Houses

[kenny]

1 minute ago, The Year Of The Fox said:

My point is you don’t really make any money. Not off one property. 
 

I mean; you might charge £800 rent a month, whilst the mortgage on it is £600. But you get taxed on the whole £800 not the £200 profit you get a month. I’d say after those deductions you’re probably about even. 

We now make a loss on ours for the reasons here.

 

We make £350 profit each month and pay more than that in tax.

 

We wanted to sell but it's a difficult market and we would be taxed on that profit anyway so we are going to ride it out for a couple of years.

 

The point that's missed on all the changes to stop buy to let's is that the changes don't effect the cash rich buyers that don't require finance. Those people would be delighted at the opportunity of reduced house prices and high interest rates.

 

 

[leicsmac]

1 minute ago, kenny said:

We now make a loss on ours for the reasons here.

 

We make £350 profit each month and pay more than that in tax.

 

We wanted to sell but it's a difficult market and we would be taxed on that profit anyway so we are going to ride it out for a couple of years.

 

The point that's missed on all the changes to stop buy to let's is that the changes don't effect the cash rich buyers that don't require finance. Those people would be delighted at the opportunity of reduced house prices and high interest rates.

 

 

Absolutely agreed,

 

They should be targetted first and foremost as a priority.

[Nalis]

28 minutes ago, kenny said:

We now make a loss on ours for the reasons here.

 

We make £350 profit each month and pay more than that in tax.

 

We wanted to sell but it's a difficult market and we would be taxed on that profit anyway so we are going to ride it out for a couple of years.

 

The point that's missed on all the changes to stop buy to let's is that the changes don't effect the cash rich buyers that don't require finance. Those people would be delighted at the opportunity of reduced house prices and high interest rates.

 

 

Your last paragragh was definitely purposely done so the rich can get richer and widen the gap between the haves and have mores.

[grobyfox1990]

32 minutes ago, kenny said:

We now make a loss on ours for the reasons here.

 

We make £350 profit each month and pay more than that in tax.

 

We wanted to sell but it's a difficult market and we would be taxed on that profit anyway so we are going to ride it out for a couple of years.

 

The point that's missed on all the changes to stop buy to let's is that the changes don't effect the cash rich buyers that don't require finance. Those people would be delighted at the opportunity of reduced house prices and high interest rates.

 

 

Cash buyers are creaming it. Having no leverage and asking for a C.V. from a 24 year old couple who met at uni but now hate each other to rent your flat at all time highs must be amazing 

[dsr-burnley]

4 hours ago, Nalis said:

If people want a second home to either supplement their income or use as a pension thats fair to me considering the wealth management tactics by the ultra high net worths. Like any investment strategy there are risks to consider along with the potential reward.

 

When it gets laughable is a recent trend I've seen of some landlords claiming they do it to provide much needed housing to people who cant afford to buy, as if they are doing it benefit society. Its either total delusion or an insult on people's intelligence.

The landlord may not do it because they want to provide much needed accommodation for people who can't afford to buy or for other reasons can't buy, but nonetheless they are providing accommodation for people who can't buy a house.

 

For example, a friend of mine kept their old house when they moved and rent it out to a pair of pensioners.  They are on housing benefit and they tend to spend money first and think about it later - for example, if they want a holiday they go on holiday and pay rent if they can.  They're nice people, but very vague, and helpfully decided to save the landlord a bit of time when the bathroom light went out, by replacing it with a long extension lead and a table lamp perched on the bath.

 

If building regulations and lack of profit force the landlords to evict the tenants and sell the house, you can cheer all you like for the landlord's loss, but you need to remember the tenants as well.  All the landlord has had to do is convert one form of capital to another.  The tenants have lost their home.

[The Year Of The Fox]

38 minutes ago, kenny said:

We now make a loss on ours for the reasons here.

 

We make £350 profit each month and pay more than that in tax.

 

We wanted to sell but it's a difficult market and we would be taxed on that profit anyway so we are going to ride it out for a couple of years.

 

The point that's missed on all the changes to stop buy to let's is that the changes don't effect the cash rich buyers that don't require finance. Those people would be delighted at the opportunity of reduced house prices and high interest rates.

