A little assistance for a newbie
Jul 4th 2007, 5:39 pm
#16
Lapine Member
Joined: Nov 2004
Location: Austin, Texas in my own little world
Posts: 21,691
Re: A little assistance for a newbie
Is council tax deductible from UK federal income tax?
Jul 4th 2007, 5:40 pm
#17
SUPER MODERATOR
Joined: Dec 2005
Posts: 88,105
Re: A little assistance for a newbie
The owner, and not the renter, pays this tax? Or does a renter? If it's based upon occupancy, the renter would pay it, not the owner. If a property is vacant, then the owner would pay. I do like the simplification of property bands vs some sort of individual calculation of each home's value as is done in the US.
Is council tax deductible from UK federal income tax?
Is council tax deductible from UK federal income tax?
Jul 4th 2007, 5:51 pm
#19
Lapine Member
Joined: Nov 2004
Location: Austin, Texas in my own little world
Posts: 21,691
Re: A little assistance for a newbie
Okay. 
In the US property tax is paid by the owner (whether or not the property's owner-inhabited, renter-inhabited, or vacant).
So.... if you have enough money to get onto the property ladder (but not so much that you don't have to worry), would you do it as an under-25 living in the US? I guess it's down to whether or not you think the property rates will continue to climb as much as they have done in the last decade or so.
In the US property tax is paid by the owner (whether or not the property's owner-inhabited, renter-inhabited, or vacant).So.... if you have enough money to get onto the property ladder (but not so much that you don't have to worry), would you do it as an under-25 living in the US? I guess it's down to whether or not you think the property rates will continue to climb as much as they have done in the last decade or so.
Jul 4th 2007, 6:08 pm
#20
SUPER MODERATOR
Joined: Dec 2005
Posts: 88,105
Re: A little assistance for a newbie
Okay. In the US property tax is paid by the owner (whether or not the property's owner-inhabited, renter-inhabited, or vacant).
So.... if you have enough money to get onto the property ladder (but not so much that you don't have to worry), would you do it as an under-25 living in the US? I guess it's down to whether or not you think the property rates will continue to climb as much as they have done in the last decade or so.
In the US property tax is paid by the owner (whether or not the property's owner-inhabited, renter-inhabited, or vacant).So.... if you have enough money to get onto the property ladder (but not so much that you don't have to worry), would you do it as an under-25 living in the US? I guess it's down to whether or not you think the property rates will continue to climb as much as they have done in the last decade or so.
Jul 4th 2007, 6:54 pm
#21
Lapine Member
Joined: Nov 2004
Location: Austin, Texas in my own little world
Posts: 21,691
Re: A little assistance for a newbie
I was indulging my own curiosity should I ever find myself so lucky as to consider buying in the UK. 
OP, come back!
OP, come back!
Jul 4th 2007, 10:44 pm
#22
You're all mugs!
Joined: Feb 2007
Location: San Antonio, USA
Posts: 442
Re: A little assistance for a newbie
From a personal point of view, I cannot afford to get on the property ladder on my own. With my partner, it is more of an option. In certain parts of the US, it seems reasonably cheap, at least at face value, and so if I could I would. Around where I live right now, you get the impression that the housing market is improving and the area in general is expanding, which hopefully would mean positive equity in the next 5-10 years (or sooner).
In the UK, its just not an option right now - FULL STOP!
In the UK, its just not an option right now - FULL STOP!
Jul 5th 2007, 3:16 am
#23
Just Joined
Joined: Jul 2007
Location: Scotland
Posts: 7
Re: A little assistance for a newbie
A mortgage broker can help you.
All brokers
have to be registered with the Financial Services Authority - http://www.fsa.gov.uk/register/home.do I have just moved back to Scotland after many years away,and just happen to have requalified as a mortgage broker. I intend to specialise in mortgages in UK for people living abroad. No website yet, but my contact details are on a new website I am launching (for my wife) www.wildhaggis.eu
I'd be pleased to help.
I can also source properties, and will manange them if within 60 minutes of my home base (central Scotland). Scottish property is less expensive than that in England, and the rental returns are higher.
All brokers
have to be registered with the Financial Services Authority - http://www.fsa.gov.uk/register/home.do I have just moved back to Scotland after many years away,and just happen to have requalified as a mortgage broker. I intend to specialise in mortgages in UK for people living abroad. No website yet, but my contact details are on a new website I am launching (for my wife) www.wildhaggis.euI'd be pleased to help.
I can also source properties, and will manange them if within 60 minutes of my home base (central Scotland). Scottish property is less expensive than that in England, and the rental returns are higher.
Jul 5th 2007, 5:17 am
#24
BE Site Lead
Joined: Aug 2004
Location: MA, USA
Posts: 92,176
Re: A little assistance for a newbie
A mortgage broker can help you.
All brokers have to be registered with the Financial Services Authority - http://www.fsa.gov.uk/register/home.do I have just moved back to Scotland after many years away,and just happen to have requalified as a mortgage broker. I intend to specialise in mortgages in UK for people living abroad. No website yet, but my contact details are on a new website I am launching (for my wife) www.wildhaggis.eu
I'd be pleased to help.
I can also source properties, and will manange them if within 60 minutes of my home base (central Scotland). Scottish property is less expensive than that in England, and the rental returns are higher.
