SarahBeenySpringIssue2017 - 60

▲ BUYING AND SELLING

Q

I'm thinking of becoming a
landlord, but I'm concerned
about changes in tax law.
Where should I go for advice?

A

'Property tax law is going
through reforms at present, with
changes to mortgage interest relief,
stamp duty and tax on enveloped
dwellings,' says Andrew Davis,
managing partner of Davis & Co LLP
(davis-co.co.uk).
'Further changes are on the horizon
in the form of the Making Tax
Digital policy. This will require many
landlords to file a quarterly return with
HMRC, although changes are being
introduced gradually from 2018.
'If you are unsure about the impact
of tax on your property business, it is
absolutely essential to seek advice.
'An independent qualified
accountant who specialises in
tax accounts and tax planning with
specific regard to the treatment of
property would be able to help.'

EASY
COSTS
Remember
that if, as a
landlord,
you use an
agent, it's
less hassle
but they
could keep
10-20% of
the rental
income.

Q

As my pension prospects
look bleak, I want to invest
my money in property: in the
long term, would I be better
purchasing a house and renting
it out or going in with others to
own lots of properties?

A

'Pensions, ISAs and similar
products can indeed be
disheartening investments right
now, and property investments can
offer a very attractive alternative,'
suggests Ronnie Gleeson, managing
director of Thames Property Nest Eggs
(thamespropertynesteggs.com).
'However, with the new buy-to-let
tax laws which are being phased in,
investors do need to be mindful of
the financial impact the rules place
on the rental income of landlords.
Thames Property Nest Eggs was

Do it properly

Q

I plan to buy a family home,
but I've only ever lived in
rented housing - what pitfalls
do I need to avoid?

DRAW UP A FORMAL
LEGAL DOCUMENT IF
YOU'RE BORROWING
MONEY FROM OR
LENDING IT TO A
RELATIVE.

A

'First, recognise that a property
report or valuation is not
a survey,' says Property Mastery
Academy co-founder Mark Lloyd
(propertymasteryacademy.co.uk).
'These are produced for the lender
only, so you should consider paying
for a Homebuyers Report.
'Use a mortgage broker rather than
a high-street lender - they can give
you a better view of what is available.
'Do your homework about the area
in case any major developments are
planned. Remember you are buying
for the long term, so don't panic over
the mortgage. Lenders want to lend if
you have good credit and the property
satisfies their criteria.'
Mark advises patience: 'Don't expect
things to happen overnight. Once
your offer is in, it can take months to
reach completion as you will likely be
in a chain, so don't give notice on your
tenancy too soon. Before contracts are
exchanged, you can still change your
mind, but will incur some costs -
survey and solicitor fees, for example.
'Finally, once you have exchanged
contracts, you're committed to buying
and the completion day is set, so don't
get pushed into an inconvenient date.'

060 | MAY 2017

launched as
something of an
antidote to this.
'Its fast-track
option allows
individuals to invest in
the London property
market with other
like-minded coinvestors, and have the
property purchased,
refurbished and
sold straight away
on their behalf.
'This modus operandi
completely sidesteps the new,
so-called "tenant tax" derived from
rental income, and can within produce
a healthy capital growth profit within
six to nine months, generated as a
result of buying well, refurbishing
well and selling well.'

AFFORDING YOUR OWN
HOME ISN'T THE ONLY
PROBLEM - YOU ALSO
HAVE TO FIND ONE THAT
SUITS YOUR PURPOSES


http://davis-co.co.uk http://www.thamespropertynesteggs.com http://propertymasteryacademy.co.uk

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