Is this the end for holiday lets?

[@gordonadam7051]

Really helpful as always Rob. I’m thinking of setting up a Holiday Let. It’s still a good strategy right? Thanks, Gordy

[@PropertyHubUK]

Just got to get the location spot on because there’s an over-supply in some areas

[@guythepirate]

So pleased I found your podcast and now youre on youtube too! :) Really, really, the best property info anywhere - Cheers rob & rob :)

[@RossHbn]

Interesting points.

[@RamblingTog]

Don't believe the hype from Sykes, I have a holiday let with them and currently as of the middle of April am almost 50% down on last year. They think I will benefit from new pictures of the cottage lol.

[@agnieszkad3346]

Great video backed with knowledge , not filled with rainbow and unicorn promise 😉

[@chrisj6321]

hey I live in Australia but am British. we were thinking of in retirement buying a house back in the uk to live in for 3 months a year renting it out on short lets the rest of the time. Will these plans effect me or because its my "only" home I would be exempt.

[@paulgbar666]

If it is your UK home then having lodgers avoids all issues regarding tenants etc. No lodger has exclusive possession of any part of your home. An inclusive rent covers everything except laundry and food. With just you as the homeowner you could have 3 lodgers with NO Mandatory HMO Licensing required. You would have tax free lodger income of £7500 every tax year. Whether you choose to declared any lodger rent in excess of that would be your decision. HMRC cannot detect lodgers with their Big Brother Connect computer. Have the lodger rent credited to an account ideally NOT in your name. Ideally lodger rent should be paid in cash. But with you out of the UK for most of the year this would be impractical. If you have an Oz credit card have the lodger rent credited to that. That prevents it flagging up on bank accounts and in Oz that can cause issues. So best to hide lodger income from HMRC and the Oz tax authorities. Or kf course you may COOSE to pay tax on rent above £7500. However be aware that HMRC might consider you are operating a lodging business and you will lise your PPR. Keeping to two lodgers avoids all that.

[@niklar55]

It used to be that if you kept one room in the house, for your _exclusive_ use as your residence, then you qualified as ''resident landlord'' and then had absolute control of the property. What the terms in time you had to be resident I don't know. You'll need to check that out.

[@paulgbar666]

@niklar55 There is NO statutory legal definition of any occupation status. The mere fact that everything is in the homeowners name means it cannot be proven that the home is NOT the PPR of the homeowner. The only real issue is the residential home insurance. Most resi insurers require the homeowner to occupy at least 1 day per month. If not then there are usually conditions that require the homeowner to advise the insurer who may impose special terms which will invariably cost the LL additional premiums. Now if there are lodgers the home whilst potentially unoccupied by the homeowner would not be vacant. This is the usual concern of the insurer. They DONT like unoccupied properties for understandable reasons. So once the lodgers have been signed up by the homeowner it matters not if the homeowner disappears for perhaps 80 days or more. He might be travelling on a long trip As far as the lodgers are concerned they just conduct themselves as though the homeowner was in occupation. All bills etc should be set up to be paid via DD or CPA from the homeowner's accounts. The fact that the homeowner isn't in occupation for several months doesn't abrogate his responsibility to ensure the home is fully funded to provide all domestic facilities. A homeowner would presumably have a WhatsApp communication method to enable lodgers to contact the homeowner etc. Utilising the home PPR and lodgers obviates anything to do with tenants etc. As such it is the ideal methodology for anyone who hasn't a UK home but wants one while being out of the UK for long periods. In such circumstances it would be an ideal to have an associate who could manage things for the lodgers in the event of possible issues. But the last thing ANYONE should do with their home is let it to tenants. Unrelated lodgers are all that are required.

[@niklar55]

@@paulgbar666 If you read the original comment, the man was talking ''TENANTS'' not lodgers. Hence my comment. I've been in the situation, where I paid all the utilities, council tax, and maintenance, on a flat, and although the property had been fully tenanted, when it was sold, empty, I didn't incur CGT, because as you've said, I was officially resident there. 😊

[@paulgbar666]

@niklar55 It is simply not possible to legally sell a property free of CGT uf there have been tenants occupying. For the period that tenants occupied the CGT free period didn't exist. It did in the past when there was a large letting relief facility. But has now been abolished and I believe that only 9 months CGT free is now possible. But DONT quote me. No homeowner now should permit tenants to occupy only lodgers. As such the lodgers should be unrelated singles to maximise lodger income. So a 4 bed house should have 3 lodgers with a room each leaving one room for the homeowner. There are potential issues as soon as more than two lodgers occur. Plus things like Additional Licensing etc. A homeowner wishing to have more than 2 lodgers needs to carry out fill DD on the ramifications of exceeding 2 lodgers.

