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The Property Podcast

ASK415: What can I do about my short lease? PLUS: I'm paying too much tax!

The Property Podcast

Rob Bence & Rob Dix

News, Education, Business, Investing, Business News

4.82K Ratings

🗓️ 13 February 2024

⏱️ 8 minutes

🧾️ Download transcript

Summary

It’s Tuesday, and it’s Ask Rob & Rob!  (0:42) Gary purchased a flat two years ago with a 65-year lease. The mortgage is due for renewal and has dropped onto a follow-on tracker with an 11% interest rate. Should he renew the lease or hold off for another year?  (4:55) The rental income from Nelly’s latest property investment has taken her into the higher tax bracket. She’s considering transferring the property into a limited company and asks Rob & Rob for their valuable advice.  Enjoy the show?  Leave us a review on Apple Podcasts – it really helps others find us!  Sign up for our free weekly newsletter, Property Pulse  Send us your question by calling us on 013 808 00035 and leaving a message with your name and question (normal UK call rates apply) or click here to leave a recording via your computer instead.  See omnystudio.com/listener for privacy information.

Transcript

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0:00.0

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

0:07.0

Welcome back. It is Tuesday. It's Ask Rob and Rob time.

0:10.0

And so we are going to be answering two more questions for our lovely listeners.

0:14.4

We love receiving your questions and that's why Rob we make it really easy to send them over.

0:18.4

We certainly do.

0:19.4

We have one place where you can get your questions in whether you want it on Ask Rob and Rob or in the Sunday times,

0:24.4

just go to Property Hub.net.

0:26.1

Go to property hub. Go to ask. Get your questions in there. You can do it for your computer, your phone, or just

0:31.5

type us your message. Whatever medium you prefer, we've got you covered.

0:35.0

And because we make it so simple, we've got two more great questions in today.

0:39.0

And first of all, we are feeling the love from Gary.

0:42.0

Hi Robin Rob, love you both.

0:45.0

Thank you so much for all the help you've given over the years.

0:48.0

My question is, I bought a flat with 65 years left on the lease at a discount price.

0:54.3

Two years is up now, so I can now force them to give me a new lease.

0:59.0

My two-year fixed has run out, so I've gone on to the follow-on rate I think it's 11%. Do I hold

1:08.1

tight and wait for the renters reform bill to kick in and hopefully hope to God that they get rid of

1:14.3

marriage value and save an awful lot of money that way or do I just get on and

1:19.8

push the new lease through to get a new mortgage rate and get the figures down.

1:25.0

Because at the minute I'm propping it up by about 100 pounds a month because of the new follow-on

1:29.5

rate which I'm happy to do but all the same. Any advice is welcome. Thank you.

1:36.0

Gary, thank you for your question and ouch that is one heck of a mortgage rate isn't it?

...

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