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Properties To Let

Misty Said:

what is the difference between resedential prpoerties and to let properties?

We Answered:

Residential Properties are houses, flat, bungalows, etc in which you or your family reside. A residential mortgage is one arranged on a property which is to be used for you or your family to live in and should not be let out.

Buy to Let properties are residential properties which are let out to someone other than a family member. A buy to let mortgage is arranged on a property which the buyer is going to let out someone who is not a family member.

To Let properties are those that are on the market looking for tenants. These could be commercial lets or residential lets.

I wasn't quite sure what you meant to be honest so tried to cover every base!

Timothy Said:

Which country do I pay tax to on my let properties.?

We Answered:

Any profit from rental income is always taxable in the UK. You can join the Non Resident Landlord Scheme to receive your rents gross, but you will need to do a Self Assessment Tax Return each year. See this link for the form http://www.hmrc.gov.uk/cnr/nr_landlords.…

If the USA also wants to tax this rental income, you should also declare the amount of tax you have paid in the UK as they should give the relevant tax credit for this. There is no article under the Double Taxation Agreement with the USA which exempts rents in the UK.

Robert Said:

Why do property agents leave already-let properties on their websites? What use are they?

We Answered:

if they leave them up, it is kind of like an advertisement-a way for more people to see thee agents' names and remember it. even if it makes you mad, the next time you see that name, it might sound familiar. it usually doesn't cost them all that much more to keep it up on the website, either.

Ivan Said:

I have properties let out. I want to get the peasants out. How?

We Answered:

Send them a notice and raise the rent. You can raise the rent every 90 days provided you notify them in writing. Make sure you send it Certified Mail with return receipt.

You can send in the police and their dogs if you have to evict them through the court of law .

Put plenty of alcohol on their doorstep, on the day of their eviction.

Todd Said:

What do I need to do or where do I need to go in order to get properties to let?

We Answered:

Estate agents will give you a list of properties available.

Jill Said:

Is it legal to sell some properties and let others go into foreclosure?

We Answered:

Yes, it's perfectly legal, but it might not be in your best interest.

Just letting a property go into foreclosure is never a good idea.

Your best solution all of this is to try and work with your lenders to get a fresh start without any of the homes completing the foreclosure process.

I'm going to assume these are (supposed to be) income producing properties, since you are referring to multiple properties. This advice may not be the same if these are all personal properties, but hopefully it's helpful either way.

If you intend to get rid of all your property, then you should get all of them listed for the current market value. Once you have an offer, you will need to negotiate a short sale with the lender(s). When you do this, you need to make sure you have them agree not to pursue a deficiency judgment. I would highly recommend hiring a professional to make sure this is done correctly and you are protected.

If you have some properties that are still producing an income, you may want to keep them. This can be done while still getting a short sale on the others.

It may also be possible to get loan modifications on all the properties too. So if reduced payments could help you save the homes, this option should definitely be considered. Again, a negotiator would be advisable for a loan mod, since most lenders automatically turn down home owners these days.

There are many options when facing foreclosure, but in most cases, you will need to hire someone who has experience and knows exactly how to resolve these issues.

Just be careful who you work with, because there are a ton of scams out there and plenty of scumbags who will try and steal from you!

Discuss It!

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