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  • FIRST POST
    • TallGirl
    • By TallGirl 16th Sep 16, 3:46 PM
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    TallGirl
    The trials & tribulations of a 1st time landlord & investor
    • #1
    • 16th Sep 16, 3:46 PM
    The trials & tribulations of a 1st time landlord & investor 16th Sep 16 at 3:46 PM
    Dear all
    I've been around a long time on this MFW for a long time and I love it. Keeps me on track and helped me pay off my mortgage 9 years early. I'm on the verge on starting something new so I thought I would start a new diary and focus it more on money saving and less on personal stuff. My life was quite steady and stable until April 2015 when I left my husband and took a one year job in London all made easier and more ore possible because I was mortgage free.

    My job ended in July 2016 and I had hoped to stay within the organisation in a new job but I didn't get it and they didn't recruit anyone else. I am a great believer in that things will happen for the right reason and good things come to good people. Whilst on holiday and on my birthday I was told my ex had died and as we were still married I now owned the whole house plus his pensions and share in the small family business.

    I applied for a new job whilst on holiday and I start that Monday its 28 hours a week with Friday's off and it's obviously on less month than my previous full time one.

    I have been busy in the last two months sorting the house out so I can rent I out from October which will give me an income as well.

    I have been trying to get his affairs in order so I can apply for probate and I'm getting there. So good folks if you want to read about the following kinds of topics then please feel free to read and or comment:
    • How to be an accidental landlord
    • How to go about getting probate and IHT sorted
    • How to invest an inheritance
    • How to keep accounts as a landlord
    • How to save money on everyday things whilst living in London

    There will be more and I often stray into personal totally unrelated money stuff so just gloss over that if you find it boring.

    So here we are start of something new so a quick update on where we are with the above topics.

    1. Property should be ready after 27/9 as carpets going down then. Estate agent doesn't want to market it before it's completely ready. Once painter is done need to arrange final clean and my old cleaner to hang curtains.

    2. My accountant friend has suggested the valuation of the family business is ok to use and my new IFA confirmed the two pensions are outside inheritance tax so I should be able to more forward on this very soon.

    3. Meeting the IFA 30/9 potential inheritance will be around £190k will need to pay funeral expenses but want to invest most of it.

    4. I need to read up on how to keep accounts as a landlord not sure I need an accountant but as I'm now a part business owner I might have too. Will definitely register with Inland Revenue but as house isn't rent out yet nothing has changed.

    5. Finally I love saving money from getting the best deal to using coupons and tokens. I'm very good but can also be very bad. It's expensive to live in London but I'm a property guardian so my rent is so so cheap so I should really save lots of money. I promise I'll do a budget once I get my new wages, I would rather live on this than have to use my income from my property but might be difficult .

    Ok I will end there and try and keep on the straight and narrow in terms of sticking with money saving stuff.
    Last edited by TallGirl; 17-06-2017 at 10:25 AM.
    Save £12k in 17 no 93 £9750/£12k Pay off wasted money £996/£10k
Page 3
    • TallGirl
    • By TallGirl 2nd Nov 16, 9:00 AM
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    TallGirl
    So here we are on a lovely sunny day on my way down south for my leadership course nice way to spend the day indeed.

    Still no probate but letters ready to go as soon as I get it hopefully today or tomorrow would be fab

    Still no internet this is now getting silly and DG is getting really annoyed of missing her programme on cathcup. Housemate is doing his best but still not fixed.

    Email late yesterday potential new tenants family of four with a dog sounds good to me turned down all benefit ones now so fingers crossed on this one.

    Money wise not been too bad been quite good with lunches but the odd coffe has slipped in. No cakes or ice cream and did leg bums and tums last night and PT session tomorrow so if we do Friday that's three times in week two. Should see results soon.

    Got several birthdays this month and as I'm going to Denmark I better get them sorted. My sister wants me to take an advent calendar not sure it will fit in hand luggage. Better think of tiny things to buy.

