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Housing market

Joe Hutch said:
The lease on our house forbids ‘business use’, but Mrs H used a spare bedroom as her office for over ten years and nobody cared. I think that you’re OK as long as a) you don’t stick a big sign outside, b) you don’t cause a nuisance to neighbours and c) the owner of the freehold doesn’t come round poking his/her nose in.
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The lease on my house requires that I maintain the boundaries with a holly hedge.

The Purchaser shall forthwith erect and afterwards maintain good and efficient holly hedges on the said pieces or parcels of land . . . .

This is because it was built by John Innes, he of compost fame. He took the money he made from compost and invested it in two things: building homes in SW London, and a holly nursery.

I hate holly so much. It only needs to be cut once a year but the leaves are like razor blades.
 
Thanks @Bob McC that’s very helpful.

I am interested as I am a director of the management company for a small leasehold development and we have two owners looking to buy their freeholds specifically to try to evade the restriction on holiday letting in their leases. We have appointed a solicitor to act for us and we are intending to ensure that the relevant restrictions are replicated in the freehold deeds. However, I had not explored the enforcement process should it become necessary.
 
OH MY GOSH :eek::eek::eek::eek::eek::eek:

The annual allowance before capital gains tax is paid will also be reduced from £12,300 to £6,000 in April and then to £3,000 a year later. This tax is paid when you sell an asset, such as company shares or a second home.

VERY bad news indeed !!!
 
hifinutt said:
OH MY GOSH :eek::eek::eek::eek::eek::eek:

The annual allowance before capital gains tax is paid will also be reduced from £12,300 to £6,000 in April and then to £3,000 a year later. This tax is paid when you sell an asset, such as company shares or a second home.

VERY bad news indeed !!!
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It could have been even worse - I was hearing rumours of higher tax rates for CGT.
 
Listening to Martin Lewis and Jeremy Hunt on LBC this morning, I’ve got a hunch there will be a massive forbearance package cooked up with govt and the banks. Got to keep prices up at any cost.
 
hifinutt said:
The annual allowance before capital gains tax is paid will also be reduced from £12,300 to £6,000 in April and then to £3,000 a year later.
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Rana said:
It could have been even worse - I was hearing rumours of higher tax rates for CGT.
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Opposing posts here. I've only listened to radio and TV news of the budget and was surprised there was no mention of CGT, esp. as the different rates on different assets vary so much, Surely, looking at these variations would come before swinging reductions in allowances, esp. as other allowances have been frozen for longer, effectively reducing them.

Phil, I really hope you're wrong here as that would create a selling spree before next April and put a brake on future sales, thereby skewing the market in just about every CGT transaction.
 
Yes it will create a selling spree , huge increase in tax . At moment its 24600 for a couple and it will go to 6k soon!
 
hifinutt said:
Yes it will create a selling spree , huge increase in tax . At moment its 24600 for a couple and it will go to 6k soon!
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That could blow things up if enough landlords want to sell before April (they’d better get their skates on to transact before then). There could be a bit of ‘price discovery’ needed to actually shift stuff.
 
hifinutt said:
OH MY GOSH :eek::eek::eek::eek::eek::eek:

The annual allowance before capital gains tax is paid will also be reduced from £12,300 to £6,000 in April and then to £3,000 a year later. This tax is paid when you sell an asset, such as company shares or a second home.

VERY bad news indeed !!!
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It's very bad news if you are fortunate enough to own a second home, or company shares which you are in a position to sell.
I'd suggest that the millions who cannot even afford the rent on a damp flat, much less buy a first home, will have little sympathy.
 
Indeed. Glad it didn't happen 2 years ago when we sold house to family member at discount .but you have to pay cgt on full market value . That would have been galling !!
 
I'm more worried about impending cuts to the legal system's budget, making it take longer and longer to get a hearing to get a tenant out. The result will be that tenants who smell even slightly dodgy just won't find a flat, and tenants who are dodgy now will be out on their ear with a no fault eviction.

My own borough, Merton, is considering introducing a selective licensing scheme for private houses in multiple occupation in some districts. This will require the landlord to maintain the property to a certain standard. It doesn't concern me directly because I don't own HMOs, but what interested me was that the council are saying they want to do it because they think it will reduce anti-social behaviour like drug dealing and prostitution. Can anyone explain why it should have this effect? Surely the properties deteriorate because the tenants run brothels and deal drugs from them, or is it that if they had nice places to live in, they wouldn't sell sex and drugs?

I vaguely remember when I was a kid, and the Hulme and Moss Side estates were built in Manchester, people said that all the nasty crims from Strangeways and Cheetham Hill would turn into socially responsible citizens because they're no longer living in slums, they're living in lovely new council flats.
 
Ponty said:
It’s certainly good news for us long term unencumbered landlords as it will reduce competition and increase rents.
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Knock yourself with your unethical practices and Tory ideology, as you say it will also free up homes meaning there will be more chance for actual home ownership and not funding shitester landlords, this will be a positive move.

However, I doubt it will stick, the Tories will certainly not let their supporters, members and donors down when it comes to the housing market, unless they design it as a short and profilitse from it heavily.
 
flutteringwow said:
Knock yourself with your unethical practices and Tory ideology, as you say it will also free up homes meaning there will be more chance for actual home ownership and not funding shitester landlords, this will be a positive move.

However, I doubt it will stick, the Tories will certainly not let their supporters, members and donors down when it comes to the housing market, unless they design it as a short and profilitse from it heavily.
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It won’t free up homes because few first time buyers will be able to afford them, unless there is a humongous price crash, in which case they won’t get a mortgage and will be lucky to have a job. Sorry, but that’s the realty of decades of govts who have strived to pump house prices further and further skywards.
 
I am an accidental landlord.
The budget means I would not consider selling the flat at all now.
Instead I’ll let my kids inherit it and sell it tax free.
 
Ponty said:
It won’t free up homes because few first time buyers will be able to afford them, unless there is a humongous price crash, in which case they won’t get a mortgage and will be lucky to have a job. Sorry, but that’s the realty of decades of govts who have strived to pump house prices further and further skywards.
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If a shake up happens, anything is possible.

Funny how people manage to pay extortionate rents perfectly fine for decades of their lives but then get told they can’t afford a reasonably priced mortgage..sounds like a conspiracy doesn't it?
 
flutteringwow said:
If a shake up happens, anything is possible.

Funny how people manage to pay extortionate rents perfectly fine for decades of their lives but then get told they can’t afford a reasonably priced mortgage..sounds like a conspiracy doesn't it?
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Mortgage costs depend on interest rates and bank appetite to risk so yes, they are getting more expensive. House prices should fall to compensate but will all come down to supply and demand and who is in or out of the market. I think we’d both agree it’s broken.
 
Bob McC said:
I am an accidental landlord.
The budget means I would not consider selling the flat at all now.
Instead I’ll let my kids inherit it and sell it tax free.
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Of course you won’t sell it, why would you even if you were thinking about it. The law of unintended consequences. Surprised a second property can be inherited free of CGT / IHT, maybe they’ll look into that!
 
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