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  1. If you feel your not bothered after a few weeks. Is this the right house for you? I would say walk away and look for a property you would be happy to wait on, if any delays pop up. Good luck
  2. My advice is to speak to your accountant, http://www.hmrc.gov.uk/manuals/pimmanual/pim3200.htm Renewals & 10% wear and tear allowance However, in addition to the 10% allowance, a taxpayer can also deduct the net cost of renewing or repairing fixtures that are an integral part of the buildings. The net cost means the cost of the replacement less any amount received for the old item. Renewals: furnished & unfurnished property The cost of replacing plant and machinery supplied with the property can be claimed as an expense where neither the 10% wear and tear allowance nor plant and machinery capital allowances are claimed. This is called the ‘renewals basis’. It is like the wear and tear allowance for furnished letting in that: *The renewals basis covers the same kind of assets; that is, free-standing movable plant and machinery assets like furniture, carpets, curtains, cookers, fridges etc, and *as a separate matter, revenue relief may also be due for replacing fixtures in the same way as in the wear and tear case (see above). The renewals allowance is also available for unfurnished property. Here we will mainly be concerned with fixtures. But the taxpayer may also provide some plant and machinery assets to the tenant (such as a heating boiler) although the let can’t be regarded as ‘furnished’. The taxpayer can claim a renewals deduction in the same way but they can’t claim the 10% wear and tear allowance because they don’t come within the terms of ESC/B47
  3. And 10% of rental income for wear and tear per year. .
  4. Business assets are not included in capital rules . For the purpose of this rule, “capital” will include savings, stocks and shares, property and trusts. It will not include: the property occupied by the claimant as his or her main home; personal injury payments placed in trust funds; certain other compensation payments; personal pension schemes and retirement annuity contracts; or business assets. We will also disregard 50% of pension contribution in assessing net earnings. As long as the BTL properties have a total capital of less than 16k, you will qualify for UC. Any mortgage/secured finance against the asset is deducted from the property value giving the “capital” amount of the asset. BTL is considered a business asset under all means tested benefit rules, so borrow as much as possible against your business assets. Don’t forget to deduct 10% of your gross rental income per year for wear and tear. Every little helps.
  5. Well done NI forum, and to doccyboy for moderating. It must be hard with BelfastBoy and the others............only joking.
  6. I would say yes, it would be less appealing. As a tax payer, I would like to see rent being paid directly to the landlord, simply to remove the temptation for the tenant to spend their LHA on smokes, drink or even the latest smart phone. Leaving the tax/rate payer to pick up another bill further down the line when the tenant needs a bail out from rent arrears. I would like to see a system were rent, electric, heating and food is paid directly to suppliers to provide the basics. Then a small amount of money being paid to the benefit recipient. Friend of my wife was moaning recently how hard things are, she's on benefits ironically as she laughed at a joke on her iphone, a quick calculation in my head at the time was LHA £450 per month (includes rates) Job seekers/ income support single mum £300 per month Child benefit for 2 £130 per month Child tax credits family with 2 kids £450 per month She has an "X" but thats a whole other calulation. But he doesn't live with her, aye right Roughly £1,330 tax free, How much does the average 26 year old get after tax? Just my thoughts. .
  7. If true. That is shocking, well done to the student.
  8. No point in challenging any point your making then. Good luck.
  9. Not in Belfast. The calulator in your link does not allow for LHA area rates. You will not get any more housing benefit than the rate shown for your area. http://www.nihe.gov.uk/index/benefits/lha/current_lha_rates.htm A claimant or landlord cannot appeal against the levels of LHA set. The bottom 30% of properties within the rental market are used to calulate the LHA rates for a given area. By calculating LHA this way housing benefit should be kept below the average rental price in that area. Don't know how you get to £550 per month for a single person with 2 kids, when the LHA for a three bedroom house is £104.46 per week for Belfast, £452.66 per calander month (assuming the single person and the 2 kids fall into the criteria for a 3 bedroom property). If the single person is on income support, taxable benefits or gets child maintenance this will have an effect on any rate relief they are entitled to. Just saying.
  10. 2buyornot2buy is right on this one. The only way a landlord is able to get HB paid directly to them is if the tenant allows it or the tenant is in arrears by (I believe) 8 weeks. Not to sure if this has/will change once direct payments are the only option.
  11. I didn't say it was a great area. I'm not pretending this is an excellent investment, however in reply to the previous post of where do you get a house for £30k i think this example fits within that discription. "I can only guess they have connections and will make sure their house is never touched. These are the only type of people who can buy in sink estates like these" Your accusation that the person who has bought the property (it's sale agreed) has in some way "connections" is staggeringly presumptuous, given that anyone could check ownership from land registry once the sale completes. You should know better for someone in your line of business. But obviously not. Good luck.
  12. Sale Agreed in 4 days, someone must see value. http://www.propertypal.com/9-alexandra-park-ballymena/173566/insight Not such a bad area after all.
  13. Go speak to your bank, find out who deals with property disposal. Higher yield property deals aren't going to come looking for you. What about this one? http://www.propertypal.com/9-alexandra-park-ballymena/173566 Don't get me wrong it isn't a great area, but with £12k spent on it you could rent it to a DHSS'er. £94.33 per week £4905 pa + rates @ £243 pa total £5148 pa Gross yield 17%. If you want to give value to the taxpayers you could rent it for £65 per week + rates and get a gross yield of 12%. I'm sure all the peeps on HPC would do that, or maybe not.
  14. Calm down dear. Your point is not at all pointless but your example is extreme, in the same way a story of a landlord sitting on his backside while he counts his rental income every month is, but you could argue that is reality. I wouldn't call myself a professional landlord, I have 2 properties i rent out, one repossessed, one nearly repossessed, not exactly what I would call a property empire and neither are rented to DHSS tenants. I've provide two young families with a well maintained familly homes in a nice area which they can afford, something the local council couldn't do. When the sh** hits the fan where are the people who's houses are repossessed going to live? Do they just disappear? Stop believing everything you read on the internet.
  15. Two more "dodgy" houses sale agreed in Ballymena, someone must see value. http://www.propertypal.com/search?sort=updatedHigh&max=75000&sta=saleAgreed&sta=sold&page=0&term=4724&pt=residential&st=sale
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