LandlordZONE

08

Feb, 2016

Monday

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  1. Replies
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    I vaguely remember about 10-12 years ago, the...

    I vaguely remember about 10-12 years ago, the Chancellor ( then Gordon Brown ) decided to encourage more Ltd company startups and offered incentive of no tax on first 10K profit . But this...
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    1. If you expect to make 10K-15K capital gain...

    1. If you expect to make 10K-15K capital gain from the sale , I would recommend you to pay for a RICS surveyor's valuation to establish the current market value as you may be asked to justify the...
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    You should make enquiries for the best mortgage...

    You should make enquiries for the best mortgage terms to buy under your own name and under company name and compare the offers and annual cost payable for loan interest.

    You should make enquiries...
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    The Leasehold Advisory Service recommends looking...

    The Leasehold Advisory Service recommends looking at HMRC + helpsheet 292 :

    http://www.lease-advice.org/information/faqs/faq.asp?item=187
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    Are you changing from single brick wall to double...

    Are you changing from single brick wall to double brick with 2 "cavity wall ?
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    If the immersion heater element develops a fault...

    If the immersion heater element develops a fault , it can cause the minature circuit breaker to operate and switch off the electricity supply.

    So when you get to the flat, check whether the...
  7. You should keep a register of leaseholders and...

    You should keep a register of leaseholders and their mortgage lenders. If any flats refuse to pay their ground rent or service charge, you will know who to approach before starting action for...
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    I have been previously a director of a management...

    I have been previously a director of a management company and leaseholder in a block of flats but NOT expert in company procedures.

    I suggest you check :

    (1) the freehold Company's annual ...
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    Companies have to file accounts and list of...

    Companies have to file accounts and list of members every year to Companies House.

    What does the filings say about the company structure ? Does it say your company is limited by shares or...
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    You should download the free guide to making...

    You should download the free guide to making application to FTT : http://lease-advice.org/publications/documents/document.asp?item=18

    You should also buy a copy of the" RICS Residential...
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    Have you tried Nat-West? or a broker like below ?...

    Have you tried Nat-West? or a broker like below ?

    http://www.thebuytoletbroker.co.uk/mortgages-for-investors/hmo-mortgages/
  12. If your income is below the rent a room ...

    If your income is below the rent a room allowance , you don't have to report it. If its over, then you have to submit a tax return.
    ...
  13. 1. The property was purchased for £172K and you ...

    1. The property was purchased for £172K and you paid 25% deposit = £43K and borrowed £129K from Mortgage lender. The mortgage lender will have registered a charge against your property title and...
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    The Times newspaper ( 22 Jan 2016) had a report...

    The Times newspaper ( 22 Jan 2016) had a report headed " In God we used to trust, but now we prefer a hairdresser".

    Most trusted occupations - doctors 89% , Teachers 86%, Judges 60%,Scientists...
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    It seems if you swop your BTL for shares in a...

    It seems if you swop your BTL for shares in a company, you can claim roll over relief. If you sell your BTL to a company, then you are liable for cgt after disposal.
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    When you buy the property to hold under 2 names ,...

    When you buy the property to hold under 2 names , the solicitor will ask if you want the title holders registered as "joint tenants" ( surviving tenant gets all ) or " tenants in common" ( each...
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    To say “It is misleading nonsense” shows your ...

    To say “It is misleading nonsense” shows your “thinking level ” is not smart enough to anticipate tax danger.

    Here is my thinking to avoid tax danger:

    1. Owning a property under own...
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    Unsolicited calls from law firms offering their...

    Unsolicited calls from law firms offering their services to make a claim for mis-sold payment protection insurance .
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    boletus, I suggest you read : hmrc guide...

    boletus,

    I suggest you read :

    hmrc guide No. CG64455 which requires the property owner to "move into the property " to start a main residence.

    hmrc guide No. CG64545 which lists the...
  20. Your legal entitlement is to request a copy of...

    Your legal entitlement is to request a copy of the last year's audited service account after 6 months from end of the reporting year. You can request a copy of the service charge budget for this...
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    http://www.hmrc.gov.uk/manuals/cgmanual/cg65050.ht...

    http://www.hmrc.gov.uk/manuals/cgmanual/cg65050.htm

    According to CG65050, the periods before and after "the period of absence" must be your main residence .

    So OP has to physically move into...
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    There is no hurry to buy as interest rates may be...

    There is no hurry to buy as interest rates may be starting to rise. I suggest wait until the interest rates rise to 3% and property prices have fallen back 20 %.

    I think a new mortgage of £ 135K...
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    Better to stay away from property marketed to...

    Better to stay away from property marketed to over 60s buyers. Cant help feeling they expect you to die early and return the property to the seller.
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    You need to live in the property for atleast one...

    You need to live in the property for atleast one year to proves its your principal residence , before you can claim exemption after sale to capital gains tax. So move in if you want to claim...
  25. Its always difficult to judge if expenses...

    Its always difficult to judge if expenses incurred before start of letting is really "capital" or "allowable expense" and I suggest you get help from one of the accountant firms offering assistance...
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