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1st time buyer

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Comments

  • outlaw777
    outlaw777 Posts: 881 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Hi Marliepanda question was can I collect monthly rental cash in hand or how do I set up a direct debit for this? Also do I have to pay tax on this, if so how is this done?

    What are legal requirements of a landlord?
  • outlaw777
    outlaw777 Posts: 881 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Thanks! :)
    Bogof_Babe wrote: »
    He hasn't said he needs a mortgage. Maybe he has an inheritance or something, and can buy outright.
  • marliepanda
    marliepanda Posts: 7,186 Forumite
    outlaw777 wrote: »
    Hi Marliepanda question was can I collect monthly rental cash in hand or how do I set up a direct debit for this? Also do I have to pay tax on this, if so how is this done?

    What are legal requirements of a landlord?

    So only you get to ask questions?

    You don't have a clue what you're doing. Being a landlord is a business, and you don't even know the very basics.

    It's not just 'someone else pays my mortgage' you have to make sure the house is safe, keep it repaired, and yes you have to pay tax on the rent.

    Until you answer my questions, why should we answer yours.

    You're not running before you can walk, You're sprinting before you can crawl
  • marliepanda
    marliepanda Posts: 7,186 Forumite
    Bogof_Babe wrote: »
    He hasn't said he needs a mortgage. Maybe he has an inheritance or something, and can buy outright.

    That doesn't change the fact he does not know what he's doing, wanting to advertise on gumtree and collect rent cash in hand?

    Letting out a property is a business, not a hobby
  • outlaw777
    outlaw777 Posts: 881 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Marlie I did ask how to set up a direct debit too...
  • marliepanda
    marliepanda Posts: 7,186 Forumite
    outlaw777 wrote: »
    Marlie I did ask how to set up a direct debit too...

    You don't.

    Your tenant sets up a standing order.
  • ellie27
    ellie27 Posts: 1,097 Forumite
    Ninth Anniversary 500 Posts Combo Breaker
    outlaw777 wrote: »
    Marlie I did ask how to set up a direct debit too...

    I will forward my bank account number for you to set up your payment to......
  • outlaw777
    outlaw777 Posts: 881 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    haha! You lot are all property magnets by the sound of things!
    ellie27 wrote: »
    I will forward my bank account number for you to set up your payment to......
  • marksoton
    marksoton Posts: 17,516 Forumite
    outlaw777 wrote: »
    Marlie I did ask how to set up a direct debit too...

    I asked how to cut a cabbage the other day.

    Ironic considering i'm a trained chef. So i asked the question, either i have early dementia or i'm being a complete k£nb.

    I've never met a more unresponsive cabbage.
  • Person_one
    Person_one Posts: 28,884 Forumite
    Tenth Anniversary 10,000 Posts Combo Breaker
    outlaw777 wrote: »
    haha! You lot are all property magnets by the sound of things!


    magnet_Amsterdam.jpg
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