Reply to: House sale dilemma….

[DiscoStu]

DiscoStewpot,

you are sooooo not with it

these days my son, it's not about incomes,

no no, these days, you got debt problems, you just borrow more

good innit

it's the new money you know

Milan.

I was referring to the fact that it's highly dubious whether Wilmslow or either of his mortgages actually exist at all

[ASB]

I understand I pay tax just on the ‘profit’ and can reclaim tax from any household expenditure. Hmm… wonder if that includes mileage for researching 10 different carpets in shops 100 miles apart? I can but dream on that one I guess…….

HMRC give a decent guide to Schedule A income.

HINT: Maximise the mortgage on the rental property to as near 100% of it's value at the time you started letting it since this is all chargeable against the income.

Check the CGT position and consider whether you may want to make a PPR election.

BTW I do a 300 mile trip 3/4 time a year to my rental property and charge that. Strangely it seems to coincide with me playing golf nearby.

[milanbenes]

DiscoStewpot,

you are sooooo not with it

these days my son, it's not about incomes,

no no, these days, you got debt problems, you just borrow more

good innit

it's the new money you know

Milan.

[DiscoStu]

Wilmsloowwwwwwwwwwwwwwwww,

I seek forgiveness in advance for such a stooopid question...

In the event that you are not able to find somebody to rent your house, from your income do you have enough cash to cover both mortgages ?

I know it's a stooooopid question, forgive me, but was just wondering.

All the best,

Milan.

I'm sure he can invent a new fantasy income to cover his fantasy mortgages...

[milanbenes]

Wilmsloowwwwwwwwwwwwwwwww,

I seek forgiveness in advance for such a stooopid question...

In the event that you are not able to find somebody to rent your house, from your income do you have enough cash to cover both mortgages ?

I know it's a stooooopid question, forgive me, but was just wondering.

All the best,

Milan.

[Bob Dalek]

Well, had a comical phone call from the estate agents who are ‘trying’ to sell my house…..

I made it clear I want it sold before I get the funds for the re-mortgage, or I will be renting.

The branch manager told me about a new ‘gifted deposit scheme’ and wants me to see the cheesy Lorenzo FC to sign up for this scheme. They are therefore not taking my price down by another £5K as I asked, until I call into the office to discuss this new wacky scheme. Last month the phone call was about their summer sale…… Yes, they really are that mad…..

So… Looks like I will be renting the place out after all. I understand I pay tax just on the ‘profit’ and can reclaim tax from any household expenditure. Hmm… wonder if that includes mileage for researching 10 different carpets in shops 100 miles apart? I can but dream on that one I guess…….

Thankfully the estate agents I am buying through are a lot more chilled – both mortgage offers have come through, and I am seeing my solicitor on Friday for t he report on title malarkey – just a case of the remortgage going through, so I can then exchange, and sit tight for as long as is needed before renting mine out. So, coming together, although I would really want that somebody to buy my place miracle to happen. Plan B – hope it is always rented, and hope to goodness that after 5 years I will be able to flog on without losing equity.

Time to reduce my pension plan payments for the next couple of years I think….

Try Hatched. Everyone in my neck of the woods seems to* - and they seem to sell pretty quickly. Couldn't be that estate agents actually f--k up viewings, could it? The agent who guided me around the house I now live in was, frankly, nobbut a lad and quite poo at his job.

* I exaggerate.. a bit.

[Wilmslow]

Well, had a comical phone call from the estate agents who are ‘trying’ to sell my house…..

I made it clear I want it sold before I get the funds for the re-mortgage, or I will be renting.

The branch manager told me about a new ‘gifted deposit scheme’ and wants me to see the cheesy Lorenzo FC to sign up for this scheme. They are therefore not taking my price down by another £5K as I asked, until I call into the office to discuss this new wacky scheme. Last month the phone call was about their summer sale…… Yes, they really are that mad…..

So… Looks like I will be renting the place out after all. I understand I pay tax just on the ‘profit’ and can reclaim tax from any household expenditure. Hmm… wonder if that includes mileage for researching 10 different carpets in shops 100 miles apart? I can but dream on that one I guess…….

Thankfully the estate agents I am buying through are a lot more chilled – both mortgage offers have come through, and I am seeing my solicitor on Friday for t he report on title malarkey – just a case of the remortgage going through, so I can then exchange, and sit tight for as long as is needed before renting mine out. So, coming together, although I would really want that somebody to buy my place miracle to happen. Plan B – hope it is always rented, and hope to goodness that after 5 years I will be able to flog on without losing equity.

Time to reduce my pension plan payments for the next couple of years I think….

[Alf W]

You'll have to do something about those horrible multi coloured tiles in the kitchen before you can rent it out.

[Bob Dalek]

During the time this Thread has been in existence, your house devalued by another £3K!

[Xenophon]

That'll be a bloody interesting contract you are signing. Completion when the purchaser feels like it might just raise the vendors solicitors eyebrows.

WHS

[ASB]

Going for a last week of trying to get an offer - failing that, going to exchange in the next week or two, then, delay completion until I get a nice 6 month letting all sorted.

That'll be a bloody interesting contract you are signing. Completion when the purchaser feels like it might just raise the vendors solicitors eyebrows.

[BlasterBates]

Desperately trying to flog my old house – was a realistic £230K, now come down to £205K. Still no interest.

Plan B is to keep and rent and flog in either 2, 5 or 10 years, depending how the market goes.

Considering price crashing down to £190K for a week and hoping.

What is likely to be best? Ie, are prices likely to continue to plummet over the coming years, in which case get shot now, or, just hope I can get a tenant who can cope with Italian Mafia neighours??

You do realise it's cheaper to rent a bigger pad than buy one that's tanking 10% a year. It'll cost 30 grand a year, plus your interest payments. For half that amount you could rent a stately home with an indoor swimming pool and hire a butler, a couple of maids, and then buy something when the market's at rock bottom.

[Xenophon]

Going for a last week of trying to get an offer - failing that, going to exchange in the next week or two, then, delay completion until I get a nice 6 month letting all sorted.

[Bluebird]

I'm doing the same, rent out current property and make a few pennies but just enough to tide over.

Have bought new house and managed to knock builders down from 370k to 306k [ am waiting to point of exchange when I'll also demand carpets etc ].

[milanbenes]

'Yep, both mortgages in place.

Going for a last week of trying to get an offer - failing that, going to exchange in the next week or two, then, delay completion until I get a nice 6 month letting all sorted.
'



I love the optimism :-)

You go Wilmsloooooooooooooooooooooooow



Milan.