9:39 AM, 7th November 2016, About 5 years ago 14
I am a landlord by default. My mother had a stroke in 2011 and needed full time care so I quit my job and moved from Northumberland back to Norfolk with my husband. We let out our house as had no time to sell it.
Five years on, as we both have no decent pension to come to us, our tenants have been in situ for the entire time, with absolutely no problems, so we purchased another small flat in January 2016 in Norwich where we now live which has a long term tenant on a yearly shorthold tenancy agreement. I am still caring for my mother so have no income whatsoever apart from the two rental incomes – which total £11,640 a year gross. We have a mortgage of £65,000 interest only and the two properties are worth approx £220,000 in total.
I also have inherited a house from my father which I jointly own with my brother which is where me and my husband currently live, my brother is not pushing us to sell and this has no mortgage. It is worth approx £500,000.
My husband is a CCTV engineer so earns a decent, but not high salary. This year, I filled in my own tax return as I was still under the tax threshold, but next year, I will be slightly above.
I am wondering what the best way forward is to keep all things legal and avoid making schoolgirl errors! Any advice/thoughts as how to improve my income would be appreciated!
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
Previous ArticleGeneration Rent - Ditsy Dillner, Queen of Self-Contradiction
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|