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farmer andrew

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About farmer andrew

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  1. I'm not an expert, but whilst there may be a directors guarantee, does the existence of the corporate veil create potential additional legal risks for the lender which may warrant a premium?
  2. Im not sure, but i think you need to be careful with this from a tax perspective. It will have implications for stamp duty, income tax etc...
  3. GDPR went live just over a year ago and i was wondering how it has gone for everyone and whether anyone has any learning points worth sharing. Are you registered? Might have to be a bit careful here, but anyone experienced any data breaches that they can share? Has anyone experienced anyone (tenant or landlord) exercising their rights?
  4. @debbie franklin apologies if this sounds a bit geeky / nerdy, but do you know what the rationale behind this exception is? It seems an odd one given that nowadays I would imagine that probate properties go for a premium because of the renovation / development potential.
  5. I think you are preaching to the converted here. I think it would be better to consider the opposite: Reasons not to buy a rental property: 1. yields are so low that an increase in interest rates cause your cash flow to become negative 2. A (new) government establishes rent controls and house price inflation targets and property values depreciate 3. The government continues to target individual landlords to raise more tax revenue to fund long term care costs etc Stay in and protect your money!
  6. I think it is clear that the government want to increase the state pension age (from 65 to eventually 70/75?) to reduce the ongoing cost of providing pensions. When this happens, i think lenders will have to amend their policies to be in line with this. So at 50 plus young you should still have plenty of borrowing years ahead of you.
  7. Never really considered this particular scenario, but isn't the grant of representation essentially the authority to administer the deceased's estate? if so, wouldn't the personal representatives (or official solicitor and public trustee) be unable to pay rents / receive / serve notices etc before obtaining grant of representation? As this could be quite a long process, isn't there a risk that the landlord ends up stuck between a rock and a hard place with no rent coming in and not being able to serve notices to someone with authority?
  8. I think this applies to, as you say, "any property developers or speculative builders, erecting and altering buildings in order to make a profit". For landlords, i think there is quite a high threshold - £1m over three years? Debbie, correct me if I am wrong here.
  9. Hi Barry, I think you have a very good point in that the interest rate risk is also a factor of the types property in your portfolio. I can imagine the terraced property that you are referring to. They are not the most attractive or appealing in the world but they are good at generating cash. It is unlikely that you will be making significant capital gains but it is also likely that in any financial meltdown, the price of the property is going to be relatively more stable than other more appealing properties. Rental demand is also likely to be relatively stable - people still have
  10. So essentially whether you are an individual or a company doing development (construction) work, if you pay for labour (not direct employees) and the amount is above the de minimus limits, you need to operate CIS? I had a separate thread on this a short while back, but i am still a little surprised - I just hadn't come across CIS at all before.
  11. Thanks, Debbie. Say I have a portfolio of furnished holiday lets (FHLs) which is registered for VAT because the turnover is >85k. If the FHLs fail the criteria for FHL (for whatever reason), do the FHLs become ordinary residential lets? If so, can I deregister from VAT immediately even if the rent / turnover is greater than the deregistration limit? TIA
  12. I'm sure that before the interest rates spiked at 17.9% there were people who said that they would not get that high. More recently i remember a time when people said that rates could never go as low as they have been (i even remember some base rate minus tracker mortgages with no floors!) or for as long as they have been. I remember people saying that interest rates could never go negative. its probably unwise to rule anything out... As Julia says you need to try to plan to cope with interest rates higher than they are now. I don't think relying on upping rents in line with intere
  13. No need to apologize re the timing of your response, Wesley. Which other market do you have some experience in? And why did you choose the UK? Just out of curiosity, what is the property market like in Mauritius? Are properties relatively expensive? Is there a residential BTL market? What is demand and supply like? What level of gross rental yields would be typical? Is financing easy to obtain? What are typical rates and LTV? How does the tax environment compare with here? Is it favourable to inward investment? Are there any issues with security of ti
  14. I'm looking at a portfolio of furnished holiday lets. Some of the properties are short leaseholds <50yrs. I guess my overall question is are these properties treated as residential or commercial for tax purposes? The portfolio turnover is >85k so it should be registered for VAT. If this is the case, would I need to pay VAT on the total portfolio price if I bought the portfolio? In other words, is the portfolio treated as a commercial property portfolio where the vendor has opted to tax or is it treated as a residential portfolio where no VAT is payable? Would I need to register
  15. Yes, they are average gross yields, with all the inherent issues associated with averages. It will be possible to get properties that yield more, but my guess is that there will be issues with these. They aren't likely to be 3 bedders close to outstanding / good schools etc... and then we are talking about a different strategy. Is there then an inconsistency in your posts? You say that you "...see the income being achieved with roughly 20 properties (in the 2/3 bed region 70-130k)...". I have assumed that the income is the same as @jadm74, so ~£5,000 gross per month, which equates t
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