work on rented property??

rent_and_buy

m_13 wrote: »

If you own the property as joint tenants with a 50/50 split then the income is split 50/50. So far as the income goes you can't 'put it in the missus name' unless she owns 100% of the property or you are tenants in common with a 99/1 split and have completed Form 17 to tell the inland revenue you want to divide the income in line with ownership shares. If you are tenants in common with a 99/1 split then she would have 99% of the income against her income and you would still have 1%.

I will take a look at it cheers for that, to be honest we are not really that botherd we are not big earners so even if we pay the full tax on the 24000, it wont be that much, and has we thought we were only going to be getting 100 pound extra profit a month, we will still be getting more than that if we do rent our property out.

Like someone said earlier dont spend the money before you get it, but you have to think you are going to get it if you are renting, else why would you do it?

if we pay the full tax on the 2400 we should still get a holiday out of it each year.

rent_and_buy

sooz wrote: »

If it needs all of this doing (especially the rewire), it doesn't sound very rentable now.

my missus is very fussy;), dont worry its rentable, ive had 4 agents round and they have all said its quite rentable.

sooz

rent_and_buy wrote: »

my missus is very fussy;), dont worry its rentable, ive had 4 agents round and they have all said its quite rentable.

Most agents are idiots. There is a big difference between person taste for fixtures & fittings, electrical safety & the property needing a rewire.

rent_and_buy

sooz wrote: »

Most agents are idiots. There is a big difference between person taste for fixtures & fittings, electrical safety & the property needing a rewire.

I have to agree with that most agents are idiots, thats why im going to do it myself, if it needs a rewire, i will have one done, at the end of the day i wouldnt want anything like that on my conscience, ill see when the homecare man comes to do the service and to issue the safety certificate, im going to have the electrical cover and they will check that as well, if its not up to their standard they wont cover it.

tbs624

sooz wrote: »

Most agents are idiots. ....

Ooh Sooz, how *could* you?:rotfl:

tbs624

rent_and_buy wrote: »

I have to agree with that most agents are idiots, thats why im going to do it myself, if it needs a rewire, i will have one done, at the end of the day i wouldnt want anything like that on my conscience, ill see when the homecare man comes to do the service and to issue the safety certificate, im going to have the electrical cover and they will check that as well, if its not up to their standard they wont cover it.

rent _and_buy, homecare must love would-be LLs like you: the ££££ signs must be flashing before them. You only need to get a local NICEIC bloke in to ensure that everything is done to bring the property up to standard.

rent_and_buy

tbs624 wrote: »

rent _and_buy, homecare must love would-be LLs like you: the ££££ signs must be flashing before them. You only need to get a local NICEIC bloke in to ensure that everything is done to bring the property up to standard.

i more or less know the property is up to standard my brother is a electrician and he's had a look around, Ive took the homecare out has it just gives me peace of mind for 34 pound a month, ill live with that, and it covers for all problems not just my boiler and electrics.

Ill just give the tenants the phone number and say any problems call them, its a 24 hours 7 days a week manned line.

Any other problems call me, i may use the other option when ive done it for a bit, but at first ill use them.

cheers

socrates

theartfullodger wrote: »

Thanks rent_and_buy... The pint would be nice! It's LODGER btw...

Question for confused31 - I collect testimonials: Was your "fool" directed at me (I do hope so,, I'll add it to the list if so.. thanks in advance if it was...) I'll also be pm'ing you...

Cheers & Best wishes to all, including those who don't agree with me!

Lodger

Have you not worked out that they are one in the same person?

rent_and_buy

I forgot about this post cheers for bringing it back up, ill give everyone a quick update ive got the money in my savings acount earning me just over 115 pound a month, ive just had my fire place done it cost 87 pound for the fire.:rolleyes:

the other house improvements are going to be put on hold for a few weeks now, ill post back again when im ready to carry out my next home improvement, im thinking of getting a new barbacue for the garden, what do you lot think??? or is it too expensive??

£9.97

socrates

rent_and_buy wrote: »

I forgot about this post cheers for bringing it back up

Perhaps you got 'confused'