Tax Savings for Landlords

The_Palmist

ognum wrote: »

The obvious question is why is the property in your name (apart from historic), why have you not transferred it to your wife.

You are married it isn’t a marital asset as such it belongs to you both in divorce or would (depending on your wills) pass to her on your death anyway.

Why?

The property wasn't bought as a BTL, it was our first home and the mortgage deals were better if I went alone, no other reason.

We moved to a new home last year and kept the property as bank agreed to allow it to be rented.

Now if there is a way I can make her joint or full owner without incurring too much hassle or loss, I would happily do so.

Hope this explains.

Thrugelmir

silvercar wrote: »

Sometimes all that does is crystallise your losses. It could be worth holding on to if prices could increase.

If you are afraid of crystallising losses then one shouldn't be an investor. Comes with the terrority. Making bad decisions is simply being human.

The issue isn't the the value might ultimately rise either. More that the remaining capital might be be utilised elsewhere for greater profitability.

The_Palmist

Thrugelmir wrote: »

If you are afraid of crystallising losses then one shouldn't be an investor. Comes with the terrority. Making bad decisions is simply being human.

The issue isn't the the value might ultimately rise either. More that the remaining capital might be be utilised elsewhere for greater profitability.

You are absolutely right, call me old fashioned, I would rather have the capital tied up in land bricks and mortar.

dimbo61

Follow the advice above.
If your existing lender won't allow your wife to go on the mortgage then consider changing lenders to a BTL mortgage.
Some very good deals at the moment and ALL your costs can go against your rental income.
This should get you onto Interest only.
If you put the property into joint ownership as Tenants in Common with you having 10% of the income and your wife having 90% or 5/95%

00ec25

The_Palmist wrote: »

Now if there is a way I can make her joint or full owner without incurring too much hassle or loss, I would happily do so.

Hope this explains.

I told you what you need to do in my post above. A post you seem to have ignored.

Note carefully, as it was once your marital home, there are further implications of making her an owner after moving out.

You can now look those up yourself .

Crashy_Time

The_Palmist wrote: »

You are absolutely right, call me old fashioned, I would rather have the capital tied up in land bricks and mortar.

Could get very stressful though if the market seizes up, as it is doing now?

Keep_pedalling

The_Palmist wrote: »

You are absolutely right, call me old fashioned, I would rather have the capital tied up in land bricks and mortar.

It has never been fashionable to put all your eggs in one basket.

Newnoel

Crashy_Time wrote: »

Could get very stressful though if the market seizes up, as it is doing now?

I love Crashy Time's wisdom.


This from a bachelor 50-something who sold up during a market lull in the 90's and has been in a rented bedsit ever since as house prices and rental costs rise before his very eyes! What a catch for the ladies

Adstix

Why is it that as soon as Crashy says anything about prices potentially dropping there's always someone trying to shut them down, as if the differing of opinion is not acceptable... Prices are insane, especially in the south east and need to drop, none of this is sustainable.

LateStarter

Adstix wrote: »

Why is it that as soon as Crashy says anything about prices potentially dropping there's always someone trying to shut them down, as if the differing of opinion is not acceptable... Prices are insane, especially in the south east and need to drop, none of this is sustainable.

Did you really join the forum today so you could defend Crashy? Sincere question.