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Found 9 results

  1. Hi, I have seen this detached house in Gorsgoch SA40 9TE on John Francis website for auction, and I have seen this house, my question is that I haven't bought a house in Wales before are there any different rules? I know they don't have stamp duty but have a cheaper land tax but apart from that are there any restrictions? The house has a new roof and plans for a loft conversion (2 extra beds and a bathroom). Any advice? Thanks JL https://www.johnfrancis.co.uk/pages/auction_property?lid=160083
  2. Hi All New to this site and Property but wondered if you might be able to offer some more insight to my 2nd home situation. I own a flat which i want to change to a BTL. Using some Equity and combining my income with my partners we will buy a second home to live in. My Broker suggested selling my flat to my own (new) Limited company as a way round the Stamp Duty on our new purchase. But she also said to check with my Solicitor to make sure the Company wouldn't have to pay SDLT, or indeed us. I am not looking to draw an income on the BTL yet so am happy for the profit to sit and grow, using it occasionally to pay maintenance etc so i think my dividends tax would be minimal. I also don't think the income would push me out of the Basic rate tax bracket. This would be my second ltd company though. Are there any major red flags i should be immediately aware of? Thanks for your help Felicity
  3. Hey all, I'm hoping someone can help me understand a bit more about equity release for the purpose getting a deposit for another home. I have a flat in London that I bought in 2010 on a 35 year mortgage. I have managed to get the remaining mortgage down to around 10 years and in that time the flat has also gone up in value. I want to try and keep the flat on if I can, so want to understand how much equity I could potentially release and under what circumstances that capital could be used by way of a deposit on a new place. For simplicity, say I bought the flat for £200,000 with a deposit of £30,000, requiring a mortgage of £170,000. I believe that results in an LTV of 82.4%. Now lets say that today the flat is worth £300,000 and I have paid off the mortgage so only £100,000 is remaining. That I believe gives me a new LTV of 33.3%. I've read that for a buy-to-let property, you generally need an LVT of below 70%. Using the example above of a £300,000 property with £100,000 left to repay, I could potentially take out £90,000, resulting in a new LTV of 70%. Is that correct? If so and assuming I was able to re-mortgage the flat on a buy-to-let agreement, how would another mortgage lender then factor that arrangement in when assessing my situation? Would they just see me as a guy with a £90,000 deposit, in which case I could borrow whatever I could borrow with them, or would the fact I had an existing property and mortgage affect any new affordability calculations? Hopefully that makes sense, I just want to know what my options are in terms of keeping the current flat or not. Thanks in advance! Matt
  4. Hi, I currently own and live in my own property (main residence) however I would like to use some saving to purchase another property to then rent out to my brother. Is there a way of doing this without incurring the additional 3% SDLT charges? Thanks!
  5. Hey everyone. I'm new to the forum but have heard great things from other folk. So I have a residential property where I currently stay and I have a company with 2 BTL flats. I now need to move out of my current residential, buy another one, but keep my existing residential for my parents. I'm trying to understand who should purchase my second residential property, as I plan to stay in it for a few years then convert it to a BTL, when we move to another bigger place in the future. We have the dreaded 4% extra stamp duty up here in Scotland which really sucks. My plan was for me to to buy the new second residential in me and my wife's name but we are both high rate tax payers and when we switch it to a BTL in a few years, we will get taxed heavily on the income. If I sell it to my company in a few years time, the company will be hit with the 4% I think. So do you recommend that I buy the new residential in my Ltd company, if I plan to rent it out in the near future anyway? And if this is the case, do I need to rent it off my company? My accountant is not the best and actually recommended I ask on this forum for any tips lol! Thanks in advance for anyone taking the time to reply
  6. Hello All, I am currently purchasing my first BTL so whilst this process is going on I thought I would look in other areas of the country to invest in. I was wondering if anyone on here has had any experience in purchasing a BTL in Sheffield. I have done a little bit of research myself and possibly the post code S2 fits my criteria. If anyone could give me more info on this area or Sheffield in general it would be much appreciated. I am looking for a 2-3 bed house for about 100-110k. Kind regards, Jay
  7. Hi i'm new to the property field, I own my flat outright but I now would like to buy another property to rent out, is a interest only mortgage the best option? Am i best to save for a deposit and get a mortgage for the new property or borrow against my own? Thanks in advance
  8. Hello, I own two buy-to-let properties in UK and one in Poland (the one in Poland is paid off already). I am living in a rented house here in London. Over the next year or two, my wife and I are planning to buy a property for ourselves to live in for the next 10 years +. Will I need to pay additional 3% stamp duty when buying a property for myself to live in? I understand that the 3% tax was meant to hit the buy-to-let market. In theory I would not be buying a second home or holiday home, but the "first" home, a family home to live in. Please let me know what you think. Many Thanks, Seb
  9. Hi, Me and my wife each had 50% share in previous property. I have now transferred my 50% equity on to my wife. If I buy (just myself) another property, will I be classified as a "Second home" buyer? I am asking because 3% increase in stamp duty for second homes from April 2016.
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