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Flat To Let

Tracy Said:

Can you use your buy to let flat as a crash pad if this is part of the agreement with the tenant?

We Answered:

There is nothing to stop you writing such a clause into the tenancy agreement. However issues may arise if the tenant ever challenges the arrangement at a later date. Professional tenancy agreements are drafted in consideration of the Housing Acts and the Office of Fair Trading (OFT) guidelines.
The Housing Act states, among other things, that 'The Landlord shall permit the Tenant to have quiet enjoyment of the property without interruption by the Landlord....'.
The OFT have established that Tenancy Agreements must be fair and not contravene the Unfair Terms in Consumer Contract Regulations (UTCCRs).
Of course a dispute may never occur in your instance, but it is as well to be aware as people and circumstances can change where money is involved.
It might be more simple to let the flat on a five day week basis if you can stick to two particular days for yourselves (weekends perhaps).
Have a look at Spareroom and/or place an ad for a five day let as these crop up from time to time.

Billie Said:

Wanted Flat to let in Central London for an executive couple, ASAP?

We Answered:

www.gumtree.com is a better place to ask this question as it is more specialised! I found all my tenants via this website.

Lance Said:

What is the likely council tax valuation band for a london flat let for 250 or 300 pounds per week?

We Answered:

5%

Mary Said:

Can someone renting a flat let it out to anyone else to go travelling overseas for a few months? Thanks?

We Answered:

Depends on the terms of tenancy - most agreements would forbid any form of subletting.

Roberto Said:

Should I declare capital gains on my residential flat as earnings having bought a buy to let?

We Answered:

Did you own more than one property before you bought the flat?

Capital Gains and earnings are not the same thing. In a nutshell, earnings are what you receive money for in return for giving up your time working, and are liable to Income Tax and National Insurance. Capital Gains Tax is charged on the disposal (sale) of assets, whether the asset be property, shares or works of art.

If you only owned the one property (and assuming that you lived in it) then it would probably have been what is called your "Principle Private Residence" (PPR). No Capital Gains Tax (CGT) will arise on the sale of it.

If you now have a flat as well as another property, then it may well be the case that CGT will arise when you come to sell one or other property. You would be well advised to speak to an accountant when you decide to sell.

There are some anomolies, so you could always call your tax office to get advice specific to your circumstances. The first link below will help you find your "local" tax office (you'll need your tax reference - on a P45, P60 or correspondence from HMRC). One problem is that not all staff are trained on CGT, so you might get a bit of a runaround trying to find someone who knows about the subject. I've worked for HMRC for 20 years and my knowledge is cursory at best.

If you don't want to go through that ordeal, the second link is a quick guide but goes into more detail than I can here.

Frederick Said:

Would you pay £6.5m for a one-bed flat let alone £140m?

We Answered:

£6.5m, £140m, £10m, £70M, makes you wonder how these people sleep at nigh, how many hungry mouths would £140m feed.

I bet some of these people spend more on a hooker in one nigh than some poor third world families spend on food in a life time.

If there is such a thing as judgement day then these people better hope that gods a good listener.

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