Daydream thread continues.....

choille

Well, weirdly it's not raining...............

rozeepozee

Itismehonest wrote: »

The problem with this residential/commercial thing seems to only have arisen since the credit crunch & lenders tightening up. In this sort of case it isn't tightening up to make sure they aren't lending to people who can't afford what they want - it's trying to make it as hard as possible to get a mortgage, as far as I can see.
I don't know if you saw this thread from elsewhere but it shows what I mean.
It is very likely that all the existing businesses around you are unaware of what's now happening - just as we were. It will also depend on whether they would be selling the whole property as commercial.
It's the old "home with possible income" that's been clobbered not anything purely commercial.

In fact, I told our estate agent..... they didn't know themselves & checked with their Mortgage Advisor to be told it was true. They have several properties on their books which will have problems.

I worry that this means the banks expect it to get a lot worse in the not so unforeseeable. The ones that survive will be the ones who have lent cautiously...?

Itismehonest

rozeepozee wrote: »

I worry that this means the banks expect it to get a lot worse in the not so unforeseeable. The ones that survive will be the ones who have lent cautiously...?

I think you could well be right. It's not that anyone is advocating a return to silly lending. It's more that lenders seem to be becoming more like insurers - very quick to take our money (as in banks receiving QE etc.) whilst trying nearly everything to not give any away.

Even people like the couple in the linked thread who can easily afford the mortgage are finding it impossible to get one for the sort of property they want to buy ........ & we want to sell :mad:

I'm seriously starting to consider ripping the whole lot out so just the house exits & the cottages are back to sheds. It would mean an enormous knock on the price but at least, that way, we may be able to move. Seems ridiculous that it may need to be done.

rozeepozee

Itismehonest wrote: »

I think you could well be right. It's not that anyone is advocating a return to silly lending. It's more that lenders seem to be becoming more like insurers - very quick to take our money (as in banks receiving QE etc.) whilst trying nearly everything to not give any away.

Even people like the couple in the linked thread who can easily afford the mortgage are finding it impossible to get one for the sort of property they want to buy ........ & we want to sell :mad:

I'm seriously starting to consider ripping the whole lot out so just the house exits & the cottages are back to sheds. It would mean an enormous knock on the price but at least, that way, we may be able to move. Seems ridiculous that it may need to be done.

That sounds rubbish

Even on the savings side, things are different. When I was trying to gather our own cash up to buy at auction, I even had one building society really quiz me about what I was going to use the money for!

Itismehonest

I once fell foul of not telling a credit card company that we were going abroad on holiday.
They decided that, because the card was being used abroad they would put a halt on it. All very reasonable at first - they were doing they're job by making sure my card hadn't been stolen - but it took a couple of days & several phone calls back to the UK to sort it out. Every time they said they'd sorted it out & the next time I used it, it wasn't. Luckily we were at an hotel which knew us well.
In the end I had to give the card company a run down of what country we would be in when & for how long & when we planned to get home etc. Apparently we're all meant to tell them these things now....... I didn't know. Nothing like being in charge of your own finances is there? :rotfl:

Well, stripping out all the cottages & selling just as a house with PP on outbuildings would put paid to my "pension" which was basically meant to be from the sale of the property but it's looking like it's the only viable route unless we just sit here waiting for a cash buyer to come along.

Darn me - I turn round for 5 minutes & the sun has gone & it's thick fog again.

rainbowcattail

Alfie your owl is gorgeous!

CTC your new abode looks lovely & lots of potential. I have some spare seeds - I've just taken ownership of half a plot on our local allotment & I bought seeds, then I got seeds with a subscription to GYO (as I am clueless) and then my sis works for the BBC & they had a big seed share out among their employees - so I have spare carrot, tomato, cabbage & Brussels sprout seeds if you are interested?

LIR sorry to hear about the bypass, hope it dies again

Rooszee your plans sound great

Rummer (I hope, this thread moves fast!) I love the sound of your lavender hedge - I adore lavender unfortunately my dh doesn't. It sounds very French

X

RAS

rozee - not sure I should say this but I grew up on farms. We all did things that might have killed us at least once and we are all still here. I know others who are not - the neighbour who was combined and the wee bro of my schoolmates who fell in the slurry pit but most of the time it is about learning to be safe.