 

 

I was told yesterday they’re changing some allowance in April RE capital gains tax. It’s currently £6k but being cut down to £3k. It used to be £12k. Sorry I can’t be more specific, but it might be worth looking into

 

I don’t want to be political but it doesn’t really seem like the Tories only help what some people construe to be ‘rich’

[dsr-burnley]

5 hours ago, The Year Of The Fox said:

Makes me laugh- people’s disdain for landlords

 

I’m looking at selling my rental property, to help fund a deposit for a house with my fiancée and maybe as well as some wedding bells. 
 

I can afford to keep the rental, as well as rent the one out where I’m currently living but then would be faced with a £6.9k stamp duty on the third house. Alternatively I can sell my rental, but have quite a hefty Capital Gains tax bill to pay. That’s after being taxed monthly on the rental income over the last 6.5 years, as well as paying stamp duty at that time too. 
 

Just trying to work out which will cost the least amount of £xxxx’s 

Oh, and because I sensed what was going to happen, I remortgaged early in March last year, locking in for 5 years so I didn’t need to increase my tenants rent (something I still haven’t done) I’m going to get penalised for finishing the mortgage early too

 

Not every person with a rental property is a bankrolled self made millionaire. Not by a long stretch 
 

 

Complaining about CGT is a bit bogus.  The profit on the house sale is money in the bank and it ought to be taxed.  Additional Stamp Duty and mortgage relief restriction are valid cases to complain about, but not CGT.

[kenny]

14 minutes ago, Nalis said:

Your last paragragh was definitely purposely done so the rich can get richer and widen the gap between the haves and have mores.

Disagree, it was an I'll thought out popular policy that was being called for in a war on landlords.

 

It's just easier to screw the small investor or accidental landlord than the bigger ones.

[The Year Of The Fox]

47 minutes ago, dsr-burnley said:

Complaining about CGT is a bit bogus.  The profit on the house sale is money in the bank and it ought to be taxed.  Additional Stamp Duty and mortgage relief restriction are valid cases to complain about, but not CGT.

It might be feel bogus, but in the order of taxation you pay your SD first, then tax on income yet then another tax. 
 

I was astounded when I found out I had to pay tax on my rental income! 😅

[Nalis]

1 hour ago, dsr-burnley said:

The landlord may not do it because they want to provide much needed accommodation for people who can't afford to buy or for other reasons can't buy, but nonetheless they are providing accommodation for people who can't buy a house.

 

For example, a friend of mine kept their old house when they moved and rent it out to a pair of pensioners.  They are on housing benefit and they tend to spend money first and think about it later - for example, if they want a holiday they go on holiday and pay rent if they can.  They're nice people, but very vague, and helpfully decided to save the landlord a bit of time when the bathroom light went out, by replacing it with a long extension lead and a table lamp perched on the bath.

 

If building regulations and lack of profit force the landlords to evict the tenants and sell the house, you can cheer all you like for the landlord's loss, but you need to remember the tenants as well.  All the landlord has had to do is convert one form of capital to another.  The tenants have lost their home.

Christ on a bike thats a lovely bit of spin right there from a Burnley fan, are you Alastair Campbell?

[Nalis]

57 minutes ago, kenny said:

Disagree, it was an I'll thought out popular policy that was being called for in a war on landlords.

 

It's just easier to screw the small investor or accidental landlord than the bigger ones.

Sorry I think we are both thinking along the same lines, I probably could have phrased mine better. Your last paragraph sums it up for me.

[Lako42]

8 hours ago, The Year Of The Fox said:

My point is you don’t really make any money. Not off one property. 
 

I mean; you might charge £800 rent a month, whilst the mortgage on it is £600. But you get taxed on the whole £800 not the £200 profit you get a month. I’d say after those deductions you’re probably about even. 

So get rid then

 

Be honest, you didn't buy a 2nd house to be a philanthropist did you? 

 

Middle earners can buy two houses and rent one out to people who can't afford one.......thats called social injustice pal 

 

Low earners should be able to buy a small house before anyone else can buy two. 

[The Year Of The Fox]

6 minutes ago, Lako42 said:

So get rid then

 

Be honest, you didn't buy a 2nd house to be a philanthropist did you? 

