Buying a House to Rent?

Old Feb 19th 2004, 11:56 pm
  #1  
Merlot
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Default Buying a House to Rent?

Hi there

I was wondering the ease of which you can buy a house/flat/whatever in the UK to rent out as they do over here in Oz?

Does anyone know any tax perks for doing this?

Cheers
M
 
Old Feb 20th 2004, 12:15 am
  #2  
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Default Re: Buying a House to Rent?

Originally posted by Merlot
Hi there

I was wondering the ease of which you can buy a house/flat/whatever in the UK to rent out as they do over here in Oz?

Does anyone know any tax perks for doing this?

Cheers
M
I think it's pretty straightforward. I've been looking into it with a view to not getting left behind (I'm old enough already, don't need to delay getting on the ladder).

There are specialty mortgages for buy to let. Many of the mortgage mags in the U.K. have details if you can get someone to mail you one.

I've been exchanging emails with an expat in Saudi who owns and rents a couple of terraces in Liverpool. She said "I have read that if you can say that you lived in the house for 6 months you gain some concessions on capital gains tax later" - worth looking into.

I'll be in the UK in the summer and will be looking into this side of things as the time gets closer. I'll PM you on anything I learn, if you like.
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Old Feb 20th 2004, 12:28 am
  #3  
Merlot
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Default Re: Buying a House to Rent?

Originally posted by dunroving
I think it's pretty straightforward. I've been looking into it with a view to not getting left behind (I'm old enough already, don't need to delay getting on the ladder).

There are specialty mortgages for buy to let. Many of the mortgage mags in the U.K. have details if you can get someone to mail you one.

I've been exchanging emails with an expat in Saudi who owns and rents a couple of terraces in Liverpool. She said "I have read that if you can say that you lived in the house for 6 months you gain some concessions on capital gains tax later" - worth looking into.

I'll be in the UK in the summer and will be looking into this side of things as the time gets closer. I'll PM you on anything I learn, if you like.
Nice one dunroving, I'd appreciate any advice via PM's.

I am just in thought process in amongst every other stress related to moving and will certainly get into it when I return to Blighty!

Like you this is the only way I can get on the ladder by buying in an area that I may not want to live in but someone else does. I want to then use this as a lever to do other stuff in the future.

Oh, suddenly Merlot grows up :scared: This is very scary!!!!:scared:

Keep in touch
M
 
Old Feb 20th 2004, 1:19 am
  #4  
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Default Re: Buying a House to Rent?

Originally posted by Merlot
Nice one dunroving, I'd appreciate any advice via PM's.

I am just in thought process in amongst every other stress related to moving and will certainly get into it when I return to Blighty!

Like you this is the only way I can get on the ladder by buying in an area that I may not want to live in but someone else does. I want to then use this as a lever to do other stuff in the future.

Oh, suddenly Merlot grows up :scared: This is very scary!!!!:scared:

Keep in touch
M
Hiya Merlot

I know we get tax perks for our investment unit here and I have been looking at estate agents website's in UK so I too can seek any info on tax perks if renting out property. I have not looked into it but some do have buy to let info on them so maybe take a peek. I have not mentioned any agents cos I am down South so best if you look on internet. What about a mortgage broker?

Ekkk all pretty grown up stuff I know but worth looking into. Start doing your own TV "The Block" show in the UK like the trillions that are on over here...!!!!I know the UK has them also..think Carol Smiley was doing one last time I was there...!!!!

Have you got a Carol Smiley smile???...lol
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Old Feb 20th 2004, 1:44 am
  #5  
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Default Re: Buying a House to Rent?

Originally posted by Merlot
Hi there

I was wondering the ease of which you can buy a house/flat/whatever in the UK to rent out as they do over here in Oz?

Does anyone know any tax perks for doing this?

Cheers
M

You get a tax relief of approx 4000 quid (X2 if married) on rental income and can claim any maintenance charges on rental income. i guess thats all you get.

if...........
-you buy without mortgage, i.e cash
-and manage it yourself
-and dont intend on making UK your domicile

...............then you can get away with paying tax.

dont ask me how!
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Old Feb 20th 2004, 1:59 am
  #6  
Merlot
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Default Re: Buying a House to Rent?

Originally posted by Gross50
You get a tax relief of approx 4000 quid (X2 if married) on rental income and can claim any maintenance charges on rental income. i guess thats all you get.

if...........
-you buy without mortgage, i.e cash
-and manage it yourself
-and dont intend on making UK your domicile

...............then you can get away with paying tax.

dont ask me how!
Ok, this means have a mortgage, no tax perks - bugger!

Thanks for the info.

Merlot
 
Old Feb 21st 2004, 1:48 am
  #7  
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Default Re: Buying a House to Rent?

Originally posted by Merlot
Ok, this means have a mortgage, no tax perks - bugger!

Thanks for the info.

Merlot

There are no tax perks if you buy cash. buying cash gives you the choice of not paying tax if you choose not to as nobody, except from you knows about the income. you dont have to declare.

Disclaimer; not paying your taxes is a criminal offence
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