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  1. #221
    Members Herr Tubthumper's Avatar
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    Quote Originally Posted by Dale Jasper View Post
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    Question for the panel.

    I bought my btl in 2006. .
    I never deducted the cost of setting up the mortgage (2k) in my annual self assessment as an allowable expense as I thought it was a capital expense. I was wrong.
    Can I still claim now on this year’s income return ? (Potentially saving hundreds ) Or is it too late ?
    Best to ask an accountant. I’m not sure about self-assessment but I once had a significant business expense which I forgot about for 3 years and was able to set it off from my company tax.
    "I will design a town in the image of your face. Round the wrinkles of your eyes my footsteps you can trace. We could promenade down infra-nasel depression. The streets of your hands will never feel a recession."

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    • #222
      Members Herr Tubthumper's Avatar
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      Quote Originally Posted by Renegade1 View Post
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      Here's one for you guys and relates to someone I know.

      You have a flat you rent out with a lease of 93 years.To bump that lease up will cost around 36K.
      To sell and buy a freehold flat will mean you will pay around 36K in CGT.

      Is there another option?
      I’m surprised that the lease is so much.
      "I will design a town in the image of your face. Round the wrinkles of your eyes my footsteps you can trace. We could promenade down infra-nasel depression. The streets of your hands will never feel a recession."
    • #223
      Members Herr Tubthumper's Avatar
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      Whilst on the subject of leases and freeholds can anyone recommend a surveyor in Brighton to value a freehold price? I’ve been quoted 900 which seems a bit steep.
      "I will design a town in the image of your face. Round the wrinkles of your eyes my footsteps you can trace. We could promenade down infra-nasel depression. The streets of your hands will never feel a recession."
    • #224

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      Quote Originally Posted by Triggaaar View Post
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      Find out the ground rent and enter the details into an online calculator to find out how much it should cost to extend the lease. £36k sounds way off to me.

      Er, a mortgage

      Well it's different now, but in the old days you could get 100% mortgages, and property was not too expensive.
      And where does's the mortage come from?If the rent is £1000 per month and you can borrow 4 x that which is only 48K.
    • #225
      Members mikeyjh's Avatar
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      Quote Originally Posted by Shropshire Seagull View Post
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      If you lived in a property and then moved out and let it, this is called a let-2-buy mortgage. They basically convert your primary residence mortgage to a BTL

      All this talk of mixing residential with letting mortgages - remember the basic principle is that everyone can have a primary residence mortgage [assuming lending criteria met] but as soon as you want another property mortgage - e.g. BTL this is a kind of business loan so must attract a slightly higher % rate.

      Also, the point of making over payments on an Interest only mortgage does not, in my experience with Nationwide, actually reduce the capital [principle sum] of the loan. Your account simply goes into credit which will allow you to take a payment "holiday" if you wish, or have the money returned. I suppose it might be possible to ask the lender if they would accept it as payment against capital, but you cannot have an interest only mortgage and treat it as if it were a repayment mortgage [to your benefit].
      Your post hits (and your next one) upon an important point - That all the advice shared here is useful, but only in the context of one's personal circumstances. Anyone claiming that one particular way is better than another is giving poor advice as you simply cannot do that without a clear understanding of personal circumstances.

      For example, I see you you're going down the interest only route which clearly suits your own needs whereas I own mine, which is perfect for me :-)
    • #226
      Members Uncle Spielberg's Avatar
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      Quote Originally Posted by Renegade1 View Post
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      And where does's the mortage come from?If the rent is £1000 per month and you can borrow 4 x that which is only 48K.
      It is not worked out like that
      Spielberg is GOD.
    • #227

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      Quote Originally Posted by Uncle Spielberg View Post
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      It is not worked out like that
      How is it worked out? I assume on your overall earnings but if they have gone towards a mortgage/mortgages on other properties......?
    • #228
      Members Weststander's Avatar
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      Quote Originally Posted by Renegade1 View Post
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      How is it worked out? I assume on your overall earnings but if they have gone towards a mortgage/mortgages on other properties......?
      Loan to value ratios, then ability from the rental income to service the debt?
    • #229
      Members Uncle Spielberg's Avatar
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      Quote Originally Posted by Renegade1 View Post
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      How is it worked out? I assume on your overall earnings but if they have gone towards a mortgage/mortgages on other properties......?
      Buy to lets are based on the rental income, stated in the thread and examples given, however most lenders require a minimum personal income of £ 25k pa to show the mortgage could still be paid if their was a problem with the rental payments
      Spielberg is GOD.
    • #230
      Resident pedant Triggaaar's Avatar
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      Quote Originally Posted by Uncle Spielberg View Post
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      You are decent as well
      Get in Thank you Uncle!
      Hold tight, my man
      He's got the frisbee

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