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Found 22 results

  1. Hi, I own 2 properties 50:50 with my wife. She runs them as holiday lets and reports all the profits on her tax return. They generate revenue combined of £80K. If I buy a property in another city on my own and I run it is either as a) a Holiday let or b) unfurnished let and get revenue of £40K and report it on my own tax return obviously will we have breached the VAT threshold? thanks Geee
  2. I'm really struggling to find an accountant/adviser who specialises in FHLs (Furnished Holiday Lets). Does anyone who has an FHL portfolio have a personal recommendation please?
  3. Hi there, I'm new to the field of BTL and holiday lets and, having had an offer accepted on a property, I'm considering the holiday let option. I've been in touch with a company who are offering a 20% +VAT management fee, but they're also charging this on the cleaning fee of £100 per let which I then have to pay back to them (effectively charging me an additional £24 on top of the 20+VAT of the rental price). They seem to have good reviews but the fees seem quite steep. What do other think of these rates? Does anyone have any recommendations for holiday let management companies? I'm looking for a company with good reviews, a competitive fee, and one that operates in Warwickshire. I'd be looking to do as little as possible in terms of day to day running so I'd like a full management service. Any advice and suggestions would be very gratefully received 👍 (P.s I appreciate this may have been asked before - possibly several times - so do point me in the direction of other relevant threads if that's the case)
  4. Hi, I understand a furnished holiday home available for let 140 days a year (or some such amount) is subject to business rates and not council tax. Further, that the business rates can be offset by using a small business rates relief. Presuming, this is correct, can anyone dig deeper into this please. (I have a fairly concrete idea of what I may purchase, a house that sleeps 3-4 people (in 2 bedrooms) with a purchase cost of £85 - 105k in England with an estimated gross rental of £11k.) * How is the rateable value arrived at for a holiday home let in England; does the council do this; are there fixed rules or does the value very considerably from location to location? * In the scenario I describe above (purchase price ~£95K, 2 bedrooms sleeping 2-4, gross income ~£11k), will there be any business rates to pay if the small busness releif is applied? Any thoughts or links to information will be appreciated (I have visited HMRC but can not really get my head around it, it seems I need to know the rateable value already). And is there a holiday home let group here I have missed? Thank you.
  5. Hello all, I've listened to all of The Property Hub podcast and now a new forum member. I am based in Kent but as a keen mountain biker spend some time in Wales, in particular Afan Forest. I am interested in buying a property that requires a refurb close to the Afan Forest Mountain Bike Trail Centre with the hope to do it up and run it as a Holiday Let for mountain bikers and hikers. I was looking at smaller villages such as Cymmer, or possibly larger towns like Maesteg and Neath. Putting Covid to one side, my hesitation is that bookings will be much slower during the winter months and during the week year round, does anyone have experience doing a similar thing in the area? I was also thinking Port Talbot might be a safer option as it’s still close to Afan but has the additional advantage of being a larger town with the beach and promenade with good Buy To Let fundamentals, meaning it could provide a plan B option if the bookings aren’t steady enough? Any insights, recommendations, or thoughts are welcomed! Thank you, Ryan
  6. I was interested to hear form anyone in the Property business in France. I'm looking at setting up a ltd company and buying in an area we spend around 3 months in every year. I'm more interested in short term holiday lets (air bnb style) than long term lets. It should return reasonably on investment despite only gauranteed income around 7 months of the year. (I'm discounting the rest of the year and if its rentable then, its a bonus.) The plan is an ltd company and interest only mortgage, second property within around 12-18 months... etc etc. Very much like what many are doing in the UK - except our long term goal is to live in France, so I'd much rather build a portfolio there. Anyong else doing/ have done similar? I've yet to look into the french law side of things, so especially interested in any pitfalls to be wary of? Any tourist tax or anything else worthy of noting? I do see it can take 4-6 months on average to complete a sale!!!
