Ken Clark

Registered with Property118.com
Saturday 20th May 2017


Latest Comments

Total Number of Property118 Comments: 4

Ken Clark

16:43 PM, 4th October 2021, About 2 months ago

What is the best way to gift properties to family?

Reply to the comment left by Mark Alexander at 01/10/2021 - 13:33CGT yet to be worked out.
Total legal fees, buying/selling + stamp duty £5750
Gifted deposit was £35000
Zero lenders fee but 0.2% higher than TMW's rate. However seems that TMW no longer allow a family gifted deposit which is why my broker went to Godiva (Brokers fee £125)
I have done it this way as my interest only mortgage was coming to an end and rather than take another mortgage out "sold" it to my daughter. The benefit to her is clear and the benefit to me is that after paying all costs I pocket £55k (less CGT)
What is interesting is that despite the mortgage now being more than double the previous one, there is only £25 per month difference in the repayments.
I will repeat this with my children as and when my BTL mortgages end, and hope I live longer than seven years!... Read More

Ken Clark

13:25 PM, 1st October 2021, About 2 months ago

What is the best way to gift properties to family?

I have just "sold" one of my BTL properties to my daughter, at full market value, with a tenant in situ. My financial adviser found a good BTL deal with Coventry's Godiva for her, and they did not even ask if she was employed or had any income!
I gifted the deposit and paid all fees and taxes.
My understanding is that If you give assets away and you survive for at least 7 years then all gifts are free and avoid inheritance tax... Read More

Ken Clark

9:33 AM, 18th April 2020, About 2 years ago

Ken Clark

9:18 AM, 18th April 2020, About 2 years ago

12 out of 13 tenants asked for "Rent-Free Holiday"?

Reply to the comment left by David Price at 15/04/2020 - 09:46
I would appreciate a copy please David

Cheers... Read More