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Few Questions re. CC'ing and Living Aboard.


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I would suggest that if a boat is a liveaboard and the main residence, i.e. the occupier spends the majority of their time living on the boat. The boat will be classified as the main residence and any other address that they may use or even own is not the main residence.

That is a different question, the point I was responding to was the one of using the TV at both locations at the same time. As to if the licence covers you in the first place is a completely different question.
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I have pondered these questions too so I hope you don't mind me jumping on the bandwagon.

 

I have also thought about renting out my house but there is something that doesn't sit easy with me, and that is being a landlord. I cannot stand the thought of being called out every time a tap is dripping, or the shower doesn't work, or they don't pay their rent then do a bunk... so selling my bricks and mortar is what I would also like to do. I want rid. I'm feeling like it's a liability whether I live in it or someone else does.

  • Greenie 1
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I have pondered these questions too so I hope you don't mind me jumping on the bandwagon.

 

I have also thought about renting out my house but there is something that doesn't sit easy with me, and that is being a landlord. I cannot stand the thought of being called out every time a tap is dripping, or the shower doesn't work, or they don't pay their rent then do a bunk... so selling my bricks and mortar is what I would also like to do. I want rid. I'm feeling like it's a liability whether I live in it or someone else does.

 

You could hire a letting agent to provide a fully managed service and rent guarantee insurance will pay out for any missed rent. There is also legal cover that would cover the cost of going to court should you need to do that evict them. I have to say, we very rarely end up with bad tenants in our properties, only once have I had someone not pay their rent. I go a lot on gut instinct and also encourage a landlord to meet the person living in their property. If you pick a good agent and tenant there is nowt wrong with renting something out. Unless you have a hugggee emotional attachment to a property, then it's not worth it as you'll never get the property back how you would have liked.

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Thing with letting agents is that you aren't the only customer. If the money stops coming in for your home it is no great loss to them. While they write to you to confirm what actions to take with missing rent ( they will eventually write) the tenant has done a bunk and left dog poop and damage in e try room. If they have done a bunk you are lucky, if they still live there and not paid you will have to go through the courts which cost time and money.

 

People tend to be naughty with rental homes (and very dirty)

  • Greenie 1
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Thing with letting agents is that you aren't the only customer. If the money stops coming in for your home it is no great loss to them. While they write to you to confirm what actions to take with missing rent ( they will eventually write) the tenant has done a bunk and left dog poop and damage in e try room. If they have done a bunk you are lucky, if they still live there and not paid you will have to go through the courts which cost time and money.

 

People tend to be naughty with rental homes (and very dirty)

haha I can assure you it is great loss if it's a fully managed or rent collect service! We rely on that income. If it's let only the landlord gets paid directly so we have no idea if they pay or not.

 

There are good and bad agents, but I let my landlord know the minute there might be a problem.

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We use letting agents ,we pay a full letting fee . Only twice had a problem and on both occasions the deposit cleared the repairs to bring the property up to standard .

T.v license has been a bigger headache. They don't send you a licence now days. Can't put you down as having the boat as a main residence , tried that on line. So registered us at my mother's address, that's where all our post is sent. When we were offered our present house and wanted to change addresses I discovered that ' our' licence was in mum's name , so she had two, one paid for ..ours and a age related exempt one . Although the monies for our' s was being paid from my bank account . Two letters later , from mum and two phone calls later from me the supervisor called me back they had to track down my original recorded conversation requesting a licence in my name . Still getting ' have you a licence ' reminders to the house , did check and we are licenced .Bunny

Edited by Bunny
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Forgot to add . Obviously you would be taxed on your rental income . Also look into your tax liabilities if you wanted to sell at a later date. I know that when we decided to sell it was because of that . We could rent out for two years , then one year after that we would, if we sold pay 10% in capital gains two years 20% and after 3 30%. In our case that would have been 50k . We sold after the two year rental and bought smaller houses . One as a bolt hole ( daughter now lives there ) and others in the Rhondda. All renovated as new . Use a local agent and a local builder . Funnily enough all tenants are single ladies , some with children ,all working . They all have my telephone number and we have visited . Have a good working relationship with every agent we have used , first name terms , but I do keep on top of the game and use my own builders , gas engineers and electricians, not for the money saving , agents add 10% , but because it means someone else I know is visiting the property and reporting back to me on the condition of the house outside of the normal 6 monthly checks. Bunny .

