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  • Property-a-holics

    Challenging a serious RICS down-valuation?

    Really need to chase up my accountant, I thought the max CGT for me would be 18% of any uplift over 2 years only. But  you're right that could come in at over £13,000. But at that time I would be better able to afford it and would still have the benefit of having had the rental income to help tide me over until I get my state pension in Jan 2021

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    One more option which I have not seen mentioned if you wish to speculate on possible capital growth would be to move in and have a lodger.

    I have not tracked future CGT since I am some years younger than you are and mainly in a part of the Midlands where decent capital growth has not been a significant thing for 15 years or more.

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    Unfortunately I need to remortgage re upcoming repayment on the bridging. That would mean I have to move out. If I really can't remortgage I would have to bridge again and re-start trying to sell. But I am not confident of any particular uplift at all until many months, probably a year after Brexit is sorted. The max I can extend bridging is one year. For me the best thing financially would be that we don't leave. But the chances of that look slim currently. If we leave with a deal etc it may be OK but wouldn't expect any significant uplift for a couple of years. Am not talking soaring prices, just hope that I might be able to sell at the level I could have in, say, 2015. If extending bridging proves the only way other than selling low now I would take a lodger. Haven't been able to over past couple of years re workmen being here all the time initially and, latterly, trying to sell for a year and being unable to give any lodger any reassurances about how long they can stay etc. My only options seem to be to sell at up to £100,000 less than I would have before the Brexit vote or remortgage and move into rental myself and wait a couple of years. If I were younger and still earning good money I probably would have taken the hit and hoped to make up some of it by buying outside of London. It's because I am the age I am, a WASPI woman, and worry about taking such a huge hit at this time in my life

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    What interest are you paying on this bridge financing?

    Assuming its a bridge finance rate i think your mad doing so in the hope that prices will rise from this point faster than that rate of interest.


    Prices at the moment are not "cheap" in my view. We are upto 14x earnings in London which is way over the historical average. Yes prices could go up but there is also a lot of scope for them to go down also. Looking back through times i have invested this 'feels more like' the late 1980s than the 90s.

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    Also agree this is crazy risk.

    Brexit is not getting fixed in our lifetimes. And I'm almost 30 years younger than you. What is being negotiated right now is just the withdrawal agreement. It's literally the start of the process not the end. It's like writing a project plan and thinking you are done without delivering the actual project. Really don't understand why people think Brexit ends in October. The real pain hasn't even started yet. 

    If you carry on the way you are going I think you are going to end in ruin.
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     Over the years I’ve had many many down valuations on properties mainly that we are selling some that we are buying it’s very difficult to argue with a chartered surveyor and very few banks will except that the valuation  is wrong and will not undermine them 

     However of course on many occasions they may well be correct!  iand they will save you from disaster if you’re purchasing however frustrating that might be for the vendor .
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