All brokers
have to be registered with the Financial Services Authority - http://www.fsa.gov.uk/register/home.do I have just moved back to Scotland after many years away,and just happen to have requalified as a mortgage broker. I intend to specialise in mortgages in UK for people living abroad. No website yet, but my contact details are on a new website I am launching (for my wife) www.wildhaggis.euI'd be pleased to help.
I can also source properties, and will manange them if within 60 minutes of my home base (central Scotland). Scottish property is less expensive than that in England, and the rental returns are higher.
http://britishexpats.com/site-rules/
Jul 5th 2007, 5:40 am
#25
Just Joined
Thread Starter
Joined: Jun 2007
Location: Westwood Village, LA, CA, USA
Posts: 9
Re: A little assistance for a newbie
Hello All,
Thanks for your responses. I’ve been indulging in the US culture and enjoying the “holiday.”
You’ve all asked a lot of questions and I’ll attempt to summarise them below.
I work for a computer games developer in Westwood Village, I was fortunate enough to develop a launch title for the PS3 in the UK (MotorStorm). I don’t have a PhD.
I am only researching the possibility of buying property in the UK. I realise that BOE is increasing interest rates etc and the UK property market is fluctuating with BTL investors selling up, but interest rates for savings accounts in the US are awful and I am not experienced investing in stocks and shares.
It is possible that I will need to rent the property in the future depending on how long I decide to stay in LA.
The exchange rate is awful, does anyone know if this will improve or what would be the main factors that could contribute to a change?
Thanks.
Thanks for your responses. I’ve been indulging in the US culture and enjoying the “holiday.”
You’ve all asked a lot of questions and I’ll attempt to summarise them below.
I work for a computer games developer in Westwood Village, I was fortunate enough to develop a launch title for the PS3 in the UK (MotorStorm). I don’t have a PhD.
I am only researching the possibility of buying property in the UK. I realise that BOE is increasing interest rates etc and the UK property market is fluctuating with BTL investors selling up, but interest rates for savings accounts in the US are awful and I am not experienced investing in stocks and shares.
It is possible that I will need to rent the property in the future depending on how long I decide to stay in LA.
The exchange rate is awful, does anyone know if this will improve or what would be the main factors that could contribute to a change?
Thanks.
Jul 5th 2007, 5:46 am
#26
Lapine Member
Joined: Nov 2004
Location: Austin, Texas in my own little world
Posts: 21,691
Re: A little assistance for a newbie
The big issues to look at:
* investors' faith in the overall US economy
* the US importing more than it exports
* deficit spending to support the wars in Iraq and Afghanistan
* oil prices as the American market is disproportionately dependent upon oil and very sensitive to price rises
Do you see any of these getting better? I don't. In fact I have been thinking of sending any savings into my husband's Dutch bank account (in Euros).
Has anyone invested in USD hedge funds?
Jul 5th 2007, 6:01 am
#28
Lapine Member
Joined: Nov 2004
Location: Austin, Texas in my own little world
Posts: 21,691
Re: A little assistance for a newbie
Westwood appears to be a burgeoning centre of activity, with UCLA having game development classes there.
Perhaps this one?
http://www.pandemicstudios.com/
Perhaps this one?
http://www.pandemicstudios.com/
Jul 5th 2007, 6:04 am
#29
BE Site Lead
Joined: Aug 2004
Location: MA, USA
Posts: 92,176
Re: A little assistance for a newbie
Westwood appears to be a burgeoning centre of activity, with UCLA having game development classes there.
Perhaps this one?
http://www.pandemicstudios.com/
Perhaps this one?
http://www.pandemicstudios.com/
And those game dev classes are errr...well intersting
Jul 5th 2007, 6:15 am
#30
In the pink
Joined: Oct 2006
Location: USA
Posts: 3,324
Re: A little assistance for a newbie
You will usually get a lower interest rate on property that is your primary residence, as well as tax breaks, in the US. Your home insurance will be lower. I'm American (welcome!) so cannot speak to the same in the UK, and would love to know the answers:
* you can deduct interest paid on a mortgage on your primary place of residence, from your federal income tax. True in the UK?
* your property taxes are slightly lower (your property is valued lower) on your primary place of residence in the US due to "homestead exemptions" as well as other special exemptions for folks over 65 or the disabled. True in the UK?
* your mortgage interest rate is lower on a property that is not an "investment property" because the rate of default is lower. True in the UK?
* your insurance is lower on a property you inhabit because you're around to look after it; though in the US you must only cover the dwelling and not the contents of a property you rent out (the renters are responsible for their own insurance). True in the UK?
Are you looking to buy a home you'll return to when you return to the UK, or as an investment?
* you can deduct interest paid on a mortgage on your primary place of residence, from your federal income tax. True in the UK?
* your property taxes are slightly lower (your property is valued lower) on your primary place of residence in the US due to "homestead exemptions" as well as other special exemptions for folks over 65 or the disabled. True in the UK?
* your mortgage interest rate is lower on a property that is not an "investment property" because the rate of default is lower. True in the UK?
* your insurance is lower on a property you inhabit because you're around to look after it; though in the US you must only cover the dwelling and not the contents of a property you rent out (the renters are responsible for their own insurance). True in the UK?
Are you looking to buy a home you'll return to when you return to the UK, or as an investment?
Homeowner's insurance is a little lower on a rental home, because you are only insuring the structure, and not the contents.
Yes, mortgage interest will be slightly higher on a nonprimary residence, and normally you would have to put down 20 percent.
In the UK the renter usually pays the council tax. In the US the owner pays the prop tax, but then it's usually included in the rent.
