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  2. Where's me monkey gone? Is this an animal rights thing?
  3. While the Gov't's are keen to pass the burden of social housing to us we will see incresed controls by legislation. The trend is very clear by now so it's either suck it up and get used to it or get out. Personal choice and that can be down to many factors. Then we have the Bof E keen to prevent housing bubbles that interfere with the ideal inflation target, so by what ever means thare will be efforts to control property price increases. That also suits the Gov't some as there is greater opportunity for those wishing to escape the rental trap, that we evil LL's are totally responsible for, nowt to do with market forces apparently. The future of the rental market is more and more down to revenue than capital growth. Demand will cause price increases but will be moderated by market controls from above. The increasing legislation that is definitley aimed at reduciing the LL's advantage will temper demand from us, one box ticked. Gov't incentives to make purchase more attractive to market newbies ticks another box. Increasing interest rates would be a deterant to all so taxing additional properties and reducing tax relief on them gets around that. Mr Carny has warned again recently to expect % rate rises, that'll see a few of us off in this weeding out process, so more properties returned to the market, along with some displacements as collateral damage. House prices in my experience haven't risen signifiacntly, like double, if at all in some cases since 2008. And while I have previously predicted a moderate bubble is due it 'aint happened and I now doubt the forces above will allow for it to happen easily. But ask any housewife and without doubt the value of our money has dropped very significantly. The stated inflation rates aren't borne out on the super market shelves. Just some more thoughts
  4. 100% agree with RL. Property prices are only going to go one way over the next 5 to 10 years and that is upwards. Ignore the "Doomsters" the present slow down blip in prices is but temporary. All the "Doomsters" have been wrong on their predictions for the last 50 years. Even though I have tried to "retire" I can't. Like RL says 1.5% in your bank /building society account is laughable. I went out and bought another property this time last year and renovated it to a good standard for renting out because of the low IR I was receiving. No capital rise in value as yet but the 1st year rental income exceeds the bank rate income by a huge amount even after taxable income. It's true follow good advice from where ever you can get it and treat the whole thing as a business. Youtube have some good videos on landlording for the 1st timers.
  5. I often complain, not only on this forum but, to anyone else who will listen about the problems of being a landlord. However, along with a few other things I've been involved in, i feel extremely fortunate to have had the foresight to have made an awful lot of money out of property. It looks like that is not going to change anytime soon. OK, so the taxman takes takes lots and new legislation is introduced which cuts into profits but I just roll with the punches and still make enormous amounts of money. Where else are you going to put your money? Unless you have an alternative business that's guaranteed to return considerably more than the 1.5% you might get on deposit. There is the potential for bigger returns but that comes with bigger risks. Long term property investment has always been a good bet. Follow some of the recommendations here to maximise your income. Property prices are only going one way........there aren't enough of them.......so the rules of supply & demand dictate the outcome.
  6. Off topic also, I have turned one of our properties into a holiday let, with good response in its first week of being on Blue Chip,s web site, our son has turned 6 of his properties in a South Coast seaside town into lets via. Bookings.com, airB&B and Trip Advisor, I am beginning to think this is the way to go and they are exempt from council tax ( only one) as they are a small business.
  7. I guess you are not alone with your thoughts Acura. There are mixed messages on the reasons why landlords are quitting. I have been landlording since 1990 plus property developing as I go along. I have actually bought 2 rental properties in the past year. Was this a wise thing to do? Who knows. I have very good tenants in place and I am happy with everything right now. I will always stick by my theory that investing in property long term will be a good decision in the long term. I was told once way back in 1970 that "the value of property doubles every 10 years and the value of money halves". Probably not too far from the truth imo. Perhaps the "shake out" of landlords right now are some who entered the market to make quick money? I call them the "Dinner Party Landlord's".
  8. I’ve been letting since 1987 and it’s time to get out. Fed up with all the rules and regulations - as necessary as *some* of them are - it’s becoming more and more a pain in the ass being a landlord IMO. I’ve got an offer on one, and the others will be on the market soon. Time to hang up my landlord hat! Sorry, that didn’t answer your question. More of a mini rant!
  9. The Governments proposed changes to the S21 are still at the consultation stage. No firm decisions have or will be made until all of the fact finding work has been completed. Any changes, which are likely to include revisions to S8 and the court process are not likely to be any time soon.
