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Everything posted by Richlist

  1. Well you don't have to produce any records unless HMRC requires them. You just need records to complete the self assessment pages. I kept the following details /receipts: * purchase costs & sale costs, ....legal fees, SDLT, agents fees etc. I add a little bit on for mileage, telephone & postage to cover my additional costs. Normally completion statements/ letters from your solicitor will demonstrate costs of necessary. * any capital expenditure during ownership.....I always keep receipts and written records * sale & purchase prices......again that will be from your solicitors letters. * dates of sale & purchase (although this year they didn't ask for dates, they have in previous years). * annual allowance 2020/21 is £12300 per person. * don't forget to split everything 50:50 if property is jointly owned. I am then able to determine the amount of cgt due to HMRC AND....... That all results in my then suffering 24 hours of depression until I get around to convincing myself that it could have been so, so much worse than it is.....then I start to feel really happy in the knowledge im paying far less than I might have done.😂
  2. Yes same here..... we completed a sale in September 2019 so the capital gains for that property is on our SA tax returns just submitted and the £30K of tax due will be paid by 31st January 2021......ouch!
  3. I've sold a few properties over the last few years and paid an enormous amount of CGT. If there were any way of avoiding it, believe me, I would be at the front of the queue.
  4. You don't pay CGT on your own property that you live in. It's paid on the profit from any additional properties that you own.
  5. Robert Jenrick has introduced 6 month notice for tenants so they all have somewhere to live over the winter.
  6. Landlords don't need to go bust. Rent guarantee insurance or a home owning guarantor are the best tools available in the current crisis. If the tenant cant or won't pay have an alternative means of clawing back what is yours.
  7. Does the act of obtaining: * Rent guarantee insurance or * A home owning guarantor Ensure that arrears will be paid ? Does this situation only affect landlords who have not put either of these tools in place ?
  8. Beware if you agree to your tenant having cats instead of dogs. If you don't go to the time, trouble and expense of fitting a cat flap then, the tenant is likely to leave a window open so cat can come and go during the day whilst they are out. With a window open and only at cat home you might get the property burgled, worse still it might get trashed.
  9. Does the landlord have to supply a dog kennel if the tenant has a dog ? As landlords are responsible for the safety of their tenants and any visitors ......are landlords required to fit 'Beware of Dog' signs around the entrances ?
  10. There are plenty of tenants available without dogs. I wouldn't accept a dog. Or there are a few options available * Increase the rent. &/or * Take a larger deposit. or * Say no. good luck.
  11. If you try to extract the cost of a professional clean from an outgoing tenant who is determined to argue your claim is totally without merit and the deposit protection people become involved YOU are very likely to find yourself seriously out of pocket. I've had some very robust negotiations with ex tenants of mine over deductions and what Ive learned is to keep it professional, business like and always be prepared to compromise. Do let us know how you get on please.
  12. I think I now understand the situation. You are a landlord who doesn't live locally. You are expecting your outgoing tenant to leave the property in a condition that is totally ready for a new tenant to move in......and that's completely unrealistic. I have never had a tenant move out where there wasn't something to repair, fix, renew, replace, clean, prepare or improve etc. You are relying on the integrity of a check out clerk who may have an unrealistic standards and there is no substitute for eyeballing a problem. Your location is not your tenants problem. If I were your tenants I'd argue my case robustly. You are going to need to get people in anyway.....at your cost..... * You are going to need an electrical survey before reletting....can't you ask the electrician to fit a battery and a couple of lightbulbs.....it'll take 5 minutes. * Surely you are going to need a handyman to at least confirm the details of the Legionella advice sheet before reletting so you don't need a separate visit. Letting property from a distance doesn't mean your tenants pick up all your costs just because you can't go and fix a few things.
  13. I don't think there is any legal requirement to clean the property 'professionally' at check out. Even if your tenancy agreement requires it, it's likely to be an unfair contract clause. The tenant is required to leave the property clean and tidy and no doubt that's what they believe they have done. Just because your check out clerk has a different standard to your tenant doesnt mean they are right and your tenant is wrong, different people have different standards. I always ask myself how bad is it and what's it gonna take to put it right. If the answer is not much I don't persue the tenant. If the tenant has been a good one during their tenancy neither would I be so miserly as to charge them what is likely to be less than £10 for a couple of light bulbs and a battery.
  14. Richlist