    Work is work people are nice just don't feel settled in what I am suppose to do. Meeting with CEO next week might help will get him to give me some feedback also meeting old CEO in a couple of weeks.

    Still a putter hour of this journey can now chill out just wish I had a latte lol
    Save £12k in 17 no 93 £9750/£12k Pay off wasted money £996/£10k
    • TallGirl
    • By TallGirl 4th Nov 16, 9:18 AM
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    TallGirl
    Friday my favourite day so lovely to have a day to myself and of course there's a list.

    Probate granted so letters went yesterday recorded delivery fingers crossed a reply soon.

    Still no tenants forth bedroom too small - well it's a study so what can I do. Viewing Saturday if not I'll drop the price. Fed up really if I leave it too long nobody wants to move before Christmas.

    Need to collect letter at post office which is down by shopping centre and Timpsons which I need for DG shoes. However it's a long walk and my foot is hurting after gym. Been twice this week need one more time Sunday and I'll be happy. No weightloss yet but it's only week two. Got my veg box this morning nice stuff half price too plus £10 off next week will get some nice cheese.

    £200 left to payday Tuesday week but out of that will come £50 in bills and reason it's so low a balance is bought my Christmas flights to Denmark saved £50 by going back on the 1/1 and I don't mind as have a day to settle down and DG isn't back until late 2/1 and will have two days off then so might swap my day off. I've been good but stil the odd treat lunch wise and latte but mainly free ones.

    So list today
    Take DG shoes to Timpsons
    Collect signed for letter

    Tidy up unpack stuff from old house

    Food shop should do Lidl but might just do top up
    Save £12k in 17 no 93 £9750/£12k Pay off wasted money £996/£10k
    • TallGirl
    • By TallGirl 4th Nov 16, 3:26 PM
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    TallGirl
    Taken shoes in not collected letter it will be the return of a death certificate will have more this week so can wait I mean pension people will return more originals.

    Soup made four frozen portions old veg used up new veg box unpacked. Also done two loads of washing but on the whole a lazy day.

    Tenants from earlier this week wants property if I drop by £50. Agreed if they pass credit check will move in 17/11. Fingers crossed this time.
    Last edited by TallGirl; 04-11-2016 at 3:36 PM.
    Save £12k in 17 no 93 £9750/£12k Pay off wasted money £996/£10k
    • vandanfc
    • By vandanfc 4th Nov 16, 4:57 PM
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    vandanfc
    Will keep everything crossed for you TG.
    • TallGirl
    • By TallGirl 5th Nov 16, 9:58 PM
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    TallGirl
    DG has gone to her mums to sort her new phone out she's going to be late back but I've enjoyed X factor and now chilling. Not done a lot today a little bit of golf and a Lidl shop. Have booked hairdressers and hotel to coincide with inquest so we will be down Saturday together for hairdresser then play golf Sunday and then I will stay with friend while DG goes back. I'll come back on the Monday. Hotel was £62 almost save that much by having hair for both us cut and her highlights done down here so much cheaper.

    Still need to book golf break for 18/11 but DG couldn't really hit the ball today so don't feel like it.

    Really need to sort out birthday presents need four this month before I do to Denmark on the 24/11.
    • TallGirl
    • By TallGirl 10th Nov 16, 9:54 PM
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    TallGirl
    Thursday eve yeah my Friday so glad work is over but I'm am getting to grips with things which is nice. We also passed our audit not that I had much to do with it.

    Sent off for the two pensions and have two signed for missed letters so they should have sent back the originals so that's a good sign. Hopefully get some money very soon would be really nice.

    Not heard anymore from estate agent so not sure if it's good or bad news for moving in 17/11 will chase tomorrow.

    Still wants weekend away but hotel dinner b&b and two rounds of golf is £95 each where as if we do hotel local to our old place it's £31 with brekafast. Golf if we play with friends should be £20max and then dinner isn't much plus we can visit other friends so think we'll go with that. I also miss playing my old course and it would be nice to play with people I know again.

