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Tax implications of buying home with additional cottage (for FHL) on land
Hello, we are looking to sell our home and either buy a house with a cottage or annexe to rent out (FHL) on the land, or to buy one house as our main residence and then a completely separate house to rent as a FHL. We are trying to work out which is the best financial choice, not only in terms of stamp duty but also…
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Agent Commission on a Private Sale
Hi. My flat has been on the market for quite some time due to Covid. My agents are great but I might have found a buyer myself. I have a sole agency agreement with them. If I arrange a sale privately by myself do I need to pay my agency a commission fee?
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Subsidence?
Hi First off- we did not get a full survey done on a property we just purchased, we realise now this could most likely have been a sizeable mistake- please no comments on that. as they aren't helpful at this stage. We viewed a property two times prior to offering and going on to buy. The prior owner had lived there 30 plus…
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90% ltv mortgage (not ftb)
Morning all, Just wondering if anybody knows how many 90% ltv mortgages are available for 2nd time buyers, I've seen alot that say ftb only. We are looking at moving from first house to forever home, not a middle jump as no stamp duty will save us money, plus cheaper long run to jump straight up. Problem is we won't have a…
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Downsizing to Reduce Mortgage Term.
Hi everyone. Would like to know pros and cons and also advice from anyone else who has done this. We are a young couple with an 18year mortgage living in a detached house, with 100k left on the mortgage. We don’t have kids so therefore the house we have is too large for us. Our idea is to downsize to a 2 bed, which would…
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Gift Repayment
I have a query about a cash gift. I am looking to gift a payment to my brother, for a property purchase, which I am not expecting to be repaid. If I gift this sum to him, and it would be over 3k, and he decides to repay some of it back, am I correct in thinking as long as there is no gain on this repayment that he merely…
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Unregistered Titles
Hi, I'm buying a house which the family love, but I've come across an issue, highlighted by my solicitor; 'Further to your call, please find the below update. The Sellers are selling the property as an unregistered freehold. The property was purchased as a leasehold in 1965, and then the owners purchased the freehold in…
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Estate agent double charging marketing fee?
I rented my flat out in January. The marketing fee was £100 ( half price special deal) The tenants handed in there notice last week. So I got new tenants within 3 days. But now I want to live in my flat. They said that's OK. But now there charging me £200 for the marketing fee again? Basically they have relisted the old ad…
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Length of time to form a complete chain
My partner and I are FTBs and have had an offer accepted on a house at the beginning of last month. The vendors of the house have now found a property to move to - the vendor of that house now needs to find a place to buy which may or may not complete the chain. We aren't particularly in a rush to move as we are 1 month…
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Land registration- who owns the la d?
I have a piece of land ( very small) at the front of my house ( I moved in 3 years ago) that according to land registry I have tittle to. However there is a fence and shrubs planted in it and maintained by my neighbours. I have said that the land is mine on land registry, but they said they have maintained it for 22 years,…
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Selling a rented property.
Sorry for the long post. My wife and I are reluctant landlords. We have been renting a house to a friend of our daughter for eight years now. She is not paying market rent but we are happy with the amount. The problem is we want to sell but want to make sure she can stay. We have tried to get her to buy it at a discount…
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Lease on maisonette - Advice urgently needed?!? BTL
Hi everyone, Myself and partner put an offer in on a first floor maisonette in the Birmingham area for £120k which was accepted (As a buy to let). Upon viewing this maisonette the place was immaculate, freshly decorated with new kitchen & bathroom. I can see the previous buyer bought the maisonette for £88k two years ago,…
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When to instruct a conveyancer
I've just accepted an offer on my house and missed out on a purchase. Obviously we can't move until we find a house to buy so do I still instruct my solicitor to go forward with the sale? Have the worry the buyer would pull out if it take to long for us to find a property to buy but I don't want to rush into something. I…
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Eligablity for help to buy Lifetime ISA scheme having previously been named on a mortgage.
Hi forumites! I have a question regarding lifetime ISAs help-to-buy scheme. I'm in a slightly odd position of having been named on a mortgage, although never having actually paid towards it nor being named on the house deed. Does anyone know if this would automatically exclude me from the first time buyer help to buy…
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Buying an investment property with inherited cash - proving source of funds
Hi everyone Hopefully someone can help. My husband recently inherited £100,000 from the sale of his grandparents' house. This money came via his parents, and then to him. We have decided to use this money to buy and do up a house. We will buy cash for the full purchase price, so no mortgage. I have some questions: * I know…
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Next doors link detached potential Garage conversion
Hi everyone, I’m new to this forum but I am hoping you can give me some advice. Me and my partner moved into our first home 9 months ago and we love it. We bought a 3 bed link-detached. It is a link detached in the fact that next door is connected by their single storey garage to our single story garage. We have nothing to…
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Advice for first time buyer on offer for a property
Hi all, Im looking for some advice on a property I have recently viewed. It's an end of terrace house built in the 1980s. The guide price was in the region of £240,000 to 260,000 and then this was reduced to OIEO £240,000 When I went to the property I noted the following - - boiler is a back boiler and estimated to be…
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Buying another property while renting out current one
Not sure if this is even an option but it has passed my mind. I have a house which is worth 200-210k and I owe £80k. I have refurbished it all to a high spec but it’s not big enough for us anymore so we are looking to buy another house for 340k. my wife and I have no debt , loans etc and minimal outgoings (have cut back on…
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Selling house, getting probate
I know this is a difficult question to answer as every case is different. But is anyone currently in the process of getting probate? If so, how long did it take? We are buying a house which is currently on hold as the seller is buying a house where the family is in process of getting probate. They are currently 6 weeks in.…
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Buying property - Convert electric to gas central with grant?
Looking at buying a property that has the heating currently operate from a ventilated heating system. If i were to replace with gas central heating, would this be eligible to receive money from the government green energy grant? I wouldn't be able to finance it myself and i know we wouldn't put up with a ventilated heating…