[@OurPlayTime]

You’re vids are getting better 😌 keep them up!

[@niklar55]

FUCK government interference. What made Britain GREAT, was the ability of entrepreneurs to start and run a business, and expand it. What government is doing is destroying that ability. That's why the UK is now the poorest state in Europe, and it will get worse. Tiny Singapore, that used to be a poor little island as part of the British Empire, is now richer than the whole of the UK. Keep it up, and Britain will be competing with Zimbabwe for poverty. .

[@paulgbar666]

You are indeed very sadly totally correct. Indeed today on the BBC1Sunday LK programme we had the idiot Francis O'Grady head of the TUC suggesting that to afford pay rises that Govt equalise CGT with income tax rates. That is essentially what you are alluding to. The lefty idiots consider that it is perfectly acceptable to steal wealth however achieved such as entrepreneurship to pay for wage increases. The wealth this O'Grady idiot is suggesting to steal is CG gains on 2nd property wealth and on share dividends. A lot of supposed 2nd property CG is just inflation as Govt abolished taper relief. This is an outright assault on wealth As you intimate with such taxing assaults on alleged wealth what is the point in investment to achieve yield and CG if a substantial amount of it will be robbed by Govt!? I agree the UK is in a sorry state destined to become far worse when the inevitable Labour Party attains power at the coming GE. What Labour have planned for those with wealth doesn't bear thinking about. Stay away from the UK. Invest elsewhere especially in property. The PRS in the UK is on track to be taxed out of business. All 2nd homeowners will be destroyed. The reason is as you have intimated that property wealth is where the money is. The Labour Party will eventually run out of OPM and all the wealth generating entrepreneurs will have departed UK shires for places where capital preservation is possible without most of it being robbed by Govt. The UK is essentially bankrupt and a Labour Govt will be coming after property wealth primarily to support the undeserving poor who actually aren't!!

[@niklar55]

@@paulgbar666 I voted for the UK about 20 years ago, with my feet! I emigrated to France. I also voted for Brexit, to get the UK and its interfering USA Master, out of Europe. Most countries now recognise ''Great Britain'' as the stray dog of the USA, that feeds it morsels, and kicks it around as and when it chooses. That became obvious during the Suez event. The USA said ''Get Out!'' and Britain got out, ....with its tail between its legs. That was probably the last time Britain had a chance to stand up and fight, but the PM of the time didn't have the backbone to do so. Following that, successive labour governments have destroyed what remained of British industry, in particular the aerospace industry, with the destruction of the TSR2, and it's persistent attempts to turn the UK into a communist country. ''Mugabe Brown'' was the epitome of socialist/communist incompetence, and his predecessor, Mr BLiar, the epitome of Labours corruption. He was the trigger for me to leave the UK. The blatant ''false flag'' London Bombing, the murder of an innocent man on the underground, followed by the refusal to compensate his family, made me so sick, I could not bare to live in the rathole that the UK had become. .

[@paulgbar666]

@niklar55 Personally I have no objection to the UK being a US poodle. Let the US depend billions. The UK can have minor duplicating roles commensurate of what is affordable. Personally I would prefer the UK doesn't involve itself with medieval ME countries. Let them kill each other over their bonkers religious ideology. The West shouldn't waste it's blood and treasure on these people. The West should aim to stop these people trying to enter the West Illegally. We really need another Iron Curtain not to keep people in but to prevent them getting in.

[@niklar55]

@@paulgbar666 Historically, European countries put in an enormous effort to expel the Islamic Plague. It seems rather ridiculous to allow them to return, on their own terms. Their terms are to overrun europe, and convert it into an islamic state. To maintain an indigenous population the birth rate needs to be 2.1 children per couple. Not one european country has that. However the islamic families have an average of five or more. So, in about 40-50 years they will outnumber the indigenous populations. Historically, whenever that has happened, the indigenous population are then exterminated, or enslaved. If this seems extreme, you only have to look at the middle east. At one time there was a significant asian population. Not now. When Spain was invaded, from the muslim records in Cordoba, _''..so many heads were chopped off, that a man on horseback could not see over the piles of heads!.''_ The word ''Genocide'' was invented to describe the first ''Holocaust'' of the late 19th and early 20th century, that of the extermination of Armenians. That involved the murder of around Two and a Half Million men women and children. This is considered ''normal wartime casualties,'' By Turkey! .

