Paul Baker

Registered with Property118.com
Wednesday 7th May 2014


Latest Comments

Total Number of Property118 Comments: 29

Paul Baker

12:29 PM, 21st January 2020
About 2 months ago

Do I pay CGT if I sell to a friend at minimum value

Thanks for the excellent explanation Silversurfer, I agree, you are of course correct, the acquisition cost would indeed be the market value of each gift - apologies I was having an off day!
A fascinating concept and one which seems to make perfect sense. If it is a rental property are you allocating the income/expenditure as per the % split? I believe I read somewhere that you don't have to and it could be shared however you chose between you (although I may be having another off day!) :-)... Read More

Paul Baker

20:53 PM, 20th January 2020
About 2 months ago

Do I pay CGT if I sell to a friend at minimum value

Reply to the comment left by at 20/01/2020 - 17:24
Hi Silversurfer, I like your suggestion and it got me thinking how that could also save on IHT (although you would need to survive 7 years from each 'gift' of 10%), however when your son eventually disposes of the property he would have to pay CGT on the difference between the market value of the asset at time of disposal and his acquisition costs which are nil so you would be deferring the CGT liability and in fact increasing it albeit he would pay it eventually and not you.
But... if as I suspect, the property is to be his main residence(?), then I can see this working as legitimate way to reduce CGT on the property.... Read More

Paul Baker

15:50 PM, 27th October 2019
About 5 months ago

Tenant asks for so called 'No Fault Eviction Notice'?

Hi - I have just done this with a good tenant of 19 years good standing with me. She was hoping to eventually be put into council sheltered housing as she is 60 years old and single.
I was reluctant to do it but it was the only way for her to get any assistance from the council.
I did serve the S21 but you will need to be on the brink of actually evicting the tenant before the council will help. I therefore had to wait for the 2 months S.21 notice to elapse then take her to court (accelerated possession order, no need for either to physically attend) at a cost to me of £355. The court then ordered her to leave, she was advised by council to still not go so I had to refer the matter back to the court who then give another deadline of approx 2 weeks after which you can then instruct bailiffs. The Council did then take the matter seriously and helped her before I need to escalate and pay for bailiffs. Total cost to me was £355 and she has now been given council accommodation that she is happy with. I did it for her, and given the same circumstances again, I would do it again as it was a relatively small price for me to pay to help my tenant of 19 years on her journey.... Read More

Paul Baker

17:56 PM, 27th May 2019
About 10 months ago

BTL to Holiday Let

I have a holiday let in Cromer which does very well. We do use Cottages.com & they do take a hefty fee but it works well for us. Running a holiday let is much more time intensive than the BTL's which I have, it's like running a hotel with bedding, towels, tea & coffee and of course TripAdvisor reviews and Reevo reviews to manage.
For your property to actually qualify as a FHL it must actually be successful, it's not sufficient to simply declare it as a FHL, it must prove itself for the tax breaks. I've copied a few lines below:

For the first 12 months of being a FHL, your property will effectively be in a ‘probationary’ period. During this time, the potential and actual availability of your property will be reviewed and for your FHL status to become a more permanent feature, your property must:
be available for 210 days (30 weeks),
be let commercially as a holiday property for 105 days (15 weeks)
and if occupied for more than 31 days by the same person/people, there must not be more than 155 days (total) of such longer lettings.
Days you, your friends or family spend in the property, for free or at a discounted rate, do not count towards the total occupation requirements.... Read More

Paul Baker

13:21 PM, 20th January 2018
About 2 years ago

Grant Funding To Improve Energy Efficiency Of Rental Properties

Although the article refers to 'targeting non-gas homes' I would also like to know if there's any help available to my tenant who is on benefits & rents my property which has a Bermuda Back Boiler which has an efficiency rating if E... Read More