Grumpy Doug

Registered with
Tuesday 5th January 2016

Latest Comments

Total Number of Property118 Comments: 91

Grumpy Doug

15:46 PM, 20th November 2020
About 6 months ago

Illusion of fact?

Reply to the comment left by Chris Harris at 20/11/2020 - 14:34
I was thinking just the same!... Read More

Grumpy Doug

11:53 AM, 4th November 2020
About 6 months ago

How do we transfer ownership of rental house to my 18 year old son?

A variation on this theme was discussed back in Jan 2020 - see:-
There you will see that Silversurfer2017 has gifted his BTL property to his son over a period of years utilising his annual CGT allowance, as suggested by Adrian Jones on the previous page. After this current tax year I and my wife will be looking to do the same for our sons as we already have 2 unencumbered properties, and more will be mortgage free as we progress though the next 10 years. I have also looked into retaining the income without falling foul of gifts with reservation (GWR) rules. For anyone looking to do the same, this is an excellent starting point :-
For those that struggle with the maths, when calculating your annual gifted proportion, do not forget that CGT is based purely on the gains in value, not the current overall value of the property. A simple example would be purchase £200k, current value £300k, capital gain is £100k. A married couple have a combined £24.6k annual CGT allowance so can gift the property over a period of 4 years (give or take).
HUGE CAVEAT - please treat the above as just an option to consider as part of your planning. I am not an expert - please take expert advice before proceeding.... Read More

Grumpy Doug

17:21 PM, 29th October 2020
About 6 months ago

How do I transfer ownership of my rental house into my wife's name?

Hi Brian. Subject to a number of factors, you may wish to do as I am planning which is to transfer over the property to your son in chunks over a period of years, so as to use up your annual CGT allowance. An example may be as follows:
Property purchased for £200,000
Current value is £300,000
Capital Gain = £100,000
Given the current CGT allowance of £12,300, you can gift 12.30% of the property annually to your son free of CGT (over a period of 8 years). If you are married and own in joint names, you can gift 24.6% annually, therefore transferring it wholly in 4 years (give or take) free of CGT. Of course in this instance you and your wife would need to live for 11 years (4 years to transfer + seven) to avoid CGT.
1) I am not an expert, just another landlord having to survive in the current climate. If you even consider this, please take expert advice
2) The above example applies to residential property - I have not taken into account the shop and I am unaware of specific considerations around the commercial component of the property
3) I am assuming no other capital gains during this period
4) I repeat, take advice
For more info., including retaining rental income, see--> Read More

Grumpy Doug

22:34 PM, 2nd April 2020
About A year ago

No Rent For Buy To Let Landlords

Reply to the comment left by JonC at 02/04/2020 - 18:26Jon - I'm in exactly the same boat. The Government's own guidance states that rental contracts must be honoured. When approached, I'm pointing them in the direction of these two sites.
The link below to the savethestudent website, a student orientated site, provides an excellent overview of student obligations:-
Also the Student Loans Company - funds will be available as usual :-
Having said that, I have a stroppy student with his father refusing to pay. I'll leave it to the County Court to educate him in August if necessary. Just a pity that he'll drag his housemates and their guarantors with him as it's joint and severable. We shall see ....... Read More

Grumpy Doug

12:50 PM, 27th March 2020
About A year ago

Covid-19 will crash my student BTL business?

Jon - like you, this is my business here in Bournemouth. I have a house that has been troublesome all year so far and I'm currently negotiating with them for the balance of the year. This suits me as I want to replace both bathrooms and fully decorate so having early access to the house takes the pressure of me in the summer.

For all inquiries, I'm pointing them in the direction of the Student Loan Company who are paying loans as usual, plus this student focused site that lays out their obligations quite clearly.

Hope that helps... Read More