News | Bowfin Property

Do You Have To Wait For Probate To be Granted Before Selling A House?

By Russell BowyerPosted in Help to sell my property, News, Property discussionNo Comments

It is only in certain circumstances where a house can be sold before probate is granted. Where the property is owned as joint tenants, the surviving owner will automatically become the sole owner of the house. This means that the surviving owner can immediately sell this house without the need for probate. But if the deceased person is the only person named on the title deeds of the property, then probate will be required before the property can be sold. Or if the property is owned as tenants in common, probate will also be required before the surviving owner will be able to sell the house.

How Much Will An Investor Pay For My House And How Do I Find One To Buy My Home? (How To Achieve Market Value)

By Russell BowyerPosted in Help to sell my property, News, Property investment1 Comment

Selling a house can be stressful and can take months or much longer to sell if sold in the conventional way. Whereas if you sell to an investor, the process is very quick and you’ll sell your house chain free and estate agent commission free. But there’s a catch, as often times you need to be prepared to accept a below market offer. This is the price to pay for the convenience of a quick sale. But how much will an investor pay for my house you may ask? If you want to sell your house fast and for cash; expect to receive between 25% to 30% below its market value. But there are alternative methods to sell your house where you could achieve market value.

How Long Does It Take To Sell A House From Offer To Completion?

By Russell BowyerPosted in Help to sell my property, News, Property discussionNo Comments

How long it will take to sell your house from accepting an offer to completion is estimated to take between 8-10 weeks. But the time taken will be affected by a number of factors. These factors among others include how efficient your and your buyer’s solicitors are. How good your estate agent is at chasing the deal. How long it takes for the searches to be returned to your buyer’s solicitor. Plus how ready your buyer is to begin the buying process and whether or not they require a mortgage.

What Are The Real Costs Of Becoming An Accidental Landlord?

By Russell BowyerPosted in News, Property discussion, Property investmentNo Comments

The cost of becoming an accidental landlord is mounting up. If you’re an accidental landlord, you’ve been attacked on three tax fronts by the Conservative Government changes. The first is the Section 24 Tenant Tax change, which means for the 2020-21 tax year you’ll only receive basic rate tax relief for mortgage interest on your rental property. The second hit to your pocket is the additional 3% Stamp Duty (SDLT) you have to pay on each subsequent property you buy whilst owning your investment property. The final tax-nail in the accidental landlord coffin is the planned changes to Capital Gains Tax (CGT). This final change is to the CGT relief on your principle private residence to Capital Gains Tax when you sell your Principle Private Residence (PPR). If you let a property that was once your PPR, any CGT relief will be lost under these new rules.

Sell Your House In 7 Days To Completion For Decent Money

By Russell BowyerPosted in Help to sell my property, News, Property discussionNo Comments

If it’s your intention is to sell your house in 7 days to completion, then you’ll either need to take a hit on the price you accept of 25-30% discount. Or you need to be willing to accept alternative creative methods of sale. If you’re willing to be open to creative ways to selling your property, you may end up with the full asking price for your house or close to it.

How Much Mortgage Interest Is Tax Deductible: Section 24 tenant tax

By Russell BowyerPosted in Help to sell my property, News, Property discussion4 Comments

Due to the introduction of Section 24 Tax or the Tenant Tax, as of April 2020, you are no longer able to deduct any of your mortgage expenses from rental income to reduce your tax bill. Instead of a deduction from your rental income, you’ll receive a tax-credit. This tax credit is based on 20% of your mortgage interest payments. So whether you’re an accidental landlord or had the intention of buying your rental properties, these Section 24 (also known as Tenant Tax) rules will affect you. How much the rules affect you will depend on the level of rental income you have and how much mortgage interest you pay.