Tax implications of remortgaged loan used for BTL purchase?

admin    Uncategorized     agents

15 years ago, I purchased a BTL property for £300k and financed this with £130K re-mortgage against my home and a £170k BTL 20 year interest only mortgage, (my home mortgage is also an interest only).

For the past 15 years I have been claiming tax relief on both mortgages

The post Tax implications of remortgaged loan used for BTL purchase? appeared first on Property118.

View Full Article: Tax implications of remortgaged loan used for BTL purchase?

Buy-to-let investors should be stripped of empty properties, say Labour leadership hopeful

admin    Uncategorized     agents

MP, Emily Thornberry makes comment during fiery speech at hustings even in Bristol over the weekend.

Labour leadership hopeful, Emily Thornberry has revealed during a hustings event that she believes buy-to-let investors who buy property in the UK and then leave it empty should be banned from the market.

Her comments over the weekend came during a hustings in Bristol attended by the other three candidates in the race Keir Starmer, Rebecca Long-Bailey and Lisa Nandy.

Each candidate was allowed 40 seconds to answer questions from the floor at the event and Thornberry came out fighting when asked about her approach to the housing market and ‘empty investment apartments.

“As for all these empty flats [marketed at] people in China who think ‘shall I buy a gold bar or shall I buy a flat in Bristol, I say ‘no’,” she said to the packed hall.

“You’re not allowed to buy a flat in Bristol as an investment and keep it empty; if you do then you lose it. It’s about inter-generational justice.”

Thornberry was on combative form at the event, largely because she’s the only candidate among the four to yet gain enough either trade union or Labour membership backing.

Her comments, it is safe to assume, were designed to appeal to the younger, Momentum (i.e. Corbyn-supporting) younger Labour membership for whom Britain’s ‘broken’ housing market is a hot issue.

Thornberry has been the MP for the Labour safe seat of Islington South and Finsbury since 2005 and has limited form on housing, although she was an enthusiastic opponent of Boris Johnson when he was mayor of London, fighting his decision to allow developers to build luxury apartments all over the capital without the required affordable housing ratios required under planning regulations.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Buy-to-let investors should be stripped of empty properties, say Labour leadership hopeful | LandlordZONE.

View Full Article: Buy-to-let investors should be stripped of empty properties, say Labour leadership hopeful

Today in politics: Universal Credit inquiry and RLA research

admin    Uncategorized     agents

Today we examine the news that the House of Lords has launched an inquiry into the economics of Universal Credit, with RLA research cited in a new Commons Library paper on homelessness. Universal Credit inquiry The House of Lords Economic Affairs Committee has launched an inquiry into the economics of Universal Credit. The committee will […]

The post Today in politics: Universal Credit inquiry and RLA research appeared first on RLA Campaigns and News Centre.

View Full Article: Today in politics: Universal Credit inquiry and RLA research

February licensing update for landlords

admin    Uncategorized     agents

We’re already into the second month of 2020 and it is fair to say the last month has been a busy one in terms of licensing-related news. Each month in our Licensing Update blog, we put together a list of ongoing licensing consultations, which is updated throughout the month and share important licensing news and […]

The post February licensing update for landlords appeared first on RLA Campaigns and News Centre.

View Full Article: February licensing update for landlords

Rental market shows signs of New Year improvement

admin    Uncategorized     agents

Property portal Zoopla says more people want to move home now that the political uncertainty as cleared following the General Election.

Landlords hoping for an uptick in the rental
market following the General Election will be encouraged by the latest housing
market report published today by property portal Zoopla.

Its annual State of the Property Nation
report backed by TV presenter Phil Spencer includes reports from some 6,000
home movers across the UK including renters, and reports back on people’s
attitude to moving home at the beginning of each year.

Its latest effort reveals that a third
of those surveyed said they intend to move home during 2020 and third of THOSE
said they were ‘serious’ in their intentions, an 11% increase compared to last
year.

“There are increasing
numbers of people who are active in the property market and those seeking a new
property are serious about making a move,” says Andy Marshall, Chief Commercial
Officer, Zoopla.

His company’s market report also
provides succour for landlords hoping to reduce their portfolio sizes.

Its research reveals how confidence is
returning to the sales market and that more buyers are assured about getting
onto or up the property ladder, which should help increase values in the coming
months and also improve landlords’ capital value positions.

