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Selling My BTL
Comments
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Hi Silver car,, i had heard somewere that if you leave it empty for a while,,you can also be exempt,,not sure for how long and i dont know even if its true....0
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Confused_landord wrote: »,by the way i am a girlie,,not a laddo,,,,.
Shouldn't that be confused landlady then?This is an open forum, anyone can post and I just did !0 -
Confused_landord wrote: »Hi Silver car,, i had heard somewere that if you leave it empty for a while,,you can also be exempt,,not sure for how long and i dont know even if its true....
Exempt from council tax not to CGT.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
no thats not what i mean,,,you can only be exempt from council tax if there is no furniture in it,,my lets are all fully furnished,,and its too much hassle to take furniture out and clutter up my own home......hey bryanb,,,,you would be correct,,ha ha0
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Nice try but we've seen this article before and the important part is:Here is the Telegraph article stating about the margin call payments on the two biggest buy to let providers, representing 40% of the market.
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/04/14/cnmortgage114.xml
:eek:_pale_
"The revaluation is done when the borrower remortgages and, unlike the mainstream market, is required even if the landlord does not change lenders."
So :
Not when the initial discount period ends
Not when the mortgage goes on to the SVR
Not when the mortgage is reviewed
So unless the borrower remortgages IT WON'T HAPPEN.
We discussed that article on here when it came out, it's either sloppy journalism or carefully crafted to be scaremongering. No evidence was produced of margin calls being in BTL contractsA house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
and because of that in America they are postponing foreclosures because they can't produce the documents. The result is people in upmarket parts of Florida, for one, are sitting in $1m+ homes not paying their mortgages and not getting evicted. Makes you jealous SquatNow?The best bit is that all these BTL Fraggles think banks wont make margin call because "it's bad publicity".
Completely ignoring the fact the banks dont OWN most of the mortgages, they sold them on... as a result the banks dont have any choice as they are acting on behalf of the party they sold them too.
Back to margin calls: In almost the words of Jerry Maguire "Show me the clauses".A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
BobProperty wrote: »Nice try but we've seen this article before and the important part is:
"The revaluation is done when the borrower remortgages and, unlike the mainstream market, is required even if the landlord does not change lenders."
So :
Not when the initial discount period ends
Not when the mortgage goes on to the SVR
Not when the mortgage is reviewed
So unless the borrower remortgages IT WON'T HAPPEN.
Could be a tricky one though if the SVRs get higher. The BTLer has a choice of paying the shortage to make up the margin call and get a better rate than the SVR, or suck up the high SVR.0 -
Confused_landord wrote: »,,,as i dont do DHSS rentals then the last post is neither applicable to me,,,.
You may not have a lot of choice in that if a recession kicks in. You may be left with a choice of taking DHSS or have long voids.0 -
Proof? One person's opinion on a House Crash forum.....:rotfl:Heres some proof of certain banks below. There was also an article in the Telegraph a few weeks ago showing the main buy to let providers have it written into their contracts.
http://www.housepricecrash.co.uk/forum/index.php?showtopic=76232A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
I agree but then the problem lies in the rent:mortgage ratio not the LTV. What is a lender interested in ? Getting paid. If the borrower keeps paying it won't be a problem. If the lender starts getting defaults on its products where will it look? LTV or Rental income? Don't forget there are probably clauses in BTL mortgage contracts saying what the rent:mortgage ratio has to be as well as what the LTV is. The rent is where the money is coming from not the LTV figure.Could be a tricky one though if the SVRs get higher. The BTLer has a choice of paying the shortage to make up the margin call and get a better rate than the SVR, or suck up the high SVR.
So amateur BTL landlords didn't get enough rent to cover if the mortgage rate went up? Tough S***.
Now what would be interesting would be the ability of the lender to get the rent paid direct to them and leave the BTL owner to sort out everything else.A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0
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