[@paulgbar666]

@niklar55 Personally I would have no problem with the UK population reducing in size. Return to about 56 million. That leaves plenty of facilities available for a much reduced population. Housing in particular would be available to British Nationals and it would be affordable to buy and rent. Mass immigration js exceeding the scope of all infrastructure to cope with such numbers. The big problem with the ME illegal immigrants is they try to impose their warped ideology on what is now a largely secular UK. The religion of Islam is Homophobic Anti-Semitic Racist Misogynist Sexist Fascist Anti-democratic Anti-normal finance The Muslims refuse to adapt to Britain social mires. This is something that most immigrants have done such they are fully amalgamated into Britjsh society. We have one that is now PM. Nobody had batted an eyelid over this coloured Hindu being PM. This is how all immigrants should behave. Unfortunately the Muslims refuse to amalgamate at leave their medieval religion and ifs attitudes behind from where they came from. Their behaviour is toxic to British society which is why wr DONT want them and their attitudes poisoning British society. Thise who are prepared to adapt to British Society I have no problem with. But they insist t on importing their toxic societal values to secular Britain. It is no wonder that most British resent this imposition on their society. As you suggest there js every possibility of being outbred unless the Muslims adopt sensible family planning virtues. I DONT know why insist on knocking out 4 or 5 kids. There is no need. They DONT need to produce sacrificial children anymore they aren't in the desert. Muslim women are effectively disenfranchised being kept as virtual baby machines. This makes Muslims dysfunctional as they keep their women controlled. It is largely women in control that make society better. So lilly-livered are UK Govts they refuse to stop the Muslim immigration invasion. With Labour very likely to be the next Govt the Muslim invasion will be encouraged and increased. You have done the correct thing in leaving. I'd like to do the same thing!!! Unfortunately currently limited finance prevents me from doing so. I fancy Portugal or New Zealand1

[@paulgbar666]

Lodgers are the way to go.

[@mollyt4639]

I previously thought so however in Scotland the eviction ban & rent freeze, plus all the legislation is definitely putting me off …

[@paulgbar666]

@Molly T Lidgers are OK in Scotland aren't they!? Though I have an idea that in Scotland PP has to be obtained for lodgers. I tend not to bother with anything to do with Scotland as the SNP are complete loonies. I would never have any property in Scotland

[@mollyt4639]

@@paulgbar666 yup they are loonies! What’s PP?

[@paulgbar666]

@Molly T Planning Permission. I currently take no interest in what Scotland does. They are complete looney. I wouldn't consider any form of property investment in Scotland. I feel sorry for anyone who gas property investments in Scotland. The only issues with what Scotland does is that what occurs there will be utilised over the border. That is the very real and frightening prospect.

[@paulgbar666]

@@mollyt4639 Planning Permission

[@OurPlayTime]

Constructive Criticism - You need better acoustics …. I was a lot of yt 😅

[@Jeffybonbon]

The Govt has caused this by S24 which is a nonesence

[@paulgbar666]

Indeed S24 must be one of the most pernicious tax regimes ever imposed. To make the tax retrospective was outrageous. Whilst still a pernicious tax it should have been for all new mortgages etc. This is what the Irish Govt did. But even so with a far less pernicious tax it has proven to be an unmitigated disaster for Ireland. To the point that the Irish Govt has abolished the bonkers tax and is now desperately trying to encourage private LL to return to the Irish PRS to address an ever increasing homelessness crisis. Unfortunately for the Irish Govt and desperate tenants the LL aren't playing Once bitten twice shy. As such Irish LL are refusing to return to the Irish PRS. Very recently it was assessed that for a population of 5.5 million there were only 750 rental properties available. Not sure what the rents were. But even with the more benign version of S24 it has been disastrous. Consider the UK S24. This has caused over 260000 LL to sell up in the past 5 years. There is consequently a massive shortage of available rental properties in the UK. Whilst this pernicious and totally bonkers S24 tax policy remains even more LL will choose to exit the UK PRS. UK LL invariably DONT need to be LL but tenants desperately need them to be so. The chances of preventing LL from leaving the long-tetm lettings sector are precisely ZERO!! The die has been cast and nothing will prevent the PRS shrinking to 7% or less as it was back in the sixties before S21 S8 and the AST came along to rescue the sector ably assisted by the invention of the BTL mortgage in 1996. Govt is now endeavouring to return the PRS to the dysfunctional days prior to 1996. The way things are going it looks like they will achieve their wishes. In the wings you have a venal Labour Govt waiting to achieve power. What they intend for the UK PRS via their Renters Charter doesn't bear thinking about. But sensible LL will sell up before the risk of a Labour Govt assumes reality!!

[@paulgbar666]

Socialism is coming for the FHL. Expect to see S24 for any FHL mortgage. Expect to see FHL income taxed at CGT rates Expect to penal licencing as in Scotland. To even attempt to apply for FHL licencing will be prohibitively expensive. Expect to see CGT at 40% for FHL. Expect potentially EPC C status being required. These are just from the Tories. If Labour get in then things will be far worse!

[@RamblingTog]

I have seen almost 50 years of capitalism, it doesn't work