Nice people thread part 4 - sugar and spice and all things

silvercar

GDB2222 wrote: »

On the whole, the rent on a £300k+ house would not be likely to support anything like a £300k+ btl mortgage. That means raising additional capital, perhaps against the family home, which may cause concern. Maybe seek a friend/family to put up some capital to support this venture in return for a share of the profits?

You will lead at least 30% equity to get a proper BTL mortgage. Plus money to do the works on the new venture.

michaels

BTL mortgage would not be a problem but is just (relatively) very expensive and may not be compatible with PPR relief...

My lil bro is in on the deal with some equity so between us we have no problem with 40% deposit and building costs but it is just a matter of trying to be greedy and get a cheaper mortgage for the balance and minimising CGT liability...

Of course if house prices fall 25% in the time it takes us to do the deal there won't be any profit anyway....

silvercar wrote: »

No, at 1m there is no intention for people to pass if someone has hot food in their hand, otherwise it is fine.

So getting the new mortgage is the issue. One way round may be to increase the mortgage on the current place so that you have a larger deposit. BTL mortgages are generally given on the basis of potential rental income, so your salary may be irrelevant.

lostinrates

what a day! An old antique mirror fell off the top of my desk...which is a sort of tall boy...carshing all the stuff...junk and otherwise, acroos the room. Thankfully the glass didn't break, but a bit of the frame came off. Its fixable. the sitting room is a tip though.

then, aving come in from outside and being thirsty I made myself a huge comdy glass of lemon barley water, and promptly put it down and can't reember where and can't see it anywhere. Made another, normal sized drink, put it on the cofee tabble, and dog sog walked in and drank it (terrible, terrible manners) Cat sent her off and prceeded to tuck in herself. I've made another drink now and I'm NOT putting it down.

I should be dealing with the bad mannered animals (consistancy is the key to reliable training) but tbh I'm just not sure how much I care about it these days...

silvercar

michaels wrote: »

BTL mortgage would not be a problem but is just (relatively) very expensive and may not be compatible with PPR relief...

My lil bro is in on the deal with some equity so between us we have no problem with 40% deposit and building costs but it is just a matter of trying to be greedy and get a cheaper mortgage for the balance and minimising CGT liability...

Of course if house prices fall 25% in the time it takes us to do the deal there won't be any profit anyway....

If you take a BTL mortgage on your current home, you retain PPR entitlement because it has been your home, so that gives you PPR for the time it was your home + the last 3 years of ownership + access to letting relief + CGT allowance if not used elsewhere.

The new home gets the same tax treatment as it too will become your home.

If lil brother goes on the deeds, then he could have a CGT liability unless it becomes his home too.

As GBD2222 alluded to, if you do this too often the revenue could consider you to be trading and hit you with income tax liability but once is ok, twice you could probably get away with....

Davesnave

lostinrates wrote: »

what a day! An old antique mirror fell off the top of my desk.....

I had a bit of bother too. Went to 'town,' which I don't do very often, but Exeter's OK.

Suddenly realised what a country person I've become when three seagulls dive bombed us and stole part of DW's sandwich on Cathedral Green. :mad:

I think one is supposed to go "Ooh! Ah! EeeK!" and rush about, looking scared, to the great delight of onlookers. They weren't so amused by someone attempting to kill the bloody things! :rotfl:

Well, I winged one with my foot, and I'm sure DW didn't mind that I probably looked slightly deranged, flailing my rucksack...

But it went a bit quiet.

lemonjelly

lemonjelly wrote: »

Tyres are expansive. Viva, sounds a good deal there.
Well, after 45 mins of positivity in jllyland today, it all went down the toilet in the 2nd half.:(

LydiaJ wrote: »

What happened?

lostinrates wrote: »

lemonjelly, dear one what is wrong?

lostinrates wrote: »

I've been hanging around in case Lemon J came back but the boss wants to go up now. take care LJ, we'll be here is we cn help. ?

:o:o:o:o:o:o:o:o:o:o:o:o

Whoops!

GBD222 got it. Wolves first half we dominated them, then we were poor in the 2nd half & lost the game.
I only dropped by, & posted it on a whim.

Then I see worried peeps!

:o:o:o:o:o:o:o:o:o:o:o:o

lemonjelly

LydiaJ wrote: »

Ages ago in a rented house we had a loo that had a heat lamp rather than a radiator. It was quite effective - no need to heat that little room all the time, but warm for the few minutes you were in there.

My grandparents had one. It was amazing - could really feel the heat off it.
Not very mse I'd assume though...

lemonjelly

lostinrates wrote: »

i was worrying about foot ball?

michaels wrote: »

In the words of the great Bill Shankley (Wkipedia):

There are other things to worry about?:eek:

lemonjelly

misskool wrote: »

Finally feeling Christmas spirit. Went out to watch Muppets Christmas Carol yesterday and a party of mulled wine + mince pies and tree decorated.

Now if only I could pawn off my 2 students tomorrow and have a doss week. lol

I like the muppets.

I went to see It's A Wonderful Life at the cinema sunday.
Never liked it on telly. Really liked it on the big screen.

lemonjelly

lostinrates wrote: »

I love trees. Flowering cherrries are beautiful but just, as dave says in spring. Have notices some with good autumn colour this year though.


I've bought a burnt sugar tree for my front garden ....a little risky in the cold here ...never thought I'd say that in the sw....planted it in a house I lived in years ago,. the main feature is the smell. it would be happier in the warmth of greter london.

If there are already spring pretty trees in your road I'd go for autun colour.....liquid amber? or even better a small winter tree.......perhaps a witch hazel....beautiful scent everytime you come home...I'm thinking of a few of these for a less formal, witchier alternative to a formal box garden.

really good picures on the crocus website to look any of these I think.

I love trees. In previous jobs I've been told off because I like watching them sway in the wind & find that preferrable to working!