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Jeremy JC

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  1. I've received the email below from my mortgage provider and I'm not sure how, if at all, to respond. Maybe I'm being paranoid, but is this the mortgage company fishing for information? Or is this a genuine offer to help? Might any information I provide jeopardize my ability to remortgage with the same lender in the future? I'm currently on a five year fix which has four and a half years to go (remortgaged at the end of last year). I remortgaged with the same mortgage provider I used when I bought the property - cladding wasn't a "thing" when I bought it and first got the mortgage. The property does indeed have cladding issues, which the managing agent is aware of. No idea yet how it's going to be resolved and who will bear the cost. Grateful for any advice. --------------------------------------------- Due to increased awareness of potential cladding issues and the requirement for remediation of the highest risk buildings with unsafe cladding, the Society wants to support our members to ensure everyone can feel safe and secure in their home. As you have a mortgage with the Society that is secured on a flat / apartment, we would like to ensure our records are up to date to enable us to provide you with any support you require Please can you answer the following questions: Do you have cladding on your building? Y/N If so, has there been or are there any plans to undertake any remedial work? Y/N Would you like to discuss how we can support you with this or any other fire regulation issues? Y/N
  2. Presumably you've taken tax advice on the inheritance tax effect of the LLC? Non-doms often used to invest via a company to avoid inheritance tax but this inheritance tax protection was removed in 2017 and now foreign companies are basically looked through when holding UK residential property. Of course you may have other reasons for using an LLC (presumably lower rate of tax on the rent) but thought this might be worth mentioning.
  3. For anyone interested in entrepreneurship, this new podcast from the BBC is worth a listen: https://www.bbc.co.uk/programmes/p06qtvzf/episodes/downloads One of the presenters is Rohan Silva, co-founder of Second Home, which offers co-working spaces (so kind of property-related....?). I've listened to three episodes and so far it's really interesting. Thought it was worth a share!
  4. Asking for a friend (honestly )... Said friend has been self-managing with very little background knowledge of how to do it. They have a tenant who is some four months in arrears and they want to get rid of them if possible. Is there a professional advisor out there who can help with them with what they need to do? I'm pretty sure they have registered the deposit but they may not have served all the statutory information required. I just don't know. They need an advisor who can find out what they have and haven't done, work out what the situation is and advise on the best way to proceed. Basically a trouble-shooter to hold their hand and get them out of the mess as efficiently as possible! And then they'll actually get an agent in to manage the property... Any recommendations gratefully received. Many thanks
  5. Hi there Do Hubbers have any views on whether tax investigations insurance is worth it? My accountant has just offered it to me for c.£100 per year. Interestingly, it includes 24/7 legal advice on commercial matters, employment and health and safety. Has anyone else had this insurance and ever used it i.e. had a tax investigation the costs of which were then covered? Jeremy
  6. Ouch, that's a really good question. My properties are fully managed and so I assumed I wouldn't have to do anything but now I'm not so sure... As a starting point I found some guidance com the RLA here: https://www.rla.org.uk/landlord/guides/data-protection-legislation-for-landlords.shtml I'd love to know what others are doing, both those whose properties are managed by an agent and those self-managing.
  7. Hello all Can anyone recommend a surveyor/valuer in Sheffield, please? It's for a valuation for a remortgage. I was referred to Connells but apparently they don't cover Sheffield! And I'm looking for something a bit more authoritative than Zoopla... Many thanks
  8. I have engaged an accountant for the first time to prepare my 2016/2017 tax returns and I am not 100% convinced that their advice is correct on a particular aspect. The situation is this: 1. When I remortgaged my home, I borrowed an additional sum to invest in my first BTL. You could say that the total loan comprised two parts: Part A - the part needed to repay the existing mortgage on my home; and Part B - the additional borrowing to fund the BTL. Part A is about three time larger than Part B. All of Part B is being used to fund the rental property business. 2. It is a fixed rate repayment mortgage at 3% (give or take). I pay the same amount each month which comprises interest (X) and capital (Y). Clearly, as I repay the capital, each repayment comprises a slightly bigger Y compared to the X. 3. The question is how much of the interest is deductible from the rental income. Clearly it is only interest on the Part B borrowing and not the Part A borrowing. 4. My accountant has taken the total amount of interest paid on the mortgage (i.e. the total of X throughout the tax year) and apportioned that between Part A and Part B and is telling me I can deduct the amount of X apportioned to Part B. As a formula I think it looks like this: Deductible interest = (X * Part A)/(Part A + Part B). 5. But is this correct? Can I not say that the Y (capital) payments are going to repay Part A first, and that all I am paying in respect of Part B is interest? On this basis, until Part A gets to a certain level, I would be able to deduct 3% * Part B from my rental profits which gives a higher deduction. The accountant seems to think that this would count as income on my "personal" account which would be taxable but I cannot see how that is. Is my interpretation reasonable/acceptable? Apologies, this is a bit complicated, but if there are any tax techies who understand what I am getting at and can answer the question, I would be very grateful. I doubt I am the first person for whom this is relevant! Many thanks.
  9. Not entirely sure. Think it's up North - I want to say Leeds or somewhere in that direction, but don't know if that's right.
  10. I've passed on to my friend the very helpful information people have posted on this thread. He did not know there might be the possibility of selling the freehold. He is considering what to do but is in no great hurry as this is not a particularly pressing issue for him right now. Many thanks to all for the feedback. Jeremy
  11. I bought a property recently via a sourcer and ended up getting the mortgage from the bank with whom I have a current account. They offered me a better deal than the mortgage broker recommended by the sourcer and there was no issue with the fact that the purchase was through a sourcing company.
  12. Many thanks for all the suggestions, that's really helpful.
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