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Feb 23, 2010 10:13:44 GMT
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Just remember if renting a house out to declare to HMRC as tax may be due on rental income (even if it just covers mortgage) also make sure proper valuation as Capital Gain tax will be applicable if sold at a later date. Paul H (Retired Revenue Officer of H M Inspector of Taxes  ) Hi Paul, Thanks for the info. I honestly love it that people on here have such a broad range of knowlege and experience, and are preparred to share their knowlege. I am one of the guys who always stay well within the word of the law. This house is being sold to pay for the next one. Nicola's house will be rented out, and we have decided to even use an agent, to prevent or lessen the chance of getting stung by a maverick tennant. Always sensible in my book to do things the right way.  Using an agent is a good idea. One thing to avoid is housing associations. In theory they sound like a good idea as you get guaranteed payment even if tennant defaults. Problem is they can default for several months before you find out they are a PIA. A mate had phone call from HA saying his house had been found vacant as tennant had "done a runner". Seems they had been having trouble with him for months yet my mate had no idea as he was living elsewhere due to work. On visiting the house he found it wrecked - smashed kitchen, fitted wardrobes, most of the room doors ripped off, holes drilled in the UPVC window frames, carpets ruined, floorboards broken (how  ) etc. In the end the repair bill (covered by HA insurance) came to 10% of the amount the managed to get when selling as he didn't want to rent it out again. BTW that was less than he paid so he had to take out a loan to be able to pay off the remains of the mortgage. Another friend who moved abroad for work , however, rents his house out via an agent and they do regular property checks with seamless changeover between tennants over the last 15 years Paul H |
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I had bad tennants years ago, cost me 10% of the selling price to fix the house in the end.
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House now on the market, after the redecoration of the room, so that we can buy the house with the HUGE garage. Keep your fingers crossed. I took the estate agency link off, as it may not be too clever.  |
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Last Edit: Feb 26, 2010 9:03:38 GMT by grizz
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Mike
East Midlands
Posts: 3,387
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Feb 26, 2010 10:49:27 GMT
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Good work there Rian, you don't hang about! I guess the thought of the new house is good motivation. Hope you manage to sell quickly.
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chevazon
Posted a lot
1939 Chevrolet 2 door coupe, `67 `Zon estate, `87 Ragtop Cavalier, 4 x 800 Drifters,(!) 1500 Drifter
Posts: 2,259
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Feb 26, 2010 16:20:35 GMT
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Good luck with the sale. I`ve had mine on the market for over a year but had a prospective buyer today. Fingers crossed.
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Feb 26, 2010 16:28:51 GMT
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Thanks guys. I hope we get a buyer and exchange sooner than later, although I only want ot exchange the end of July.
Fingers crossed.
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ruffgeezer
Posted a lot
Attracts french tat.
Posts: 1,252
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Feb 27, 2010 21:34:43 GMT
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Welcome to my world, we've been on the market over a year now, luckily so has the place with the nice garage and plenty of sheds  |
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Good luck with the sale Rian , we've got the Mum in laws house up for sale but ain't had a single viewing yet .
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You've been telling me you were a genius since you were seventeen ... in all the time I've known you I still don't know what you mean !
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nice work matey, all helps towards a prospective sale ,good luck
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yes ,it started badly ,petered off in the middle and the least said about the end the better!!!
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Thanks guys, We have not had a viewing or enquiry, but its only been on for a week or so.
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I've not had a single one since last May. :-(
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I've not had a single one since last May. :-( I do hope we get some interest, and of course a sale. Went to see the bank yesterday afternoon, and had our side approved..... Now the rest just needs to happen. |
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)
) etc. In the end the repair bill (covered by HA insurance) came to 10% of the amount the managed to get when selling as he didn't want to rent it out again. BTW that was less than he paid so he had to take out a loan to be able to pay off the remains of the mortgage. 