Edited by Bunny
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Having let my ex house on a number of occasions I wouldnt do it now just a pain for me ]. Their is no written laws that the house will go up in value, but they normally do. However we do live in a very changing world and more than likely in just over 2 years we will no longer be in the EU so this could change things. I to want to go CCing next year before I am to old to enjoy/do it. If your boat is well set up winter is not a problem and maybe a month in the winter in a marina will be enough to give you cabin fever!!

Enjoy your new life and I look forward to meeting you on your travels

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Hang on a mo.

We were tenants (second class citizens tosome eyes) for along time before moving onboard. We never once lost a pound of our deposit through damage or none payments. We left the properties in possibly cleaner and tidier condition than taking it on.

 

There are bad tenants definitely, but as has been mentioned by 'L' a good agent will select a good tenant. There were agents we wouldn't go to as tenants as they had,in our opinions, shoddy practices.

 

By all means rent out your properties, they are no longer your homes, via a reputable agent and all will work out.

 

Martyn

Edited by Nightwatch
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Forgot to add . Obviously you would be taxed on your rental income . Also look into your tax liabilities if you wanted to sell at a later date. I know that when we decided to sell it was because of that . We could rent out for two years , then one year after that we would, if we sold pay 10% in capital gains two years 20% and after 3 30%. In our case that would have been 50k . We sold after the two year rental and bought smaller houses . One as a bolt hole ( daughter now lives there ) and others in the Rhondda. All renovated as new . Use a local agent and a local builder . Funnily enough all tenants are single ladies , some with children ,all working . They all have my telephone number and we have visited . Have a good working relationship with every agent we have used , first name terms , but I do keep on top of the game and use my own builders , gas engineers and electricians, not for the money saving , agents add 10% , but because it means someone else I know is visiting the property and reporting back to me on the condition of the house outside of the normal 6 monthly checks. Bunny .

That would be hell of a capital gain if you paid 10% and it cost you £50K

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No, we sold our house just before we would have been taxed and the 50k refers to the longer period , 3 years 30% we would have been taxed if we had decided to sell later . When we sold our business the tax then was 90k ...... now that did hurt a lifetime of 90 hrs weeks and no holidays . Bunny

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No, we sold our house just before we would have been taxed and the 50k refers to the longer period , 3 years 30% we would have been taxed if we had decided to sell later . When we sold our business the tax then was 90k ...... now that did hurt a lifetime of 90 hrs weeks and no holidays . Bunny

this is for your own home that you rented out, not a buy to let?. if so it doesn't surprise me but seems harsh.

 

I'd like to rent my flat out and live on the cut but don't fancy getting caught like this.

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this is for your own home that you rented out, not a buy to let?. if so it doesn't surprise me but seems harsh.

 

I'd like to rent my flat out and live on the cut but don't fancy getting caught like this.

CGT is only payable on the gain you make so if you buy the property for say £150K and sell it for £200K then you are taxed on the £50K If you are married and have it in joint names then that is £25K each The CGT allowance is £11000 so you would each pay tax on £14 the rate you would pay the tax depends on your tax status at the time.

Edit

You dont have to be married, just have the property in joint names

Edited by ditchcrawler
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The CGT thing has certainly got my attention. I don't know much about these things so please be patient :)

For example, say I bought a house 30 years ago for 20k, rented it out now for three years, when it would be worth say 200k. Then after three years of renting I thought "screw this I am selling it," how would the CGT be calculated? Does the size of the property etc make any difference?

Many thanks

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The CGT thing has certainly got my attention. I don't know much about these things so please be patient :)

For example, say I bought a house 30 years ago for 20k, rented it out now for three years, when it would be worth say 200k. Then after three years of renting I thought "screw this I am selling it," how would the CGT be calculated? Does the size of the property etc make any difference?

Many thanks

I am no expert but based on the fact that tax does generally try to be fair, I would have expected that CGT would be due on the increase in value during the period you had it rented out, so over that 3 year period. Size of the property has nothing to do with it CGT applies to anything that you own that gains in value, another common one would be the sale of shares that have increased in value.
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The CGT thing has certainly got my attention. I don't know much about these things so please be patient smile.png

For example, say I bought a house 30 years ago for 20k, rented it out now for three years, when it would be worth say 200k. Then after three years of renting I thought "screw this I am selling it," how would the CGT be calculated? Does the size of the property etc make any difference?

Many thanks

 

Lots of help on the Web including:

 

https://www.gov.uk/tax-sell-home/let-out-part-of-home

 

Tim

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