    In my overdraft but waiting for £200 insurance money refund by cheque and payday is Tuesday. My wages will be low compared to last month as only getting a month not 6 weeks like last time and it's only 4 days but I'm hoping I can manage on that plus save £300 a month (used to save £550) and then not touch the rental income. We shall see that's when I get some rental income.

    Once the pension money comes in I will see IFA again and start planning what to invest in. Definitely be topping up my pension it's a no brainer obviously fill up my ISA and then who knows I quite fancy Premium Bonds.

    Excercise regime going well personal training motivating us both to go three times a week I feel so much better for it, was due to go tonight but DG saw her ex last night and drank too much wine so seeing him tomorrow. Super expensive at £70 a week but so worth it and it's for both of us..
    Last edited by TallGirl; 12-11-2016 at 10:06 PM.
    Save £12k in 17 no 93 £9750/£12k Pay off wasted money £996/£10k
    • TallGirl
    • By TallGirl 12th Nov 16, 10:00 PM
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    TallGirl
    Only had three low alcohol beers last night but DG had vodka and went o bed quite drunk after mistaking next door for our room waking them both up screaming really bad and she's so embarrassed. I've been shopping got my nephew almost sorted, my friend and her little girl and my sister husband I also used to have my ex dh birthday this month. Quite a lot before Christmas so all gone on credit card but haven't gone mad.

    Also had my fee Waitrose coffe and resisted shopping in the new hotel chocolate although I did have their freebie taster.

    Not done a lot else no golf and DG has hurt her foot I didn't mind as it's been raining all day. Sorted some filing out and filled in the land registry transfer form for my old house and sorted out a letter for Barclays to do with the business property and an old charge. I'm not transferring that property into my name need to see what move bil and fil makes first. Send fil a long email and he was happy to hear from me all happy chatty but I wanted him to know I'll be thinking off him this Monday as it would ha e been ex DG birthday.

    Need to get something for fil we're going down next weekend so really should no excuse really. Even if it's just Christmas cards for everyone it's also fil birthday in January.

    Gym tomorrow and maybe golf later. Did what to use our last £1 Cinema ticket from the Tesco promotion but the code doesn't work. I also can work out which two of the three I have actually used to difficult to email to complain. Trying again tomorrow.

    Decided to go out to the local Italian and have pizza and prosecco on Thursday to hopefully celebrate the tenants having moved in and I've then completed what I started after DG death clearing the house. My mum suggested I let off some poppers she found at the house so we shall do that Thursday and then go off and play some golf Friday at my old course. Should be good.

    Night night all hope you're having a lovely weekend.

    Bed soon really don't want to waste tomorrow.
    Last edited by TallGirl; 12-11-2016 at 10:11 PM.
    • TallGirl
    • By TallGirl 20th Nov 16, 9:38 PM
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    TallGirl
    Lovely but tiring weekend and I have

    TENTANTS IN MY HOUSE

    Lovely Friday playing at my old course and then dinner at Aks 50% off mains vouchers from of course but bill still £75. Worth it and pre dinner drinks were from cool box in room.

    Hotel was lovely and so central no taxi needed (two doors away) and although we only got to play 4 out of 9 holes Saturday due to hail it was still nice. DG game is getting so much better.

    Lovely to see friend she's got new job in central London in my industry (kind of where I really wanted to work but haven't actually looked at recently). Her salary will be £55k but she'll be commuting four hours a day. Not for me thanks but nice salery.

    Back Saturday after trip to Lidl and today washing and total pj day really nice. Almost packed for trip to Denmark Thursday and my friend will be up here Weds. No gym today but have been twice this week and one almost two rounds of golf. Monday and Tuesday gym then week off in terms of gym but really starting to see the results.