    Ms Amanda

    Well I'm guessing this sort of issue (pests, vermin, unwanted furry or crawly visitors.... doesn't happen very often). Agents with hundreds of tenants probably see it from time to time......someone like me with a few properties has seen it a couple of times in 20 years. Bed bugs seem quite common. I've had mice/ rats in flats but have had council pest controlling sort it out......even though there were gaps in the building (exterior wooden cladding) through which they gained access. I've had more trouble with human pests (tenants) than anything else so it's not something high on my list of problem areas. I'd probably pay to get wasp nest removed.....can't imagine it's gonna be very expensive.
  15. Richlist

    Ms Amanda

    Thats a really interesting question.....which is more difficult to answer than you might imagine. If the garden was say 2 acres in size then a wasp nest wouldn't cause much of a problem but if the garden was 30 ft square then it would. So, my take is that almost anything that interfers with the tenants ability to enjoy the property e.g......broken fence letting wild animals into garden, bird stuck down chimney, rats or mice in the property etc are the landlords responsibility to fix. Don't know if it's covered by insurance, or if council pest control will sort it for you. If the property is leasehold then it would be covered by service charges normally.
  16. I'm horrified...... You don't know how the new tenant will perform and you are considering committing yourself to a 2 year fixed term. Neither of you will be able to part company until the end of the fixed term. Sounds like absolute madness to me. Why does the tenant want this ? Why are you considering accepting this request ? What is there about the normal 6 or 12 month AST that doesn't cut the mustard for you ? What's wrong with a 12 month AST and a break clause at 6 months......if the tenant lasts 12 months and is acceptable you could give him another 12 month AST, with a break clause. I wouldn't want to be lumbered with an unacceptable tenant for 2 years.......that's the risk......how are you intending to mitigate that risk ? Than there is the question of restrictions to letting terms from freeholder, mortgage lender and insurers that you will need to check.
  17. Seems all property purchase by Ltd co is subject to 3% sdlt surcharge.
  18. I can't answer your question, I'd suggest you check with your tax office or an accountant. However, I do have a few points: * You haven't said what you intend to do with the property once held by the Ltd co. * You will need to pay to form a Limited Company. * If you are going to raise a Ltd co mortgage, be aware that interest rates are higher for a Ltd co. * The Ltd co will need to pay legal fees and SDLT when buying your property. * The Ltd co will need to pay corporation tax on any rental income, in addition you will need to pay income tax on any money you take out other than dividends .
  19. This is scandalous, the organisation responsible for regulations & certification have already lost control. If you don't report these issues they will never be corrected and electrical checks will be a joke.
  20. It might be worth talking with any lettings agents you might know to find out who they are using and to enquire if they are getting the same feedback ie new consumer unit required. Where's Grampa ? What's his experience ?
  21. So, can I assume that before the Council fitted the new roller door there was a minimum 300mm gap ? If that is the case then the responsibility for fixing it is clearly with the Council. Perhaps they can lower the frame or make the opening narrower, but no matter, it's up to them to fix it asap or sooner.
  22. This is getting even more bizarre ......surely if one gets a failure they are entitled to know why and what needs to happen to put the matter right ? How can you possibly fix a problem if you don't know what the problem is. CoR......do you know what has caused the failure ?
  23. I find it's sometimes a bit difficult reading your posts. I have to filter out the sarcasm, satire, irony, bias, witticism and humour before I can really understand where you actually are. If I read your last post right......you have got a positive result.....quickly and at no cost. Door being removed, new gas cert at council expense, job done.
  24. Don't forget there is usually more than one local councillor.....contact all of them and ask for an urgent response or it will be a week before they get back to you.
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