“We are seeing a
polarisation of the market. Confidence is slowly returning among buyers, but
this is moderated by a feeling of caution among sellers, with ongoing economic
uncertainty causing them to doubt whether they will achieve the asking price
they believe their property is worth,” says Marshall.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Rental market shows signs of New Year improvement | LandlordZONE.

View Full Article: Rental market shows signs of New Year improvement

Building Beautiful

admin    Uncategorized     agents

Housing Secretary, Robert Jenrick, indicated well-designed, high quality homes and tree-lined streets should be the ‘norm – not the exception’, following the launch of the Building Better Building Beautiful Commission’s final report.

Living with beauty – the first report of its kind led by the late Sir Roger Scruton and Nicolas Boys Smith – contains over 130 practical recommendations to support the creation of more beautiful communities

The post Building Beautiful appeared first on Property118.

View Full Article: Building Beautiful

UC – Are you not being paid up to date when a tenant leaves?

admin    Uncategorized     agents

Universal Credit Landlords – Are you not being paid up to date when a tenant leaves you? Apparently a lot of Landlords are coming across the below more often now and have been asking ‘How come I haven’t been paid for last house?’

The post UC – Are you not being paid up to date when a tenant leaves? appeared first on Property118.

View Full Article: UC – Are you not being paid up to date when a tenant leaves?

Does this investing model make sense?

admin    Uncategorized     agents

I’ve seen people make millions investing in property, despite not earning that much in their regular jobs, or having much financial sophistication.

As primarily a share investor, I was surprised that people could make money with these strategies.

The post Does this investing model make sense? appeared first on Property118.

View Full Article: Does this investing model make sense?

Mark Smith | Why Are You Paying Too Much Property Tax? | Live at The Great Property Meet!

admin    Uncategorized     agents

We are very grateful to Andrew Roberts of The Great Property Meet for recording and sharing the presentation made by our Hon. Legal Counsel, Mark Smith, Head of Chambers at Cotswold Barristers at their January 2020 meeting. as you will see from the video

The post Mark Smith | Why Are You Paying Too Much Property Tax? | Live at The Great Property Meet! appeared first on Property118.

View Full Article: Mark Smith | Why Are You Paying Too Much Property Tax? | Live at The Great Property Meet!

Growing power of short-lets boom revealed

admin    Uncategorized     agents

Shocking report highlights how much Airbnb is sucking properties out of the traditional rental market.

Thousands of landlords faced with burdensome regulations are quitting the private rented sector to offer short-term lets instead. 

ARLA
Propertymark’s survey of 1,000 landlords found that 2.7% had moved from having long-term
tenants, and says if this was applied across the country, it would equate to
46,000 properties being made unavailable for local people looking for a home.

It
fears the shift will have a significant impact on the country’s already
stretched housing supply and, because fewer properties are available for
long-term rent, a rise in rent costs would be inevitable.

David Cox, ARLA Propertymark chief executive, says as landlords are continuously faced with
increased levels of legislation, it’s no surprise they are considering
short-term lets as a chance to escape it.

“Unless
the sector is made more attractive, landlords will continue to exit the market
resulting in less available properties and increased rent costs,” he adds.

Its Impact of Short-Term Lets report found the assault on the private
rented sector was cited by two-fifths (38%) of those leaving, while more than a
quarter (27%) were encouraged to switch because they thought they could achieve
higher rents.

In thefirst detailed analysis looking at the
short-term lets industry across Great Britain, one in 10 landlords (10%) said
they were likely to consider a switch to short-term lets.

ARLA
says based on this, up to 230,000 properties could be made unavailable for
tenants if those landlords who said they were ‘very likely’ to leave actually
left.

If
this included landlords who stated they were ‘fairly likely’ to make the move,
the number of unavailable properties would reach 470,000. 

Highlighting
the huge growth in the short-term lets sector, the number of active listings on
Airbnb in the UK rose by to 223,000 in 2018 from 168,000 the previous year.

ARLA is urging the Government to consider carefully the impact of any future regulation
that might incentivise landlords to start using their properties for short-term
lets and to ensure a level regulatory playing field.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Growing power of short-lets boom revealed | LandlordZONE.

View Full Article: Growing power of short-lets boom revealed