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Main Discussion

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dudeman
Posted - 20 March 2017 10:02
Where is this flat exactly?
Mr Scarawanga
Posted - 20 March 2017 10:02
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Don't you need to live in it/?
Coracle Lolling
Posted - 20 March 2017 10:04
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Will you tell the mortgagee?
Clergs (!)
Posted - 20 March 2017 10:12
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NO I AM LIVING ELSEWHERE

IT IS IN EDINBURGH

YES OF COURSE CORACLE (PROBABLY)
Coracle Lolling
Posted - 20 March 2017 10:22
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Are you thinking AST (or your Scotch equivalent) or AirBnB?
Clergs (!)
Posted - 20 March 2017 10:24
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AST
Clergs (!)
Posted - 20 March 2017 10:25
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I have a tenant (if I say yes to him today, basically)
Merkz
Posted - 20 March 2017 10:26
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is this your way of telling us that you have moved in with spunky dave?
Clergs (!)
Posted - 20 March 2017 10:27
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no, merk!

heh

he is so neat I would be terrified
Coracle Lolling
Posted - 20 March 2017 10:28
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Oh.

Have you moved into a hotel instead?
Clergs (!)
Posted - 20 March 2017 10:29
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no, just a slightly better flat
Coracle Lolling
Posted - 20 March 2017 10:32
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So why wouldn't you rent out your old flat?

Is this a tax question?
Clergs (!)
Posted - 20 March 2017 10:36
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no no it's a can I be arsed q (and will the property market go up or down)

tho tax is relevant

if I did buy another place, I would be paying LBTT (that's our SDLT) at 3% instead of 1% because it would be a second property
Clergs (!)
Posted - 20 March 2017 10:37
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I am worried the world might be turning to chaos and perhaps I should reduce my exposure
Coracle Lolling
Posted - 20 March 2017 10:54
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Are you waiting for Swing's advice?

As someone who's been predicting the housing market collapse but didn't sell when he moved abroad, I think his input will be critical.
chimp_
Posted - 20 March 2017 10:55
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Seems silly not to use the asset you have
Clergs (!)
Posted - 20 March 2017 10:56
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not really, coraclers

ach I should rent for a year shouldn't I

it's all the red tape that freaks me out

I am pretty sure the right to rent isn't relevant (his name isn't quite Hamish McTavish but it's close enough... mind u, what would an illegal immigrant call themselves if they wanted in under the radar)

arrrrgg
Clergs (!)
Posted - 20 March 2017 10:56
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I guess, chimp
chimp_
Posted - 20 March 2017 10:59
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My friend is moving to Melbourne and rather than renting out his perfectly nice house located in a popular student area is just going to continue to pay the mortgage on it while also paying Melbourne rent. Baffling to me. But then I'm an unfortunate member of the renter class so what do I know about property ownership
Clergs (!)
Posted - 20 March 2017 11:04
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that's basically what I am doing now, chimp

my rent is basically nil tho

I need to do something I need to I need to

the bathroom and kitchen are ancient so I don't know how long they would last without a do-up
Robert Lucas
Posted - 20 March 2017 13:27
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You are the tax expert but consider whether you are likely to sell the old flat in the next few years. If so will renting it out mean, after x period of time, it is no longer your principal private residence, for tax treatment of any capital gains?
Clergs (!)
Posted - 20 March 2017 13:28
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the PPR rules are surprisingly easy to work around (legally faod)

tax isn't my concern (LBTT aside) so much as likely increase in basic costs