Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

    • TallGirl
    • By TallGirl 16th Sep 16, 3:46 PM
    • 3,974Posts
    • 8,259Thanks
    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; 16-09-2016 at 6:48 PM.
    Save £12k in 17 no 93
Page 9
    • TallGirl
    • By TallGirl 16th Apr 17, 10:15 PM
    • 3,974 Posts
    • 8,259 Thanks
    Golf today really nice booked buggy again £25 only to receive email this morning that it was free if booked game today. We booked last night typical.

    Took lunch with us to eat on course and didn't stay for drink afterwards does cut down on cost and still enjoyable. I didn't play too badly just a few studpid mistakes.

    DG won three golf clubs on eBay £275 buy it now price but they accepted £230 so happy with that. They are already cut down and so much cheaper than new she will have use of those for years now so that's good.

    Tired so early night for me soon.
    Save £12k in 17 no 93
    • TallGirl
    • By TallGirl 18th Apr 17, 9:03 AM
    • 3,974 Posts
    • 8,259 Thanks
    Lovely Easter weekend fairly expensive but lovely golf and chilling plus lots of naughty food really need to get back in the gym.

    Off to Denmark today flight not until 6pm so time to pack and get last few things need two outfits funeral and confirmation but got everything so no problem. Can't find my peals they were my grandmothers so sad but might be a slim chance they are in Denmark. I do hope so.

    Week 5 of my openlearn course I'm a bit ahead and will do some now so that leave less to do while away. It's quite complex but really interesting not sure I've got everything though but it's a kind of overview to everything.

    Still not heard a thing from any of the jobs I went for its four in total one hasn't closed yet, the MSE I don't think so as they changed it but the two maternity covers I would hope I hear from one at least.

    When I get back I'm going to get into a routine with gym and then obviously do some more job hunting. I might join the golf club and spend some time doing that or I could do some volunteering. Hopefully my old work sends out the P45 and P60 as I really don't want to chase them. It's been a month and they still haven't done it I think that's crap.

    I think that's it best get on with some study before I get up.
    Save £12k in 17 no 93
    • SuzieSue
    • By SuzieSue 18th Apr 17, 9:54 AM
    • 3,465 Posts
    • 3,809 Thanks
    Hopefully my old work sends out the P45 and P60 as I really don't want to chase them. It's been a month and they still haven't done it I think that's crap.

    I think that's it best get on with some study before I get up.
    Originally posted by TallGirl
    You won't get a P60 if you left before 6/4/17. You just need the figures on your P45 as that will show what you earned up to the day you left (unless they paid you after issuing your P45). I don't know why they are delaying sending your P45, they should be able to do it after your last pay day.

    I hope the funeral goes as well as it can and that you hear from your job applications soon.
    Last edited by SuzieSue; 18-04-2017 at 11:25 AM.
    • TallGirl
    • By TallGirl 18th Apr 17, 1:42 PM
    • 3,974 Posts
    • 8,259 Thanks
    Ok thanks I though that was the reason they were delaying sending it. Strange indeed will chase when I get back I'm also still in touch with a woman I knew before I started.
    Save £12k in 17 no 93
    • TallGirl
    • By TallGirl 21st Apr 17, 9:33 AM
    • 3,974 Posts
    • 8,259 Thanks
    Funeral went well about 40 people the home was lovely on the day a lot of his friends came and they said such lovely things about him. He was there for over 50 years so well known. Emptied out his place afterwards my sister and I didn't fight over anything. Loads of furniture I would have liked but not possible to transport and not antique so not worth it. Chose some paintings and a few other bits which I can bring back bit by bit. My dad fitted his clothes so that was quite handy as he looks a bit of a mess at time and we always bought my uncle clothes so he had loads.

    Inheritance will be sorted out by mum signed my paperwork. Not sure how much it will be he left £10k to the home and the tax here is penal. I want to use some of the money to keep the family plot at the graveyard my gran is buried at. My mum will most likely be there too hopefully not for many years.

    Off to pick friend of at the airport in 1/2 hour look forward to seeing her and we will then head off to my sisters. Lots of work to do over there so she's looking forward to the help. Sunday is the confirmation so it's all go now but I've written my speech and got the card so all done.

    Mum is back now better end here, No calls re interviews I must have messed up the applications time for a rethink when I get back .

    I'm just packed and ready
    Save £12k in 17 no 93
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,943Posts Today

8,789Users online

Martin's Twitter