    Transfer of house complete from land registry (my own house now) but nothing about the pensions. It's been two weeks I think it might be a bit longer as first response took four weeks or so.

    Felt strange being back "home" but not going to my house but feels right and the money will be nice. Must sort out some sort of savings plan for them thinking the Tesco savings plan for the tax part possible. I'm not spending any of the money but it's going into Halifax so won't earn any money and I won't need to spend it all on repairs, tax and other boring bits.
    Save £12k in 17 no 93 £9750/£12k Pay off wasted money £996/£10k
    • SuzieSue
    • By SuzieSue 20th Nov 16, 10:20 PM
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    SuzieSue
    Lovely but tiring weekend and I have

    TENTANTS IN MY HOUSE
    Originally posted by TallGirl
    That's great news. Congratulations. How many months have they signed up for?
    • TallGirl
    • By TallGirl 21st Nov 16, 8:31 PM
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    TallGirl
    Thanks for popping by SuzieSue they want to stay long term but it's just a normal AST. They only got 11 months at their old place as it had damp so hopefully they don't fancy moving again.
    Save £12k in 17 no 93 £9750/£12k Pay off wasted money £996/£10k
    • SuzieSue
    • By SuzieSue 21st Nov 16, 8:39 PM
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    SuzieSue
    Thanks for popping by SuzieSue they want to stay long term but it's just a normal AST. They only got 11 months at their old place as it had damp so hopefully they don't fancy moving again.
    Originally posted by TallGirl
    As far as I know an AST can be anything from 6 months to 3 years I think. It is always best to go for 6 months to start with so you can ask them to leave after 6 months if there are any problems. It is tempting to ask for 12 months, but you should only do that if you are absolutely sure about the tenants.
    • TallGirl
    • By TallGirl 22nd Nov 16, 10:09 PM
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    TallGirl
    Thanks SuezieSue that was my understanding too not actually seen the ATS yet but I trust the agent. They are slowly moving in this week but have asked if they can put pictures up. I said fine but if you drill holes please make good afterwards. Hopefully they will stay long term I it won't matter. Better they are happy there than not. Also want to replace the lino in the kitchen at their own expense they do own a flooring company so I'm happy with that. I assume they wouldnt offer that if they weren't staying long term so a good sign. Lino does have some burn marks and it's not fitted great but by no means awful.

    Kind of ready to go to Denmark Thursday and my friend coming here to stay after work. Dinner is defrosting and bed just needs to be plugged in (air bed). Haven't quite packed yet can do that tomorrow.

    Tesco delivery just been squash and bottled water plus yoghurt we couldn't get at Lidl at the weekend.

    No other interesting news I'm watching the post like a hawk but nothing yet about money hopefully soon.
    Save £12k in 17 no 93 £9750/£12k Pay off wasted money £996/£10k
    • SuzieSue
    • By SuzieSue 22nd Nov 16, 10:33 PM
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    SuzieSue
    That's good about the lino. We had some tenants once too who were happy to do repairs in the house which was great. They stayed 6 years.
    • TallGirl
    • By TallGirl 23rd Nov 16, 10:10 PM
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    TallGirl
    Nice 6 years of the same tenants very handy.

    My friend is here ready to get off with me tomorrow to Denmark. Can't wait to see the family will be so nice. Tired right now but don't have to leave until just before ten tomorrow so not too bad.

    Nothing else to report
    Save £12k in 17 no 93 £9750/£12k Pay off wasted money £996/£10k
    • TallGirl
    • By TallGirl 30th Nov 16, 8:24 PM
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    TallGirl
    Good trip to Denmark really nice to see the family and lovely to spend time with friend. All my family loves her anyway. Saw our old foster daughter really nice been a while since I saw her. My mum is sadly a bit bogged down with having to look after her after her partner who's on oxygen COPD not nice at all but he's horrible and she cannot go anywhere for more than a few hours as he refuses to get help in dispite having lots of money so does she.