  10. Can anyone tell me how I can repossess my property if I decide to sell it after they have abolished section 21
  11. Earlier
  12. If you just bought the property and had a new kitchen fitted before letting it then the cost can only be offset against CGT. If you had already let the property and then had a like for like kitchen fitted the cost can be offset against income tax. If you already let the property and then had an improved kitchen fitted the cost of the WHOLE project can only be offset against CGT.
  13. Just have a fitted kitchen installed in a rental property before I could let it before there were just shelves on the wall Is that capital expenditure deductible against CGT when I sell the property or repairs
  14. Kanrent..........Yes, Positive. It is on the HMRC / Government Website Guide to what you can claim for with Capital Gains returns on resale.
  15. I will as Grandpa has laid down a definitive quote on CT exemptions. I have been through this before with SBC but they have always told me that as from April 2017 no exemptions on CT are allowable. I would love to prove them wrong.
  16. Not sure if your comment relates to ....no ct exemptions or ct charge allowed against cgt. My understanding is that a property that has been let and is now empty awaiting sale completion is still part of the rental portfolio and running costs such as utilities, insurance and council tax etc can be offset against income tax. If the property has been bought and not let prior to refurb and/or sale then the rules may be different Melboy.....in your shoes i would investigate further wether sbc are free to determine that a complete refurb is not entitled to a ct discount or whether that decision is laid down in statute by the Gov' .....as it's worth 6 months council tax to yo. I was under the impression that you are therefore entitled.
  17. Are you sure? that's worth knowing
  18. Has anyone got the detail yet Suppose I want to sell my property What then
  19. Funny how Swindon Borough Council don't accept the The Council Tax (Exempt Dwellings) Order 1992 Grampa. The nearest I got to any answer was that if a property requires a complete rewire then CT may be exempt. I have no doubt that SBC will have a smart answer to any CT challenge I put forward.
  20. The Council Tax (Exempt Dwellings) Order 1992 Vacant dwellings requiring or undergoing major repairs or alterations A dwelling may be exempt for a maximum of 12 months if it: 1.is vacant (ie, unoccupied and substantially unfurnished) and requires, or is undergoing, major repair works to make it habitable; or 2..is undergoing structural alteration which has not been substantially completed; or 3.has undergone major repair work to render it habitable, but has remained continuously vacant since completion for less than six months; or 4.has undergone structural alteration, but has remained continuously vacant for less than six months since the alteration was completed. The vacant dwelling remains exempt for as long as it requires the major repair work or for as long as the works or alteration takes, subject to the 12 month limit. Major repair works are not defined in the legislation apart from the fact that they include structural repair works; nor is the phrase ‘substantially completed’ defined.
  21. No council tax exemptions allowed from my local council. The semi derelict flat that I renovated and finished last March commanded CT from day 1 and I am still paying the monthly charge and have done so for the past 6 months. Hopefully the sale completes this month but I do know that the CT charge is allowed against capital gains made when reporting to HMRC on resale.
  22. I don't think my buyers would thank me for taking out the kitchen. It sounds an expensive & messy exercise that probably wouldn't be cost effective. 😂 It's the same for me as it is for most people when selling a rental......there's gonna be some costs.....and some of them might be unexpected.
  23. You could make the property uninhabitable by taking out the kitchen or put up a few random acrow props. I dont think you have to pay council tax if the property cant be lived in.
  24. I guess most of us pay at least a bit of council tax when a rental property is empty, between tenancies. For the lucky ones among us who manage to let their properties quickly the council tax may only be a few days or a week or two at most. With a 50% discount, for me, a couple of weeks amounts to about £30. After tax that's cost me £18.......so no big deal. The issue is when you sell.......I have a property that's been empty for 4 months, so far. We have a buyer but can't see sale completion until June, possibly July ( it's leasehold and always takes at least 4 months). So, I've used up my 3 month discount period and am now paying FULL council tax (£122 pcm) for a totally empty property ! It gets worse .....if you add the cost of council tax, electricity, service charges, ground rent, regular visits to the property it's costing around £200 pcm. Empty for 6 months = approx £1000
  25. Some of mine can still be exempt while empty for 6 months. Another increases the charge to 150%, after 12 months I think. Part of the attack on 2nd home owners if I remember. Local council websites should fore warn of their 'chosen' policy. But generally I find Labour run councils will us as fair game to provide them with additional revenue. Far be it from me to suggest another party takes residence before such as 150% is applied, on paper, for their records.
  26. It's a Conservative majority. No idea when it's going to 150%......hopefully it won't affect me.
  27. That's a lot of dosh. When does it rise to 150%? Councils have choice of discounts and periods nowadays, they vary considerably. Is that a Labour council by any chance?
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