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16th February 2019, 20:16 | #11 |
Posted a thing or two
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Your situation is extraordinary as most private rental landlords are in the game to make a profit. Though you haven't mentioned how much the rent / mortgage is, as you're paying interest only, I would assume the rent Emily pays is far lower than market value. I also assume the license is not annual if the council are charging £900. You are liable for the cost as long as you are landlord so you'll have to suck up the cost yourself unless you pass it on to your tenant, which I would say is reasonable to do in this situation.
You might alternatively seek to cover the cost by changing the nature of the tenancy and getting a second person living there, subject to Emily's agreement and there being a second bedroom.
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17th February 2019, 07:36 | #12 | |
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As such it was not a nationwide scheme. The most common was/is converting a normal family house into an illegal HMO with no thought to safety or even how the drains would cope with 15 people using one toilet!!! I hardly think the requirements for such a Licence apply to you Ian - but as I said - the exact details of how and where these scheme come into play is rather sketchy. On the Tax front there is better news. If you have an interest only mortgage on the place then the interest you pay is 100% tax deductible. Similarly the cost of repairs are tax deductible. And I would have thought that the cost of any “Licence” you are required to have (assuming this is the case) is also tax deductible. However, despite going through my normal reference sources here I cannot find confirmation of this. I’ll see if I can get one of the guys to check it out next week. Last edited by Darcydog; 17th February 2019 at 07:40.. |
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17th February 2019, 07:42 | #13 | |
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Following the last set of BTL tax allowance changes, It depends on the landlord's tax bracket. https://www.moneysupermarket.com/lan...et-tax-relief/ |
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17th February 2019, 08:26 | #14 | |
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But you are correct - my son who has three properties in Brighton that they let have converted two to Airbnb’s. Less hassle, easier tax reporting and far easier to inspect/improve the property. They had one tenent that proved to be an absolute **** and that was the final straw. She phoned up one evening saying that the oven and hob were not working and that “she knew her rights” and that they would have to put her up in a hotel until the problem was fixed. My son and DiL went round to inspect and found that the hob was so dirty and covered in grease that the sensor on the hob glass lid was stuck and so that was the reason why the gas was cut off. They gave her notice and after bit of a battle she went and the place is now a smart BNB holiday let (after a week of cleaning and disinfecting). Their one remaining long term let is to a wonderful couple. But it is fair to say that the recent changes will mean them having to reconsider what is best. |
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17th February 2019, 15:00 | #15 |
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some good news, due to circumstances, we might be exempt from having to pay £900.
Wife has emailed the council to ask. LeRich, rent is below the normal market rent. I could not ask Emily to pay the £900 even in monthly instalments, I think even £10 a month would hurt. macafee2 |
17th February 2019, 15:11 | #16 | |
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20th February 2019, 20:31 | #17 |
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found out today we are exempt from paying the £900, delighted.
There was no fuss at the council, wife sent them an email with an explanation and they agreed on their first reply. If only everything was so easy to resolve macafee2 |
21st February 2019, 10:32 | #18 |
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