 

Middle earners can buy two houses and rent one out to people who can't afford one.......thats called social injustice pal 

 

Low earners should be able to buy a small house before anyone else can buy two. 

If you read what I put previously, that’s what I’m considering. 
 

Injustice? Injustice is using part of my inheritance from my Dad passing at the age of 55, to try and give me a better standard of living for when I retire. 
 

[Lako42]

10 minutes ago, The Year Of The Fox said:

If you read what I put previously, that’s what I’m considering. 
 

Injustice? Injustice is using part of my inheritance from my Dad passing at the age of 55, to try and give me a better standard of living for when I retire. 
 

Delusional to think that you should be able to use your inheritance to increase your wealth before others can buy a place to live. 

 

There are other investment vehicles available to those fortunate enough to inherit wealth that don't profit from the misfortune (inability to buy something we apparently think everyone should have) of others. 

 

The fact you think what you have is injustice speaks volumes. 

[Foxdiamond]

More council housing with fair rents and secure tenancy is desperately needed for the cohesion of the country

[dsr-burnley]

4 hours ago, Lako42 said:

So get rid then

 

Be honest, you didn't buy a 2nd house to be a philanthropist did you? 

 

Middle earners can buy two houses and rent one out to people who can't afford one.......thats called social injustice pal 

 

Low earners should be able to buy a small house before anyone else can buy two. 

OK.  So let's take a single mother on low pay.  Are you saying that until she can afford to buy a property, she shouldn't be allowed to rent one?  Or are you saying that if no-one is allowed to own two homes, then house prices will drop so low that a single mother on low pay will be able to buy one for cash, or get a suitable mortgage?

 

However hard we look at stopping landlords from renting to tenants, there is no way to avoid the contrary - that it stops tenants from renting from landlords.  Is it seriously envisaged that any form of council housing can provide the flexibility and range of housing that people want?

[Foxdiamond]

9 hours ago, dsr-burnley said:

OK.  So let's take a single mother on low pay.  Are you saying that until she can afford to buy a property, she shouldn't be allowed to rent one?  Or are you saying that if no-one is allowed to own two homes, then house prices will drop so low that a single mother on low pay will be able to buy one for cash, or get a suitable mortgage?

 

However hard we look at stopping landlords from renting to tenants, there is no way to avoid the contrary - that it stops tenants from renting from landlords.  Is it seriously envisaged that any form of council housing can provide the flexibility and range of housing that people want?

Council housing was and should be again the backbone of housing in this country for those that cannot buy. The private sector should never have been expected to take over the role.

[Tommy G]

Where is the best place to look for plots for self builds, anyone with this kind of experience on here? Do you need to get an agent to do it for you?

[Lako42]

23 minutes ago, Tommy G said:

Where is the best place to look for plots for self builds, anyone with this kind of experience on here? Do you need to get an agent to do it for you?

Been watching grand designs

[Tommy G]

4 minutes ago, Lako42 said:

Been watching grand designs

No, just see it potentially as a better way of getting more for your buck if you can find land at a decent price. 

[Lako42]

1 minute ago, Tommy G said:

No, just see it potentially as a better way of getting more for your buck if you can find land at a decent price. 

And there is the issue. Land price in this country is utterly ridiculous. 

 

Especially land with planning or land that has potential to get it. 

[Tommy G]

39 minutes ago, Lako42 said:

And there is the issue. Land price in this country is utterly ridiculous. 

 

Especially land with planning or land that has potential to get it. 

No doubt its expensive - but if it was impossible noone would do it, same with everything in life. Try and have a positive outlook 

[Zear0]

3 minutes ago, Tommy G said:

No doubt its expensive - but if it was impossible noone would do it, same with everything in life. Try and have a positive outlook 

Most are done through auctions so worth keeping an eye on those sites. 

[Lako42]

4 minutes ago, Tommy G said:

No doubt its expensive - but if it was impossible noone would do it, same with everything in life. Try and have a positive outlook 

It was in relation to you saying 'more for your buck' nothing more. 

 

If you have the land already you definitely would get more for your buck but land prices before build at this moment in time makes that extremely difficult. 

 

 

[Tommy G]

5 minutes ago, Zear0 said:

Most are done through auctions so worth keeping an eye on those sites. 

Finally, thank you