I credit check tenants
  14. Lots of people are going down the Ltd company route but if you are going to want income out to live on you will be paying corporation tax AND income tax. I’d be tempted to buy in your own name. You can still claim mortgage relief at standard rate. Could you get some of your salary paid into a pension to get your income below £50,000? Then you wouldn’t pay higher rate tax
  15. Perhaps I am late yo the party on this thinking: (I’m not looking to sell my portfolio, it will get passed on to the kids) i take out a two year mortgage. During that period hopefully the house prices go up. Let’s call it 5%. Assuming similar deals are available remortgaging in 2 years time will enable me to release 75% if that 5% growth. Meaning I have taken out 4.25% over two years (2.125% pa) TAX FREE Of course I know I will be paying interest on that and eventually there might be CGT or inheritance tax on the growth but on a £1,000,000 portfolio, that would generate tax free income of £21,250 per annum on top of my rental income. That sounds like it will supercharge my pension . What have I overlooked? I’m surprised this benefit isn’t pushed harder .
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