  7. Hi all New investor to the property market, wondering if I can use a BTL mortgage for a Holiday Let property? I have heard that technically you are not supposed to do that, and that in fact you should seek out a specific holiday let mortgage, but that they are then much harder to attain and at worse rates? Anyone brave enough to advise!? Many thanks in advance Dan
  8. Hi all, I am new to property investment, and currently weighing up strategies for the coming years for my new business. I am set on BTL's for now but may try to obtain a Holiday let as I am based in the Lake District and believe there will be an increased demand for domestic Holiday's post covid. About myself, I am a Director at a father-son fire safety business based predominantly in the North West but do subcontract for nationwide companies. I have been in the industry for several years and have achieved Associate status with the Institute of Fire Engineers with me also being on track to achieve the sought after Member status towards the end of the year. I audit businesses throughout the country, from a small shop or Holiday Let to substantial Residential Care villages or food production sites with a multitude of risk. Through my experience in the industry and my recent research on the potential competition online, I continually find premises which are not safe. What is safe for you and I in our own homes is not for the paying guest! I can think of numerous Holiday Let developments I have audited which have gone through design with Architects, planning and approval from the Local Authorities or AI which are not safe to be occupied by members of the public. The guidance on Holiday Lets especially is vague, and the local Fire Enforcing Authorities requirements differ from county to county. For example, where I am based the Fire Enforcing authorities have recently taken the stance that 'fire escape windows' are no longer suitable for paying guests as you cannot guarantee that the guests are fit and able-bodied. This has resulted in 100's, if not 1000's, of Holiday Lets in the Lake District, which have open staircase arrangements, being non-compliant. Throughout all business uses, I see tick box, generic fire risk assessments which are not worth the paper they are written on! I have approached several management agencies in respect of the Fire Safety for the properties they manage as they are the face of several 100's of premises. The more they manage, the more risk there is and the likelihood of something going wrong. I have responses back which vary from 'clients are expected to tick a box to say there is a fire risk assessment in place', 'we provide them with a template to carry out their own fire risk assessments' or 'we have someone within our company who reads through the risk assessments to confirm they are sufficient'... My response to that is 'how do you ascertain that the person assessing in the first place is competent to do so'? Unfortunately, I believe it is a ticking time bomb and only a matter of time before there is significant injury or death of several occupants in this form of premises. I urge anyone who is currently involved in Holiday Lets, serviced accommodation, HMO's or blocks of flats to consult with a competent person in respect of Fire Safety. I am new to the forum but have already been helped by several of you to set up my SPV Ltd company so of course, if you wish to discuss the services I can offer, then please drop me a message!
  9. Hi everyone, I hope you’re all safe and well. Exceptional times. I’m hoping to start a property business in 2021, ease out of corporate life, and permanently move to the coast. I already have a flat in London and a small cottage in Dorset. I’m trying to evaluate whether to start a holiday lets business or stick to standard rental model. Does anyone have any insight on the pros and cons, or insights into the comparative financial performance of these two models? Or has anyone looked at the two approaches and can share their decision. Any advice would be gratefully received. Stay safe. Sam
  10. I'd be interested if hubbers have any experience or advice on this... I'm an expat living overseas for most of the year, but spend some time in London. I have had enough of hotels and would like to buy a flat to stay in when I am over. But I would also like to rent the flat out when I am not there through a professional company. Longer term, I would like to keep the flat possibly for sole personal use or to give to my kids. At the moment I would only need the flat for around 30 days a year. Clearly the yield in London is not strong, but this does not need to be a money spinner. I have a small property portfolio (mainly outside London) which is run through a Ltd company. Question is whether I should buy the new flat through the property company or whether I should buy privately as a (second) home or as a holiday let. I'm only at the start of researching this and will ultimately take professional advice, but it would be great to hear of any similar experiences/advice! Cheers all!
  11. Hi there, I was thinking of buying a flat in Glasgow for the sole purpose to holiday let. Would this be as profitable as I think it would or is it a silly idea? If so is there any hidden costs/legislation that would make this difficult? Cheers
  12. Hi Folks, I would welcome any feedback on my current situation. I am looking to purchase a holiday let property in the UK through a limited company. Looking at Limited company mortgages in general, they typically offer somewhere in the range of 75%-80% LTV. To fund the remaining 20-25% I could remortgage my property. I was thinking that I could lend the money to the limited company and the income generated would help pay for remortgaging. Is this the typical way for company mortgages to be set up? What are the downsides to this arrangement? Are their better arrangements for funding the remaining 20-25%?
