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Panic Cgt Selling Perhaps

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"Hi WEEBOBBY,

The Landlord would like his properties valued, would it be possible to gain access to your apartment this afternoon at 3.00 pm. Apologies, for the short notice, Unfortunately they contacted me on Friday afternoon, and I finished at 1.00 and didn’t pick up the message until this morning."

only moved into this property 2 months ago. looks like panic cgt selling perhaps.... i have emailed to see if its being valued with a view to selling.

In South Belfast. Lovely property.

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Or it could be being valued for the purposes of re-mortgaging & extracting some cash? I wouldn't get too excited until they contact you to say it is up for sale.

Or they forget to tell you and you find it for sale on Rightmove yourself :(

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Strangely enough similar thing happened to me today. South Belfast, very nice, relatively new property that I’ve been renting for a few months. The letting agent informed me that a surveyor will be visiting the property this week. I said I would try to accommodate this as best I can

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Strangely enough similar thing happened to me today. South Belfast, very nice, relatively new property that I’ve been renting for a few months. The letting agent informed me that a surveyor will be visiting the property this week. I said I would try to accommodate this as best I can

interesting. let us know on here what happens and ill do likewise ,

have we the same landlord ?!?! NAMA perhaps lol

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interesting. let us know on here what happens and ill do likewise ,

have we the same landlord ?!?! NAMA perhaps lol

NAMA is still at the 1Bn + loans. Doubt id they will get to individual houses for a while. I think (Not sure) they have a lower limit of £5m on the loans they will consider.

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NAMA is still at the 1Bn + loans. Doubt id they will get to individual houses for a while. I think (Not sure) they have a lower limit of £5m on the loans they will consider.

nama was a joke. they havent even worked through the dealings of the 10 biggest firms to receive bailouts , never mind any of the northern irish.

thoughts on the probable rise in cgt Belfast VI ?

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It wouldn't take too many of the houses around here to put it in the NAMA limit. I’ve a friend that works for one of the southern banks, he told me you would be surprised at the amount of property in Belfast getting valued last year and this to be included in NAMA. Lots of landmark buildings. If I understood him correctly it doesn’t matter if the asset is doing particularly well, if the developer has loans with the bank totalling £xxx they will essentially take over all assets that developer holds with the banks.

Personally I find it rather shocking if some of these buildings with some high profile tenants have been included in NAMA. There seems to be a massive over supply of office space in Belfast. I wouldn’t be surprised if investNI decided to help these developers out by renting some of this space out for there investment clients at a free or highly subsidised rate.

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nama was a joke. they havent even worked through the dealings of the 10 biggest firms to receive bailouts , never mind any of the northern irish.

thoughts on the probable rise in cgt Belfast VI ?

CGT was at 40% up until 12 or 18 mths ago. So it is a removal of the very recent lower tax rate. You are still allowed a personal CG relief of just under £10k per person. So if a husband and wife own a second house they can make a profit of almost £20k before they are taxed. There used to also be a taper relief. I am not sure that is coming back but, I think it only affected houses owned for 12 years or more.

The thing about tax is you only pay it on profit and at the very least only after the first £10k/£20k of profit. It would be my opinion that this tax is the least worry that all the 'Johnny come lately' BTL'ers have.

You say NAMA was a joke. You speak in past tents. It hasn't come here yet. It will in the Autumn. and it will be anything but a Joke for the developers caught up in it. It will not touch the BTL'ers unless they have loans above £5m.

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It wouldn't take too many of the houses around here to put it in the NAMA limit. I’ve a friend that works for one of the southern banks, he told me you would be surprised at the amount of property in Belfast getting valued last year and this to be included in NAMA. Lots of landmark buildings. If I understood him correctly it doesn’t matter if the asset is doing particularly well, if the developer has loans with the bank totalling £xxx they will essentially take over all assets that developer holds with the banks.

Personally I find it rather shocking if some of these buildings with some high profile tenants have been included in NAMA. There seems to be a massive over supply of office space in Belfast. I wouldn’t be surprised if investNI decided to help these developers out by renting some of this space out for there investment clients at a free or highly subsidised rate.

First of all the three participating banks were asked to assess and detail all the loans of clients and forward them to NAMA. NAMA will then have clarity over the combined three banks as to the extent of the exposure of the clients. Performing and non-performing loans are included in this list. I understand there are three NI Developers who have debts of over £100m. Currently NAMA is working on the £1bn+ loans and will work their way down. Every time you go down £100m the number of clients in that field increases so whilst they are dealing with a handful in the £1bn+ range they will be dealing with 100's at the £100m+.

Even if you are paying down the loans and your interest you will still go in if you are in that league. The press keep referring to them as Toxic loans but NAMA is after the performing ones. They want the interest and the repayments to offset the bad ones.

Invest NI never really did any good for a NI based investor. They will roll out the red carpet for anyone coming in. Supply them with investment funds and free rent and allow they to completely price out any local investor who was unfortunate enough to invest in the same enterprise. But that's a gripe for another day.

From the developers point of view. If he owes £150m to the bank prior to NAMA, he will still owe the £150m to the bank after NAMA. Its no bail out for the Developer. It has the great danger of turning performing loans into non performing loans as they sit back and suck the money out of it. Therefore turning performing developer into defaulting ones. It bails out one set of people only - the Bond holders to the banks. And I would love to know who these protected species are. They took a risk investing in Bank bonds but it appears that heaven and earth is to be moved to make sure they don't loose a penny.

Edited by BelfastVI

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  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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