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Feb, 2015

Sunday

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  1. And to think that half of my tenants would call...

    And to think that half of my tenants would call me out to change a lightbulb....

    To be honest this sounds dreadful but I don't have anything to add to the advice given above.
  2. philc27, Do you think you're ever likely to...

    philc27,

    Do you think you're ever likely to have two of the rooms vacant for an extended period of time? If not, I'd stop worrying about it if I were you.
  3. How "with it" is your landlord in terms of...

    How "with it" is your landlord in terms of knowing about letting property?

    The reason why I ask is because some landlords are ignorant of the concept of statutory periodic tenancies (or "rolling...
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    I am not aware of any official procedure for this...

    I am not aware of any official procedure for this -- I'd just tell them when completion takes place and give them their new landlord's details.
  5. Three tenants is still potentially HMO. I think...

    Three tenants is still potentially HMO. I think you mean if the no of occupants slips to two.

    Answer -- theoretically yes, I think, but if the other two rooms are only temporarily empty and are...
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    claire x, In what sense do you "smell a rat"?...

    claire x,

    In what sense do you "smell a rat"? On the bank accounts point, I'd suspect that it's just different departments of your employer not talking to each other, or an overzealous...
  7. If he (like most people) gets paid at the end of...

    If he (like most people) gets paid at the end of the month, why don't you get him to give you an interim payment on 21st January which takes them up to 1 February, and then make the 1st of the month...
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    Thanks for the reply. I think that taking that...

    Thanks for the reply. I think that taking that approach would be much easier than deducting multiple amortisation sums for each mortgage every year.
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    Yes, I have been dutifully amortising some...

    Yes, I have been dutifully amortising some initial mortgage costs over a notional 10 year term, knowing full well all along that I intended to remortgage after the 2-year fix. This'll presumably mean...
  10. Thanks both. I'll treat these as revenue. ...

    Thanks both. I'll treat these as revenue.



    An interesting thought, but it seems that there is sufficient logic to the idea of treating them as revenue for it to be a tenable decision. My...
  11. Bear in mind that if you have more than two...

    Bear in mind that if you have more than two lodgers your house will become an HMO. You are lucky in that I don't think that Cambridge City Council has implemented either an Article 4 direction or any...
  12. I've just had another think about this. As...

    I've just had another think about this.

    As explained by jpkeates and King Maker, it seems clear that the capital costs (such as solicitor's fees) on abortive transactions will never be tax...
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    Ditto. I always amortise mine, although it's such...

    Ditto. I always amortise mine, although it's such a pain doing the maths that I do sometimes wonder whether HMRC would really be all that cross if I just deducted them straight off....
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    I get the impression that you want to cancel your...

    I get the impression that you want to cancel your tenancy agreement for extraneous reasons, but are just looking for a landlord breach as an excuse for doing so? Although I don't condone your...
  15. I have often wondered whether there could be a...

    I have often wondered whether there could be a tenable argument that these costs could be considered capital costs against whatever property is, eventually, purchased in place of the aborted...
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    I'm confused about this bit. If the mortgage is...

    I'm confused about this bit. If the mortgage is in your name, surely the lender would complain to you with reminders as soon as payments were missed? Also, by what mechanism does/did your...
  17. Thread: Dilemma

    by JamesHopeful
    Replies
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    659

    I still don't see why you felt the need to...

    I still don't see why you felt the need to remortgage to an owner-occupier mortgage (aside from the fact that you perhaps got a better rate) but never mind.

    I do see that a pressing concern such...
  18. He will need to (i) serve prescribed information...

    He will need to (i) serve prescribed information and (ii) serve a valid Section 21 notice (in that order). Looks like he hasn't done either thing.
  19. Thread: Dilemma

    by JamesHopeful
    Replies
    8
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    659

    Not the most festive reply given the date, but...

    Not the most festive reply given the date, but there are a couple of things which strike me as odd about this situation which it might be helpful if you clear up, although I think there is a fairly...
  20. Unless the OP's local council has introduced...

    Unless the OP's local council has introduced additional licensing, this HMO won't need a licence as it's only four residents (although the OP should definitely check the additional licensing point as...
  21. jpkeates, Although I am aware that it is...

    jpkeates,

    Although I am aware that it is sometimes possible to reduce tax liability by buying property through a limited company, it should be noted that the substantial majority of private...
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    Buying a property with sitting tenants can work...

    Buying a property with sitting tenants can work very well. I've done it twice. It means that you're receiving rent from day 1, and it also takes some of the "will this property let and at what...
  23. Based on the original post, I think "refreshing"...

    Based on the original post, I think "refreshing" is meant to mean selling some properties and buying new ones, not re-financing.
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    When people say things such as "I'm getting 8%...

    When people say things such as "I'm getting 8% yield on my new BTL flat", they generally mean the simple gross yield i.e. the annual rent expressed as a percentage of the property's capital value....
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    I would repeat the response I gave on the thread...

    I would repeat the response I gave on the thread to which you've linked, i.e. to summarise it's really a question of how leveraged you want to be.
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