  13. Any advice appreciated! I have a second home up North which was used whilst working away from home which now sits empty since I’ve relocated back South with work. I am am looking at ideas on how to make the property work as a Holiday Let but not sure how best to fund the project- it’s currently on a resi repayment mortgage with Halifax and tied in for another year on fixed rate. The property sits at 60% LTV and has massive potential as a holiday let due to its location in a national park. The property is a 3 bed country house with an acre land and has a seperare building attached which I intend to convert ( planning agreed) to an additional 3 bed holiday let property - so that the estate renovated to a 6 bedroom property estate. I am am stuck on the next step- due to lack of instant funds. Everything with regards to builders/ architect is in place, minus funding and also type of holiday let mortgage lenders to source? And would a lender loan additional borrowing to assist in completing the work or do they only lend on properties ready to go? Any input on holiday let business or advice is appreciated all. Ady
  14. Hi I own a property in Ryde, Isle of Wight that has been a holiday let for the past 2 years, but am looking to let on a long term basis. Does anyone know the best letting agents on IOW, preferably one that guarantees payment of rent on time?
  15. Hello Hubbers! We have finally got an offer accepted on a one bed flat facing the sea! We aim to short-term rent it on booking.com and Airbnb. After speaking to two mortgage brokers, there is only one lender who will offer a mortgage to us as a holiday let through a limited company. They are offering an average 3.3% for a two year fixed rate but has £2800 of fees attached to it (property is only £160k). Plus really horrible rates for solicitors which I might be charged twice for (dual representation??) My accountant doesn't really understand about property specifically and isn't super savvy in this area. Does anyone have an idea of what to do for a new business that will be renting through sites like Booking.com or Airbnb? Can anyone give any advise on how to set the company up and any alternative mortgages? I don't want the property to fall through my fingers! Thanks in advance! I truly appreciate any help.
  16. Hi! Briefly as I can, here is my plan... I’ve seen a property that is habitable but needs significant internal updating and refurbishment. It also needs some exterior work on the roof and chimney. My hubby and I have our house on the market and when we have released our equity from the sale we want to buy this property, live in it while we renovate, move out and then run it as a managed holiday let. It is in a little seaside village in the north of Scotland so is not a good prospect as a BTL but there is a good (shortish) holiday season. The primary aim is to get a little income from the property. We also plan to buy land and build a home in the area, so the property gives us a base while that happens and we will be nearby to keep an eye on things. Realistically we might be living in it for 18 months to a couple of years before we get to switching it to a holiday let. My question is really about how how to be clever with what we do with our money to make the most of it and from a tax perspective? Can we offset the renovation and refurbishment against setting up the holiday let? Or is that money invested that we won’t see back until we sell the property and it can be used against capital gains? At that point am I better forgetting the holiday let idea and making my money from selling it on after we do the renovations? My thoughts are to buy it using partly equity and partly home owners mortgage (to keep the main capital available for the bigger project of building our home) and when we move out to switch to a greater percentage holiday let mortgage. Is there a sense in buying outright initially? It would save on mortgage payments! Has anyone done anything like this (I’m sure plenty of you have!), what do I need to be considering from a tax perspective? What am I not thinking about that I should be?! Thank you in advance for any thoughts and experience on this plan! Tanya
  17. I read this today, been aware of this rise in demand the last couple months. "Mortgage brokers are being warned that they could be struck off lending panels if they are complicit in providing buy-to-let loans on properties that are being used for holiday lets. Following recent changes to landlord taxation, there has been a surge in lettings through the holiday let rental market using websites like Airbnb and Gumtree. The fall in the pound post the Brexit vote is persuading thousands of Britons and foreign visitors to seek short-stay accommodation in the UK. This means that thousands of buy-to-let landlords have been taking advantage of the demand. Research shows that short stay holiday properties can generate double the annual income of a typical residential buy-to-let." Brokers, just make sure you do your due diligence. PM me if you wanted more info if you have been "accidentally" breaking the rules and AirBnNing your BTLs
