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Capital Gains Tax questions
Hi, I am a financial illiterate trying to understand how capital gains tax works. This is my understanding below which may or may not be right, I would really appreciate any advice. Ok so you sell a property, the outstanding mortgage is deducted and you get the proceeds. The purchase price is deducted from the proceeds and…
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Freeholder wants to build on my roof
I am a leaseholder in a block of 11 flats. I've just learned that the freeholder (who owns 5 of the flats) wants to build on the roof. He doesn't have planning pemission yet but I'm sure he'll get it. If I can get the other leaseholders interested in buying the freehold, is it better to do this before he gets PP? Ie would…
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Solicitors Fees
I recently got quite a few quotes from a number of local solicitors for our imminent house move. These were all got over the phone. Rather than a breakdown I asked for a final figure to ensure there were no added extras that would come as a surprise at the end. The one I chose to go with was at the lower end of the quotes…
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friends struggling to get a rented house
Hi there, My friend is currently private renting a 3 bed house. Her partner moved out recently & she has made decision that she needs to downsize to a 2 bed property (she has a child) She works 16 hours a week & qualifies for housing benefit, but that doesnt cover even half the current rent she pays - hence why shes…
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What have I missed?
We exchange contracts on our first home tomorrow (touch wood) and completion is set for monday. I am trying to get a checklist together of things we need to organise. We dont need to organise removals or redirect mail. Im sure i will still have missed something, though. Organise buildings and contents insurance. Take metre…
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Home Buyers Report Received but confused
Received the home buyers report but slight confused on what to do, any advise: Central heating, electrics were all mentioned as category 3 meaning need replacement or checking ASAP. I assume they only list this as category 3 due to the age of boiler and electrics hence the need for testing. However, the report highlighted…
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House not selling, HELP!
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Residents Stuck in Un-Sellable Houses
Sticky situation to find yourself in: http://www.bbc.co.uk/news/uk-wales-south-west-wales-13788649
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House Internal Area and price estimation
Hello, We are planning to buy a house and we really liked a house so wanted to make an offer for that but not sure how much because there are not many properties sold on that street in last few months and obviously it varies from house to house as well. When I looked at the estimated price on Zoopla without entering the…
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Solicitor's bill has come through - OMG!?!?!
I just got a very harassed phone call from my other half. The mortgage we went with had a product fee where they would cover our legal fees, standard telegraphic fees etc leaving us to only pay for the searches, registration etc. They have sent us the bill and it's like nearly £3k! I haven't seen it for myself but I've…
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Renting, debt and Homelet
Hi People, I am seeking advice about my current situation as i dont want to (but probably will anyway) throw £240 down the toilet through my LA going through Homelet to reference me. Important points are; - I have bad credit, I still owe £8,000ish to HSBC, £5,000 to MBNA and like £600 to natwest. Assume i have no CCJS, i…
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Seller is ill....
(I really didn't know what thread title to give) Am in the process of buying a house. My solicitor was waiting a while to receive paperwork from buyer's solicitor. So I rang up the agent and was told that the seller had a stroke, and therefore obviously unable to sign/check papers. However my solicitor has told me that she…
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House taken off the market, but still advertised by the agent.
Hi, My Father, 88 years old, was obliged to pay £250.00 for taking his house off the market over a week ago, one of the reasons was because the manager of Bairstowe Eves, the Clacton-On-Sea agence was inefficient and arrogant.:mad: Today I have seen that my Fathers house is still advertised for sale in this same agence, is…
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House taken off the market, but still advertised by the agent.
Hi, My Father, 88 years old, was obliged to pay £250.00 for taking his house off the market over a week ago, one of the reasons was because the manager of Bairstowe Eves, the Clacton-On-Sea agence was inefficient and arrogant.:mad: Today I have seen that my Fathers house is still advertised for sale in this same agence, is…
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Any ideas?
Hi All I'm probably barking up the wrong tree here, but I'm hopping mad and want to kill someone. Any advice welcome I have been in the process of buying a new house. I have the money, my solicitor has completed the searches and we were due to exchange on Friday. On Monday, the EA rang me to tell me that the vendors had…
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Notice period for Rental Flat, Landlord being arsey
Hello, Can anyone confirm the following for us. We currently rent a flat for over 2 years, we are now on a rolling contract as our ast ran out in August last year. We are currently in the process of buying a house, the mortgage is nearly sorted, however the only thing stopping it is a reference from our landlord. Our…
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Can I still rent my house?
I am 3 weeks into a signed contract with an estate agent. It is for 14 weeks sole agency. It doesn't state however that I can not sell the house and rent it instead. Am I allowed to do this?
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Council offered me the freehold in writting then changed there mind
Hi, I own a flat on shared ownership with the council, I approached the council about buying the additional % and increasing the lease in Feb 2011 and they sent out a valuation officer and then in the post I received a offer to purchase the 'freehold reversion' for x amount as long as transaction was completed by in 12…
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Tenancy start date pre-dates our access to property
We're currently in the final stages of agreeing a tenancy for a flat in London. The date the tenancy was originally supposed to start was 13 June, however due to a number of factors (involving a very laissez-faire estate agent), the contract will not be signed until today and we will only get access this afternoon, 16…
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How to calculate profits on buying and selling
Flat £100,000 Fees £4,000 Renovation £5,000 Sell £130,000 Fees on selling? £4,000 ??? - not sure? Profit £100,000 + £4,000 + £5,000 + £4,000 = £113,000 £130,000 - £113,000 = £23,000 Capital Gains Tax 20% of £23,000 = £4,600 Profit £18,400 Does this make sense? Of course the other option is to rent
