Registered with Property118.comThursday 11th July 2013
" non-UK resident individuals that let residential properties in the UK, individuals who let residential properties in partnership, and trustees or beneficiaries of trusts liable for income tax on property profits."
Am I correct in reading that non residents can write off all their interest against rental income & get full interest relief. If yes than non resident gets full relief on interest paid no CGT on gain from 6th April 15. Can some one please clarify this as I am confused !!!!!!!!!!!... Read More
Many of you may remember Shapps was the housing minister.
He had the opportunity to resolve the long scandalous behaviour of the Freeholders/Managing Agents extorting money. He failed as normal reply was/is " on balance it is working well" .
A classic incompetent MP, who sits on the fence.... Read More
I am usually flippant in my remarks. In this instance I will refrain due to the devastation affect on humanity.
The landlords who has set up as limited company !!!!
.... Read More
Most Estate are worried & they don't want to raise the issues as they don't want to lose business and/or do not have the expertise to understand the consequences to the landlords.
I can say that besides the bodies like Peabody trust & the like most of the properties are owned by private landlords. For reasons.
a) The landlords are small landlords who had bought the properties as their pension.
b) Most lenders do not have products for Ltd companies.
c) Do not have expertise & can afford to comply with the adult, annual return etc.... Read More
" most houses that she had tried to view have already been snapped up by ‘investors’'.
Agents, know the investors are experienced & do half the work for them i.e. know all the ropes. FTB are on a leaning curve & Agents realise this, a lot of them are on zero hour contracts, minimum salary etc.
The new MMR rules also make it difficult for the own occupier to obtain a mortgage. Buy to let is unregulated and lenders have a better margin.
" come on Rightmove that morning, and the Estate Agents said they had already been sold to an investor "
I understand it takes about ten days to prepare, get approved load up on the net.
Besides in my experience the estate agents never tell you who the property is sold to & for how much.
Her partner also said that he had acquaintances who are Estate Agents who directly call ‘investors’ when a new property comes on, without even listing them on the web.
Again, for a quick & hassle free sale & dare I say kick backs.
" To be fair, we have all been told that the best way to buy properties at a reasonable price is to get to know the EAs."
The best way to buy is to know the agent have some chemistry, show him you are serious, have a offer letter, proof of deposit name of solicitors, besides make a pain off yourself, a nice way of course & don't make silly offers while the market is buoyant.
If the property needs work the agent knows that it will get stuck with the lenders & if there a retention the buyers may not be able to stretch.
Last year I sold two flats one to first timers & the other to a couple who were going to down size upon their retirement. In the mean time they would rent the flat. So are they investors ?.
I have recently exchanged contract on a property for which I made an offer in December 14. Yes, December 14. There were some complexities with the property.I had never done any business with this agent, The agent could see that I knew what I was doing. I had everything lined up and between myself & my solicitors we saw the deal through in nine months.
"So we may not even realise that we are competing with FTB (if in fact we are) "
Indeed, life is all about competition it maybe for jobs, first prize in the school, getting the ticket to gigs, catching a crowded train or the promotion at work which could help us to get a higher multiple or put us into 40% tax bracket.
"imho changing the tax system is not the way forward. There must be another way"
Yes, bring back "Miras" for first time buyers and not the spin of ISA with a limit of
£15,240 on average interest of 1%, build more, a clear and honest distinction
between affordable or otherwise.. In London there is no such property that is affordable.... Read More