David Dorset

Registered with Property118.com
Monday 12th February 2018


Latest Comments

Total Number of Property118 Comments: 79

David Dorset

20:34 PM, 24th January 2021
About 3 months ago

Deciding the way forward for my exit?

Reply to the comment left by Darren Peters at 24/01/2021 - 19:28
Depend what you call cheap I guess. If you invest £50k and a year of emails back and forth to get the lease extended and after that the property is only worth £55k more than when you started then that is not cheap. But value is created by the market and i'd rather have a 900 plus year lease than a 90 plus year one. The perception of much better value will surely lift the salability and actual value beyond just a few thousand above the extension cost. As for the Lords, they didn't do much about the tax rises, tenant fee bans and general war on Landlords of late. We will see but surely it has to go in the right direction. The government needs landlords and fewer and fewer seem to be entering the market now. The world cannot survive without beds to sleep in!... Read More

David Dorset

18:10 PM, 24th January 2021
About 3 months ago

Deciding the way forward for my exit?

Reply to the comment left by JOGL at 24/01/2021 - 17:46
Thanks for the message JOGL. I would have 75% loan to value and do intend to do as you suggest and wait it out on the basis of a better outcome after the new legislation comes in. I too will likely die with my working boots as you put it, but by 60 I want to know that if the boots aren't working for any reason then I don't have to worry.
I mean the best job in the world is the one you do because you like not because you have to right?
Keep on renting!... Read More

David Dorset

23:10 PM, 23rd January 2021
About 3 months ago

Deciding the way forward for my exit?

Reply to the comment left by Andrew Miller at 23/01/2021 - 10:37
Thanks Andrew,
Yes I am glad I have started to think about this now whilst time is still on my side. I do have a couple of contacts that have larger portfolios and are well known to me. I have considered what options could be possible for me to transfer over to them and even continue to manage the properties for them. They have their portfolio as a kind of family trust so they are in it for the longterm and will hand down from generation to generation. What value is my portfolio to them would be an interesting thought.... Read More

David Dorset

22:59 PM, 23rd January 2021
About 3 months ago

Deciding the way forward for my exit?

Reply to the comment left by Amjed at 23/01/2021 - 13:59
Hi Amjed,
Yes I agree but I am not sure my area is the best for rent to buy as we have a very transient renting population. We are a population of many different nationalities here and it is common for people to move here from another country and stay for a few years and then move on. In addition we are a large international language school catchment area and university town as well as a tourist destination. Our town has a great atmosphere because of this and I love the different cultural influences we have, the only downside is always people arriving to live here and always people moving on.... Read More

David Dorset

12:32 PM, 21st January 2021
About 4 months ago

Deciding the way forward for my exit?

I have really created this post to get other experienced landlords views on my exit plan. Had some good information to suggest waiting on further lease extensions would be wise if I can afford the wait. I am definitely going to explore this one.
Others have agreed with the sell one a year and end up with three or four properties (plus my own home) mortgage free, so a free home with no rent or mortgage and an income.
I don't think I can incorporate and keep all of the properties as I looked at this and the capitol gains etc looked like it could be very involved. Plus commercial financing has much less protection than private residential mortgages do. Had a landlord friend have his entire loan called in a short notice for no reason, He couldn't pay it all at once so they reprocessed his portfolio and charged him a massive amount of fees for doing so.
Any landlord, not posted on here, said for my partner to see up their own lettings, management and n book keeping business and charge full market rates for that. That looks promising as it would lower my income (due to the increased tax I pay due deduction of interest relief on mortgages). As a result I am now a high rate payer) and this plan seem be fairly straight forward and as far as I can see legal as well . It would reduce my income and thus high rate tax and the costs would go into my partners limited company. We keep our money separate but it would be beneficial nevertheless.
Any other options would be good - particularly the type of rate and rules and experiences of landlords have one mortgage loan for all their property.... Read More