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Two family properties in my name, need to buy own home - tax/mortgage implications?!
Comments
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My brother mentioned the tenants are refusing to leave; I should imagine he has given them the required notice.
If he is giving them notice, then you do not need to sign anything because he is the landlord. What needs to be signed is either the S21 notice to terminate the tenancy, or since they refuse to leave, the court papers to start eviction proceedings.
Do you know if your scheming bro has secured the tenant's deposit in a registered scheme? Did he give them the prescribed information within the deadline? If not the S21 was invalid. And the fine for non-registration can be high.
If he did, in what name did he secure it? He took the money from them but it is you who will be liable to pay it back if your name is on the tenancy agreement.
Is there a gas certficiate? If it is flats they may not have gas but..... do you know?And I'm not sure exactly what he wants me to sign as I was tending to my baby when he called, so was going to find out when he came to my home. But he definitely wanted me to sign something. So am I best not signing it? He did say he wants them out so he can sell the flat.
Do not sign anything. get the documents Go and see a good solicitor and get proper advice because the only way you need to sign anything is if your brother has been impersonating you for the last 2 years. he could get you in deep doo doo.
You would probably benefit from joining a landlord's association promptly as their advice as so what your brother should be doing as the landlord could keep you out of trouble.If you've have not made a mistake, you've made nothing0 -
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Neither me or my mum saw a solicitor as my brothers (brother1 and brother 3) dealt with the solicitors. So I doubt she knows about the inheritance tax and deprivation of assets you mentioned. I don't know what they are either.
Well spotted Jimmy
OP - you need to download both deeds of sale from the Land Registry site in the morning and you need urgent legal advice.
What is brother 1's line of work?If you've have not made a mistake, you've made nothing0 -
If he is giving them notice, then you do not need tosign anything because he is the landlord. What needs to be signed is either theS21 notice to terminate the tenancy, or since they refuse to leave, the courtpapers to start eviction proceedings.
Do you know if your scheming bro has secured the tenant's deposit in aregistered scheme? Did he give them the prescribed information within thedeadline? If not the S21 was invalid. And the fine for non-registration can behigh.
If he did, in what name did he secure it? He took the money from them but itis you who will be liable to pay it back if your name is on the tenancyagreement.
Is there a gas certficiate? If it is flats they may not have gas but..... doyou know?
Do not sign anything. get the documents Go and see a good solicitor and getproper advice because the only way you need to sign anything is if your brotherhas been impersonating you for the last 2 years. he could get you in deep doodoo.
You would probably benefit from joining a landlord's association promptly astheir advice as so what your brother should be doing as the landlord could keepyou out of trouble.
I don’t know anything about the rental set up. I don’t know when it started, how much he’s charging, if he secured a deposit in a registered scheme (apologies for my ignorance, but I don’t know what this is), nothing.
I don’t know if they have gas.
I just spoke to him on the phone now and he said I signed the rental agreement? But I don’t remember doing this. Gosh, I must be the biggest fool in the world if I have.
I also mentioned to him just now on the phone ifI need to declare the rental income as income and he said yes and he will help me fill in the forms. What a kind brother I have!
Me and my husband don’t earn much so were going to try and claim for tax credit.
I mentioned this to my brother now and asked if the rental income would affect the tax credit application.
He said the income from the rent won’t make a difference to the application asmine and my husband’s income combined is over 17k. I said no, I’m sure the threshold is 26k and he said no it’s 17k. He then said he has to take his daughter to college and could no longer talk, so will come round in an hour.
How stupid does he think I am?
Isn't the tax credit threshold 26k?0 -
JimmyTheWig wrote: »You bought a house and your mum sold a house without either of you seeing a solicitor?
Surely this, at least, suggests something is wrong?
We trusted them. Simple as that. Guess we both made a mistake.0 -
I don’t know anything about the rental set up. I don’t know when it started,how much he’s charging, if he secured a deposit in a registered scheme(apologies for my ignorance, but I don’t know what this is), nothing.
I don’t know if they have gas.
I just spoke to him on the phone now and he said I signed the rentalagreement? But I don’t remember doing this. Gosh, I must be the biggest fool inthe world if I have,
I also mentioned to him that do I need to declare the rental income asincome and he said yes and he will help me fill in the forms. What a kindbrother I have!
So where exactly is the rental income you are supposed to have been receiving for the last two years??Me and my husband don’t earn much so were going to try and claim for taxcredit.
I mentioned this to my brother now and asked if the rental income wouldaffect the tax credit application.
He said the income from the rent won’t make a difference to the application asmine and my husband’s income combined is over 17k. I said no, I’m sure thethreshold is 26k and he said no it’s 17k. he then said he has to take his daughterto college, so will come round in an hour.
How stupid does he think I am?
Of course it will affect tax credits!!!!!!!!!! The net rental income counts towards your joint income.
Is your husband home? Or any of your other relatives?
Get them there before brother comes round.If you've have not made a mistake, you've made nothing0 -
OP
In order for a solicitor to act on your behalf in any transaction that involves money or property transfer, the lawyer has to do a full identity check to prevent money laundering. The solicitor would have to see you and your passport at the same time.
Did that happen?If you've have not made a mistake, you've made nothing0 -
So where exactly is the rental income you are supposed to have been receiving for the last two years??
Of course it will affect tax credits!!!!!!!!!! The net rental income counts towards your joint income.
Is your husband home? Or any of your other relatives?
Get them there before brother comes round.
I believe my brother has been receiving the rental income.
I'm currently home alone. My husband is at work and doesn't finish until 10pm. And isn't the threshold for tax credit 26k, and not 17k?0
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