    My sister and family were good spent two days there with my dad really good time and cheap only spend money I had in Denmark anyway.

    Letter from one pension company they have contacted the coroner for cause of death and if they get it they will send clam form if they don't will wait until final death certificate. Haven't heard from other one but should do soon. All going forward slowly but surely.

    Work is a bit better the people are nice and my job is really varied and quite high level which is interesting.

    DG is fine she's a bit fed up with her job mainly the legal aid agancy hopefully that will settle down. Not heard anymore from estate agent so assume all is well. Will need to chase him for tenancy agreement etc.

    Hope you are all well these boards are quite quiet at the moment. Took advantage of the MasterCard offer for tickets £20 to see Kinky boots in Jan for DG advent present. Half price that is.
    Save £12k in 17 no 93 £9750/£12k Pay off wasted money £996/£10k
    • TallGirl
    • By TallGirl 4th Dec 16, 9:57 AM
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    TallGirl
    Nice to chill this weekend certainly needed it. Works so was good best Indian meal ever really enjoyed it was home by 11 but horrible cold so didn't feel like staying longer.

    Went and did some Christmas shopping also did Next order I can pick up today. That should be mum, niece, nephew and most my my sisters present sorted.

    Need dad and my sisters husband and friend that's it I think. Need to write the Christmas cards to be sent to ex fil so he can take them to South Africa plus a birthday card for himself. Think that's a nice way to keep in touch without doing the present thing.

    As for DG I'm going to buy her golf lesssons for January and maybe one more small present she can open in New York both of us cannot think of anything we really want so seems a waste of money to buy something expensive we don't use. We can spend it on our holiday in Gambia instead.

    Rent for the house should reach me on Monday and I'll have to register as self employed now or whatever it's called these days. I'm still determined not to spend any of it but have it sat in a better interest account than Halifax. Will start getting the £5 again but I think they are cutting it soon. Also need to cancel my Santander 123 credit card as they are reducing the cash back on train fares and that's all I use it for.

    Ok list coming up this is too long

    Cancel Santander credit card end of December
    Register as self employed
    Write Christmas cards to ex fil and get them posted
    Look into setting up saving account for rent money
    • vandanfc
    • By vandanfc 4th Dec 16, 10:46 AM
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    vandanfc
    Is cancelling the santander card the right thing to do ? Can you get as much cashback elsewhere even with the reduction ?
    • TallGirl
    • By TallGirl 4th Dec 16, 7:30 PM
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    TallGirl
    Thanks for popping by VandaFC how are those lovely cats of yours? I don't thinks the card is worth keeping as it's £3 a month and the 3% cash back for trains have been capped at £3 a month I currently earn about £7. I don't use the other 1 & 2% rates as we tank petrol and buy shopping so nothing for that.

    Picked up my next order well impressed ordered sat evening ready to be picked up st 11am today.

    Looked at bank account like the look at M&S maybe give up Halifax and just swap then I can open a Tesco one for the £3k savings at 3%.

    Going to write the xmas cards now while watching X factor and looked at tax need a self assessment form but not sure if I should have done that by the 31/10 easier to call them I think. Need to register online but want to check.
    Last edited by TallGirl; 04-12-2016 at 7:44 PM.
    • SuzieSue
    • By SuzieSue 4th Dec 16, 7:50 PM
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    SuzieSue
    and looked at tax need a self assessment form but not sure if I should have done that by the 31/10 easier to call them I think. Need to register online but want to check.
    Originally posted by TallGirl

    As you only started receiving rental income in this tax year (2016/17), you won't need to fill in a SA tax return until after 5/4/17 but you will need to ask them to send you one.
    • TallGirl
    • By TallGirl 4th Dec 16, 9:12 PM
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    TallGirl
    Thanks SuzieSue I'll still try to call them if not try and register online and ask for one. I did used to have a second job but the family business accountants did my tax return back then and it's a long time ago.
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