ASK446: Does this certificate mean I can't sell my flat? PLUS: My property is losing money, what can I do?

The Property Podcast

Rob Bence & Rob Dix

Investing, Education, Business News, News, Business

4.8 • 2K Ratings

🗓️ 17 September 2024

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

From property dilemmas to investment insights, it’s time for this week’s Ask Rob & Rob! (0:40) Mark finds himself in a challenging dilemma with his rental property in London, where he used to live. Unaware of Section 24 when initially letting out the property, he's now paying a hefty tax bill each year. He's wondering if there's a way around this or if selling the property is his best option. What advice will Rob & Rob have for him? (5:20) After receiving the Deed of Certificate for his leasehold flat, James has discovered that because he owns multiple properties, it’s now classified as a non-qualified lease. He’s worried this could affect the flat’s value and mortgage options, so turns to Rob & Rob for their 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. Find out more about Property Hub Invest

Transcript

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0:00.0	Hi, I'm Rob. And I'm Rob. And this is Ask Rub and Rob.
0:05.0	Hey everyone, it's Ask Rob and Rob. The show where you give us your lovely questions in, normally property related related and we give you our
0:13.8	answers back it's a very simple concept but we keep it simple because it works
0:18.1	because we've done over 400 of these now and we make it very easy for you to get your questions in as well which is probably
0:24.6	help that run.
0:25.6	Yeah I think so all you got to do is go to property hub dot net slash ask really is as simple as
0:30.0	that from there you can send us a written question if you want to see your name in the
0:33.5	Sunday Times or arguably even better if you want to get your voice on the
0:37.5	podcast itself then you can leave it an audio message which is what Mark has done
0:42.1	hi guys love the podcast.
0:44.0	I just wanted to get in touch as I found myself in a bit of a pickle
0:48.0	with regards to a property that I used to live in that I now rent out.
0:52.0	The property is on the outskirts of London, and I now live in the
0:55.8	Midlands with my wife. When I was considering renting the property, I didn't consider Section
1:01.0	24, which was my mistake. I just didn't realize it was in existence.
1:06.0	So as we speak now, it's probably costing me in the region of about five grand a year to rent it out. I only moved out about four months ago.
1:16.2	So I'm weighing up my options. One such option I was considering was to move the property
1:21.6	into a limited company, but I understand that might attract capital gains tax,
1:27.0	which would be like a 20 grand outlay, which isn't really an option for me.
1:32.0	The other option I'm considering is selling that property
1:37.2	and buying perhaps two or three properties with mortgages in the Midlands in order to rent out under a limited company.
1:45.9	I just wanted to gauge your opinion really on any options that might be available to me that
	...

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