ED SHIRMAN

Registered with Property118.com
Saturday 29th November 2014


Latest Comments

Total Number of Property118 Comments: 9

ED SHIRMAN

12:51 PM, 20th November 2018
About 8 months ago

Advice about a student property purchase for our daughter?

Hi everyone . Mark , of course the relationship you have with your daughter both now and in the future is a key factor in this as well as your investment objectives. My boys . now men ,and i maintained a very good relationship and they trusted and respected my experience and planning for their futures. I would wish you the same but only you can decide. The handling of maintenance issues etc can be managed by finding trusted local traders and i didn't have any problem when my son lived in his property with other tenants. I didn't find distance as a problem once this was set up . Good financial and man management is of course needed.Nothing comes easy , you have to make it work for you if that's what you want .... Read More

ED SHIRMAN

9:57 AM, 20th November 2018
About 8 months ago

Advice about a student property purchase for our daughter?

Hi Peter ,the status of the house re HMO classification is dependant on the numbers occupying the premises and the set up of shared facilities , this you must check with the local authority . It is not based on who owns the property.
Ideally i think you should have the house owned by your daughter and she can then claim tax relief on the rent a room basis for example . Also under current legislation , when she decided to sell , it could be considered her primary residence and not pay capital gains tax . Alternatively it could continue as a source of income for her.The key seems therefore to be how you propose to finance buying the property . Hope this helps and am happy to answer other points if it might help . I did the same for my son back in 1998 and built a property portfolio both in a company and personally from that time . I have been involved in HMO's recently with the change to the classification by national Government.... Read More

ED SHIRMAN

9:05 AM, 4th July 2018
About A year ago

Downsizing into our Buy to Let?

Not sure i share your accountants sense of humour! No CGT payable on sale of your primary residence -your home . You are simply moving into another house you own so no extra tax liability as far as i can see . Good luck . Dont forget insurance should be changed on your buy to let becoming your home ie not let out .Good luck .... Read More

ED SHIRMAN

10:31 AM, 13th September 2017
About 2 years ago

Bank of Mum and Dad advice please

Sorry , Neal just re read and saw it is London , but my suggestion still applies , connections are really good now .... Read More

ED SHIRMAN

10:28 AM, 13th September 2017
About 2 years ago

Bank of Mum and Dad advice please

Hi Neal , i have had a similar situation with my son . Dont forget their pride in being the "owner" and proving they can do it by themselves !Establish what residential mortgage she can get in her own name based on her income . this will of course depend on what deposit she can raise ,but thats where you come in . Also will show what monthly repayments she can manage with the mortgage . You will then know the "shortfall " and can decide how much you need or can put in . Is she central london as that price seems very high and perhaps if it is central london , look for the outskirts with good connections and you will get much more for the money and cheaper . There are loads of developments around london now .Then if you can work it out , just have an agreement between you and your daughter, assuming relationship is good , that you own x% of the flat and if she decides to sell you have an entitlement to that % , should you choose to take it , but the flat is solely in her name and then she will avoid , under current legislation capital gains tax on primary residence sale.Hope this helps. Good luck .... Read More