Landlord Lucan

Registered with
Wednesday 16th March 2016

Latest Comments

Total Number of Property118 Comments: 12

Landlord Lucan

20:10 PM, 22nd April 2016, About 6 years ago

Clause 24 loophole?

The OP's plan might not work in the long term, but it might still be useful for front-loading finance costs during the transitional period. For example, if you were to pay a large arrangement fee for a 5-year deal in 2016, then you could deduct the whole of the up-front cost from your turnover and then enjoy very low interest rates until 2021..... Read More

Landlord Lucan

12:42 PM, 30th March 2016, About 6 years ago

Accidental landlord needs help

If you wanted to have a go at managing the property yourself, the UK Government's model tenancy agreement is a good place to start. It is free to use, and it explains most of your rights and obligations as a landlord.

I found my current tenant by joining a local community Facebook page posting an ad. Since the rental market is quite buoyant in my local area, I was able to do a few viewings within a short space of time and pick the most promising one based largely on gut feel and personal circumstances. Many different online providers will do a credit check for around £15 (which I would recommend for your peace of mind).

If you have any gas appliances, then you'll need to get a gas safety check done annually (£70-£100). You'll also need to make sure you have smoke alarms and a carbon monoxide alarm (compulsory if you have a solid fuel burner).

There are two government-approved tenancy deposit schemes, and you'll have to use one of them. I recommend protecting the deposit as soon as you receive it. You'll then need to send your tenant a pack of 'prescribed information', which includes copies of:

* The tenancy agreement;
* The UK government's 'Right to Rent' guide (see link above)
* A valid EPC certificate;
* A gas safety certificate (if applicable);
* Details of the protected deposit.

None of it is rocket science, so I would recommend reading up on what to do (both on this site and elsewhere) to see if you could save both yourself and your tenant some fairly hefty fees.

Good luck!... Read More

Landlord Lucan

19:56 PM, 29th March 2016, About 6 years ago

Summer Budget 2015 - Landlords Reactions

Yet another anti-landlord article here:

It continues to amaze me that so-called 'expert' columnists fail to identify the fact that GO's restrictions on mortgage interest relief are a de-stabilising influence on the private rental sector, rather than a stabilising influence as is commonly claimed.... Read More

Landlord Lucan

13:42 PM, 17th March 2016, About 6 years ago

Summer Budget 2015 - Landlords Reactions

Reply to the comment left by "Kathy Evans" at "17/03/2016 - 13:26":


If your gross income is less than the personal allowance (£10,600 for 2015-16), then you don't pay any income tax anyway, and therefore there's nothing to deduct from your non-existent tax bill.

If your gross income is more than that (including all interest, rental *profits*, earnings, etc), then you will be paying at least 20% tax on anything above £10,600. The amount over £10,600 is the amount that you can claim 20% tax relief on.

E.g. if you earn a total of £15,600, then your 20% marginal tax rate applies to the £5000, resulting in a £1000 tax bill. The most you can deduct from that for any costs is therefore 20% of £5000 = £1000.... Read More

Landlord Lucan

13:33 PM, 17th March 2016, About 6 years ago

Summer Budget 2015 - Landlords Reactions

Reply to the comment left by "Landlord Lucan" at "17/03/2016 - 13:17":

Just to clarify my last paragraph, above:

If you can carry losses forward without them being affected by the new rules, then it doesn't make any difference when you incur them, because the finance cost for each year will effectively be treated under the rules under which it was incurred. (In other words, the right to claim relief on historic finance costs will be preserved).

However, if your ability to claim relief on past losses is going to be eroded in the future, then it's definitely best not to make any losses for the next 4 years, otherwise you will permanently lose relief on the finance costs associated with those years.... Read More