Chris Unwin

Registered with Property118.com
Thursday 24th April 2014


Latest Comments

Total Number of Property118 Comments: 22

Chris Unwin

9:33 AM, 12th February 2018
About 3 years ago

Leasehold purchase and ground rent fear?

Thanks to everyone who has contributed to this thread. One thing is clear; I will scrutinise very carefully the ground rent provisions in any future leases I contemplate buying........ Read More

Chris Unwin

10:38 AM, 16th January 2018
About 3 years ago

SIPP in the context of reducing the agony of Section 24 tax changes

I speak as a private individual and any comments are not advice and should not be taken as such.

I am glad to see someone else is looking at SIPPs. I think they are great. You can invest and get an average stock market return probably higher than from a BTL investment. You pay tax at only three quarters of your marginal rate when you remove money from the SIPP (or take 25% tax free) and can get standard tax relief as well. As a landlord with rental only income I believe you can invest up to £3600 gross annually (but check this). So why would you pay off the mortgage? Your SIPP asset sits outside your estate which helps with Inheritance Tax. For the last few years I have invested in a SIPP each April, the maximium I can with rental only income. I look forward to April coming each year now! If you are working for a salary as well you can claim tax back at 40% if you are a higher rate payer. Whats not to like? I have a SIPP, my wife has a SIPP and I do believe this helps significantly with post section 24 tax management.

As always, take proper financial advice before doing anything.... Read More

Chris Unwin

8:40 AM, 24th August 2017
About 3 years ago

Patrick Collinson "Guardian of Housing Ignorance"

I am so relaxed today I think I'll have a ramble on Property 118

Disproportionately wealthy?

I am just a guy who left university with nothing but a maths degree and nothing in the bank.
My only set of clothes were getting closer to the bone(Kris Kristofferson said that)

I got a job teaching mathematics (which I did enjoy). When I was a kid I used to love playing monopoly. I loved the risks, the windfalls, the pile of cash growing, the wisdom of reinvesting, the rent collection and the sense of achievment.
I recall even to this day when I once picked up a chance card and was saddled with "Street repairs" how I in that instant I looked into the future and sensed my own reality in the distance. It was prophetic.

I always won (nearly always).

So when I left college I was consumed with the desire to purchase property and to grow a portfolio. I saved my first £5000 deposit by scrimping and saving. I worked a second job at weekends playing soldiers in the Terratorial Army where for £12 a day I would run around in Norfolk with a rifle taking verbal abuse from over zealous Corporals and Sargents. I dont why but they seemd to pick on me( they didnt like the way I spoke or something). I was having a a good day out happy for I knew I was not frittering my money away at the weekends.

I bought my first house in 1986. Within 6 months I had a second and my destiny was set. I was playing monopoly for real at last.
The point is that I have long since been in a state of semi retirement "doing what I want to do and being what I want to be and nothing means a thing to me at all" (Kristofferson again).
Am I disproportionately wealthy according to that guy in the Guardian? Probably not among the upper echelons of Property118 Landlords but very much so in comparrison to very many people who have stayed in Jobs all their lives. I consider my result even stacks up reasonably against a certain late comedian.

So yes I have got a result.
I am worth it.
I have worked weekends and bank holidays. I have even got off a train on the way home in the evening to paint a kitchen as my final task for the day. I have been into meetings with unsavoury tenants with an iron bar under the settee just in case..... I have had one tenant die. I have run properties at a loss. I have suffered the high interest rates of the late eighties. ( Actually that is where some TA para mentality came in usefull. ie the will to "Dig in and hold a position).

The road has been long and rarely rosey. I persevered and succeded. Whatever I have, I have earned through my own energy and labours.

I wish more people understood this. I think a lot of people are just jealous. I reckon:

"If they new how we do it,
you could bet your life,
They'd be doing it as well"

instead of whinging at the success of others

Have a nice day. I am off on holiday....... Read More

Chris Unwin

7:52 AM, 19th August 2017
About 3 years ago

Tenants face dwindling supply of housing

What am I missing here??

A landlord wants to get rid of his portfoilio due to adverse tax.

It seems to me he has to sell it. (He cannot just leave it empty and walk away with no repercussions). Somebody buys that portfolio. They cannot just leave it empty and hope for price growth as they will still get taxed on a benefit in kind. So they can either live in or rent it. In either case the house has not vanished it is still in the housing stock. Perhaps someone has bought a home to live in for a little bit cheaper than was possible in the past. Is that bad? It will mean a reduction by one in rental demand. If he rents it then there is no change to demand/supply. The rent might go up a bit but only if the market will stand it.
I struggle to understand how portfolios being sold on mass is really going to effect demand and supply. These properties will not simply vanish.
This was the very point made in the radio interview with , I think Eddie Lester (or maybe Nester) The person being interviewed had no convincing answer.

I feel this is perhaps the real reason why the government feels no need to repeal s24.
Assuming I am missing the point somehow, could someone perhaps enlighten me.

Thanks.

Chris Unwin... Read More

Chris Unwin

10:23 AM, 17th May 2017
About 3 years ago

Consultation Testimonials

Like so many other Landlords I have been pondering the longterm effects of the Section 24 Tax changes to me personally. I ruefully came to the conclusion that for the first time ever I would have to pay for some advice. Mark struck me as an individual who has walked the walk rather than just talk the talked so it was an obvious choice for me to sign up for one of his consultations. I took the opportunity of meeting with Mark whilst on holiday in Malta. The meeting was relaxed and one key question was answered.... to incorporate or not right now. A stratetgy for the future was discussed and that has now moved on to the implementaion phase. In passing Mark pointed out one small and obscure error in my annual tax return accounting practices (Thankfully the error had only been short term but would have gone on much longer if not spotted). It won't be many years before a correction to that error will pay for the consultation and the weeks holiday in Malta. So all in all, largely thanks to Mark I am feeling pretty comfortable with the tax changes ahead and how to deal with them. Thank you Mark.... Read More