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The Property Podcast

ASK248: I got a bargain - should I flip it? PLUS: Will this help me avoid the stamp duty surcharge?

The Property Podcast

Rob Bence & Rob Dix

Education, Business News, Business, News, Investing

4.82K Ratings

🗓️ 11 August 2020

⏱️ 7 minutes

🧾️ Download transcript

Summary

It’s another Tuesday, so it’s another Ask Rob & Rob. And we’ve got two cracking property questions for you. The first question is from Dom who’s just completed on a 2-bedroom flat in South London. He agreed the price back in January before the dreaded coronavirus, and went back to negotiate on the advice of Rob & Rob and managed to snap up an absolute bargain! So he’s ended up with a new house at a massively discounted price.  Today he’s asking whether Rob & Rob reckon he should flip it, take the cash and wait for another dip.  Rob B has some solid advice today and a bit of warning about that ‘paper-profit’. Dom needs to be careful about allocating overall transaction costs and also about potentially investing on the expectation of a dip in the market.  Why should Dom be careful? Why should nobody ever invest based on assumptions? Tune in to find out. Next up is Sabrina from Newcastle. She got hooked on the podcast after reading Rob D’s book and hasn’t looked back ever since - that’s what we like to hear!  Sabrina is a first time buyer and wants to know if investing in property via a limited company would preserve her first time buyer status for when she eventually buys her own residential property to live in - therefore avoiding that 3% stamp duty surcharge on second properties.   Listen as Rob D takes the lead on this question and explains how we’re all judged as individuals when it comes to property transactions.  Try as we might, there’s no getting around stamp duty unfortunately.  If only we could wave that magic wand! Tune in to today’s Ask Rob & Rob, it’s one not to be missed! Do you have a buy to let or property investment related question for Rob & Rob? You could feature on the next episode by giving us a call on 013 808 00035 and leaving a message with your name and question (normal UK call rates apply).  Or if you prefer, click here to leave a recording via your computer instead. The next question on Ask Rob & Rob could be yours.  Have you joined us over on the Property Hub Forum yet? Our online community is friendly, informative, and the members are waiting to welcome you with open arms. So get yourself over and introduce yourself. See omnystudio.com/listener for privacy information.

Transcript

Click on a timestamp to play from that location

0:00.0

Hi, I'm Rob. And I'm Rob. And this is Ask Rob and Rob.

0:07.0

Welcome to Ask Rob and Rob. The staple of your Tuesday where you get your property questions answered. We've got questions this week from Dom and Sabrina.

0:16.0

We are itching to answer them for you, but first we just have to squeeze in a quick reminder of how to get in a question of your own.

0:22.0

You can call in on 013, 808,000.35.

0:27.0

And you can leave us a voicemail there.

0:29.0

Don't worry if you mess it up, just record another one.

0:31.0

Record five, six, wherever it takes, just get that question in, no pressure.

0:36.0

Or alternatively, you can go and leave a message via our website and you can do that via Property Hub

0:40.9

dot net forward slash ask. Either way, it can't be that hard because we're a few hundred of these in now and

0:46.8

luckily Dom has stepped up and delivered this great question.

0:50.4

Hi Rob, hi Rob.

0:52.4

Hi Rob. Don here and listen to the podcast about a year and a half and thank you so much for

0:56.4

the advice.

0:57.4

I've just completed today on a property, a two-bed flat in South London with one other in the building got its own front door

1:05.8

and a little bit of outsource space. I agreed the price back in January long

1:10.7

before COVID and once the crisis took more of a hold I renegotiated on the price and luckily for me the whole chain agreed to it and moved forward even during this time and it was quite a mammoth effort but been listening to you guys a lot and you

1:25.0

encouraged me to negotiate hard and I really appreciate that. My question to you was

1:28.8

just regarding house prices at the moment. I have a new house bought a discounted price due to

1:33.8

KVID. I'm flexible on where I live and I could possibly move on. Would you

1:37.2

suggest flipping this property early? It doesn't need much work but in the

1:41.0

current times with house prices creeping up, do you think it would be worth selling now,

1:45.0

taking the cash and waiting a while to those another dip?

...

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