I remember my mother yelling at us because we were late for lunch and if we did not come down immediately we would go without. She went back indoors and quaked; reasoning that since we (age 4,6 and 8) had got ourselves 30 foot up an elm tree we were more likely to be able to get ourselves down if she was not around to demonstrate her fear.

Wee bro used to wash the cow's udders aged 18 months; we all knew where to stand to avoid a kick and which cows were beasts. When he decided that the poor animal in the big pen with massive iron bars needed its udder washing, I disagreed when our mother insisted that the cows be served by the AI man in future.

Teach your kids even now to do their own risk assessments. Discuss the risks, preventive action and potential remedial actions with them before they can talk even.

Remember it is the strange and unknown that are usually the bigger problems for adults and children, in towns, cities and the countryside. The child who understands tides will not be the adult stuck up a cliff.

We also learned faster because when we did something stupid we got little sympathy and learned that if you lose both wellies and socks in the mud, you can walk home barefoot and neither are going to be replaced in a hurry.

RAS

Wow this thread moves.

Quickies - alfie - sorry about the thieves. choille and LE, have pics printed now and info so will speak to you soon.

Iimh - I understand your concern - does that make every property with a potential annexe into a commercial property. Bang goes most of the rural rentals for local single people and couples and the basement flats in town below georgian terraces!

Itismehonest

RAS wrote: »

Wow this thread moves.

Quickies - alfie - sorry about the thieves. choille and LE, have pics printed now and info so will speak to you soon.

Iimh - I understand your concern - does that make every property with a potential annexe into a commercial property. Bang goes most of the rural rentals for local single people and couples and the basement flats in town below georgian terraces!

I'm still trying to find out what the criteria for 'commercial' actually is, RAS. It's very unclear.
Will current BTL landlords find that when they want to sell up they're restricted to selling as commercial properties? It seems totally ridiculous, doesn't it?

If an annexe is part of the house & for Gran to live in (rent free) then it shouldn't be a problem (as far as I can tell) but once it has been let (& therefore used commercially) it's not so clear.
It seems to differ from authority to authority.
In our instance the Planning dictates that nobody can use the cottages for more than 2 weeks at a time ......so they are strictly commercial.
When we were due to retire we asked the Park (our primary Planning authority - we have 2 just to complicate things) whether the cottages could be of any use as local housing for young couples but they refused. They want them kept for tourism.
So the young locals missed out & we pay CT for a house & a 2nd home that, sales-wise, are inseparable from each other.
So much for looking after locals, eh?

Anyway, I don't want to monopolise the thread with my problems but, if anyone comes up with any ideas, maybe they'd be good enough to PM me? Sorry folks.

lostinrates

Itismehonest wrote: »

I'm still trying to find out what the criteria for 'commercial' actually is, RAS. It's very unclear.
Will current BTL landlords find that when they want to sell up they're restricted to selling as commercial properties? It seems totally ridiculous, doesn't it?

If an annexe is part of the house & for Gran to live in (rent free) then it shouldn't be a problem (as far as I can tell) but once it has been let (& therefore used commercially) it's not so clear.
It seems to differ from authority to authority.
In our instance the Planning dictates that nobody can use the cottages for more than 2 weeks at a time ......so they are strictly commercial.
When we were due to retire we asked the Park (our primary Planning authority - we have 2 just to complicate things) whether the cottages could be of any use as local housing for young couples but they refused. They want them kept for tourism.
So the young locals missed out & we pay CT for a house & a 2nd home that, sales-wise, are inseparable from each other.
So much for looking after locals, eh?

Anyway, I don't want to monopolise the thread with my problems but, if anyone comes up with any ideas, maybe they'd be good enough to PM me? Sorry folks.

Actually i think btl is different, and yes, they are liable for cgt, but not if the ll moves in himself for three months and makes it their home for purposes of selling.


The problem is different in properties where we both live and work. A more interesti g comparison would be the lodger scenario...where a tax free amount is fine, and tax should payable at threshhold over that allowance. Irony is of course, it pushes things into the cash economy.