We are now in year 2 (financial year 18/19) and we will be losing 50% mortgage relief as a tax-deductible expense. Year 4 (20/21) will be 100%. However, many landlords will only just be realising how year 1 affected them with losing 25% and some landlords may not still know, if they have yet to submit their tax return.
According to HMRC, 15,700 buyers overpaid stamp duty alone last year. Were you one of those?
If you own more than one property, a lot of people think they automatically will have to pay the extra 3%, however, this is not necessarily the case.
A new research by Market Financial Solutions found that property purchases fall through more often than we think.
11.91 million of us have had an offer accepted over the last 10 years, this is 23% of the UK adults. However, 3.91 million of those offers accepted, fell through before the completion date. London had the highest at 61% and Scotland the lowest at 15%.
Landlords –are you getting the right rental amount for your property?
I was recently talking to someone at a networking meeting and he was asking me how much I thought a property he owned was worth on the rental market. It just so happed we had recently rented the identical property next door and after clarifying a couple of questions with him I told him confidently we would be able to achieve £1,500 pcm. He then proceeded to tell me he was already letting it out and getting £920 pcm.
How long have you been a Landlord? Years? Recently?
What made you become a landlord? A deliberate investment strategy? Accidental landlord?
Is it everything you thought it would be ………..?
In my last column, I told you about a couple who had their insurance refused as criminal activity not being included in their insurance, due to their tenant turning the property into a cannabis factory and then discovering that even if they had included this in the insurance, they still would not have been covered because they had not had any property inspections during the 2 years.
Read more “Insurance Declined Fire Claim Due to Number of Bedrooms”
A couple who had lived in their home for 30 odd years decided to go abroad to do voluntary work for a charity. They rented out their treasured home to a couple. All was well for the first 2 years and then one of tenants lost their job. Despite claiming housing benefit, the rent was not paid and the arrears got out of hand. The couple decided to come back and try and sort things out.
From time to time, a tenant is required to have a guarantor in order to secure a tenancy.
There are many reasons as to why, some of those are;
Whether you are looking to rent or sell your property, you hope the agent you decide to go with has given you a realistic valuation. Based on their ‘expert’ advice you expect your property to be let or sold within a certain time period.
From the 5th April 2018, those claiming SMI (Support for Mortgage Interest), will no longer be able to claim it as a free benefit.
There are approximately 124,000 UK homeowners currently receiving SMI to help pay the mortgage interest on their homes, if they are also in receipt of certain income-related benefits such as Jobseekers Allowance and Pensions Credit.
Of the 124,000 SMI claimants. Around 57,000 are of Pension Credit qualifying age, while 67,000 are working age. The most vulnerable are the older borrowers as many took out interest-only mortgages before the financial crisis in 2008.
Read more “Support for Mortgage Interest Switching to Loans from April 2018”
Investment PropertiesBuy a rental property from landlords with tenants in situ. If you’re interested, get in touch to find out more.
Your Eyes On The Local Property Market