  18. I'm thinking of buying a holiday let through a limited company, but would probably want to stay there a few weeks per year myself with family. Can anyone tell me pls about the benefit in kind tax implications of doing this? I am not an employee of the company and nor is any family member, but we draw dividends. I'm thinking that if I have to pay rent to the company to stay there that's not so bad - moving money around - or is there another (legal) way to stay for just a holiday? I should imagine a few trips there for maintenance are justifiable? Many thanks
  19. Hi, Could anyone provide some insight into what type of mortgage you would need to purchase a property that you plan on letting as a serviced apartment on sites like Airbnb? From the people I've spoken to regarding this, lenders seem to dislike this so many of them don't notify them. Cheers, Luis
  20. Just wanted to introduce myself, having stumbled across Rob n Robs fantastic Property Podcast and subsequently ending up on this forum... So, a bit about myself... Recently found myself at a crossroads in life and recent events have prompted me to look at life in a totally different way. Always fancied the idea of a property in the Lake District (Cumbria), which myself, family and friends can get the benefit from, whilst also renting it out to cover the funding of the mortgage etc. And so began my research into the area. Due to the increased property prices in Cumbria, I brought my search closer to home (Preston, Lancashire) and found a suitable holiday let. I have now put my current property on the market, with a view to downsizing and freeing up some cash as a deposit on my chosen holiday let. With all this in mind, started to carry out some research into property investment, which brought me to the Property Podcast. I am now an avid fan and am currently working my way through all the episodes from the very start, hopefully catching up to the current episodes very soon... As a complete novice, I have already learnt loads and hope to learn even more from Rob n Robs great information sources, prior to making my first property investment purchase. In the future I plan to purchase a residential rental property and maybe more as time goes by... I look forward to chatting with some of you in the future, Michael
  21. Hi, I'm Maureen. My husband and I have always been interested in property and have tried to make our debt work for us ever since my husband bought his first flat in Leicester that we still own and have used to buy other properties twice over. I have just started reading books about property investment even though we already own 3 properties and are in the process of buying our 4th. We just love property and never really thought that this could lead to something more than just a small income on the side or maybe a pension someday. We recently released the equity in our house to buy our second holiday cottage. Our first has been very successful and we love owning something beautiful and old in the national park. We just bought it in February and by July the bookings made had already covered the costs for the first year. We were hooked! My husband found another cottage that met our requirements, stunning location, met our budget, dated but do some DIY, open the fire back up etc. and we have got ourselves another successful little business. We are in the process of getting mortgages approved now after our BMV offer was accepted. To make it profitable instantly we use 75% mortgages. What I am hoping to get from this site is advice in this specific field. From what I have read in books and on-line so far is about buy-to-lets and HMOs and being a landlord. This is all very helpful as I had never heard of gross or net yield, leverage, etc. but we had been doing it all along just me and my calculator, I just didn't know what it was called. We are both teachers so cash is tight and everything is a risk. I want to make sure we can expand, i.e. buy more cottages though I don't always want to re-mortgage our primary residence. The capital gain doesn't grow fast in the highlands, it could stay the same for years so there won't be much in re-mortgaging the cottages so how do I get more money? Do I draw a wage and put it into an ISA with a horribly low interest rate? But then I lose 25% yes? Or do I pay down one of the mortgages? If so, which one, my house, one of the investment properties currently on interest only? How do I make my business grow? Can I use money from one property to improve another tax-free? In ten years time I would love to have a collection of beautiful cottages around Scotland (where we live so we can keep an eye on them). I know we could use our money to buy flats but I don't want a bunch of soulless flats to rent. I don't want to be a landlord and be interviewing people or showing people properties. Is that the only way to get money faster than waiting on a slowly and possibly non-existent capital gain in the countryside? Hope someone can help. Thanks, Maureen
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