Making More Out of Buy-to-Let. The Bentley Hotel Friday 1 st November 2013

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1 Making More Out of Buy-to-Let The Bentley Hotel Friday 1 st November 2013

2 Welcome James Pinchbeck Marketing Partner, Streets Chartered Accountants

3 Managing Director Association of Residential Letting Agents

4 The Key Considerations

5 Buy to Let : A Brief History Started 1995 By ARLA with a panel of lenders Mortgage rates nearer domestic rates than commercial Finance 75% LTV Interest cover 1.25 to 1.4 times Medium to Long Term Investment Slow start then huge upsurge buying off plan speculation

6 Demand Supply Price Location Available Finance Legislative Changes in the future Other threats

7 Demand How do you establish strength? National Trends Localised Reports Local Knowledge

8 Local Agents Stock Check Portals : Rightmove, Zoopla etc Remember stock advertised may be what is not in demand Who holds the actual data for an area?

9 What impacts on price? Owner Occupier Demand Available Finance Landlords Competing Price Buy to Let Trends do not follow Owner Occupier Trends Does it give potential for capital growth?

10 Location is key to demand Location One side of a street can make all the difference One end of a street can make all the difference Competition in area

11 Own Funds Available Available Finance Mortgage Funds Available Length of Borrowing Term Rates not following Base Rate When do you need liquidity?

12 Landlords Register Legislative Changes Minimum Standards Changing in Law Local Licensing Schemes Regulation of BTL Finance Tax Changes

13 Other Threats Institutional Investment Build to Rent New Student Accommodation New Retirement Accommodation Large Developments Planned Local Employment Changes

14 Who Can Help? Good Financial Adviser (Tax Advice) Good Conveyancer Experience Local Agent

15 Thank You

16 Making Buy-to-Let Less Taxing Kelly Goodchild Tax Supervisor Streets Chartered Accountants

17 Streets Chartered Accountants Top 40 UK accountancy practice 11 offices including Lincoln, Grantham, Peterborough and Hull 27 Partners and Directors Dedicated tax practice Property tax specialists

18 Streets Chartered Accountants Property Tax Specialists Development, investment, a home for your business, buy to let and renewables Our specialist property advice and service includes: VAT including the option to tax Capital Gains Stamp Duty Land Tax SDLT Capital allowances Estate planning and inheritance tax Self Assessment and Corporation Tax returns

19 Tax issues for Landlords Income Tax issues Allowable expenses and loans Wear and tear / renewables Furnished Holiday Lets Non Resident Landlords Capital Gains Tax issues Private residence relief Family gifts

20 Income Tax Issues Common Types of allowable expenditure include:- Mortgage Interest Repairs Letting Agent Fees Insurance Ground Rent and Council Tax Water Rates Cleaning and gardening Accountancy fees

21 Income Tax issues Mortgage Interest Allowable as long as wholly and exclusively for the rental business Costs of obtaining loan finance also allowable Consider drawing down on capital

22 Income Tax issues Mortgage Interest - Example Mr A has a property that he purchased for 100,000 He has an outstanding mortgage of 80,000 He is offered a job in Holland and moves there to live and work He decides to rent out his UK property whilst in Holland and when he starts to do this his property is worth 375,000 He renegotiates his mortgage on his loan, converts to a buy to let mortgage, and borrows a further 125,000

23 Income Tax issues Mortgage Interest - Example Opening balance sheet of his rental business is:- Mortgage 80,000 Property at market value 375,000 Capital account 295,000 Balance sheet after increasing mortgage is :- Mortgage 205,000 Property at market value 375,000 Capital account 170,000 The loan interest on the whole mortgage is allowable, and the additional 125,000 can be spent on a flat in Holland! Consider taken out a further mortgage up to 170,000 to fund a worldwide cruise! And get tax relief!

24 Income Tax issues Repairs Repairs allowed, but not capital improvements If improvement is because of new materials repair Major expenditure apportion between capital and revenue Expenditure after acquisition allowable? Capital allowances are generally not available Replacement of fixtures should be allowable

25 Furnished Properties Income Tax Issues Repairs From 2013/14 tax year the renewals basis is withdrawn Applies to letting of furnished property Must now claim 10% wear and tear allowance Covers items a tenant would normally provide in unfurnished accommodation e.g. TVs, beds, curtains, white goods etc Can still claim for renewals of fixtures e.g. boilers, baths, toilets etc

26 Joint Ownership Married couples and civil partners 50:50 subject to election to reflect actual ownership Consider transfer of 1% to lower earning spouse Unmarried joint owners subject to tax on percentage of property owned Consider an agreement to split profits in a different ratio

27 Furnished Holiday Lettings Applies to properties in the UK and the European Economic Area Advantageous from a tax point of view e.g. qualify for CGT reliefs From April 2011 no longer ability to offset losses against other income Qualification rules are tightening from April 2012 Consider selling whilst properties still qualify

28 Non-Resident Landlords If you move abroad and rent house out still liable to UK income tax / complete a tax return Agent automatically deducts tax at source 20% Opt out, completion on NRL1 form

29 Capital Gains Tax Gains on disposals of properties are subject to CGT (18%/28%) Possible qualification for Private Residence Relief and Lettings Relief Rules apply equally to family gifts

30 Private Residence and lettings relief Consider whether it is possible to occupy a property as main residence before sale Do it properly No minimum period quality not quantity Actually occupy Redirect post Updating voting register Tell the Revenue Plausible reason

31 Private Residence and Lettings Relief Mr B, a higher rate taxpayer, acquired a property in 2002 for 200,000 Property sold in 2012 for 650,000 Tax on gain after annual exemption of 123,032 If occupy for 1 year prior to sale the tax is reduced to 74,032

32 Family Gifts Gifts between family members (other than spouses) are subject to CGT Sale proceeds are equivalent to the market value of the property at the date of gift Route through trust Don t forget about SDLT Don t lose out on private residence relief if buying property for children IHT Gift 90% to child retain rents - PET

33 Making More Out of Your Buy-to-Let Kelly Goodchild Tax Supervisor Streets Chartered Accountants

34 Funding Buy to Let Investments Presentation by Steve Straw Director

35 Agenda Who we are. What we do. Ways of financing investment property. Features of a Buy to Let Mortgage what is different to a normal mortgage? Assessing affordability. Finding the right mortgage and other financial products. Why use a Mortgage Adviser? Multiple Property Landlords. Protecting against the loss of rental income. Planning your Exit Strategy.

36 Who are we? T&R have been established since We are a locally based business, with 15 staff, including 6 Consultants. Our Consultants are professionally qualified to give advice in regulated areas of financial advice. Recently relocated to Oakwood Road, Off Doddington Road, Lincoln, with modern premises and parking available. We are passionate about helping you achieve your financial goals.

37 What do we do? Our core areas of advice include: Investments Pensions and Retirement Planning Non-investment Life Protection, and Mortgages As well as providing advice, we essentially help clients by setting plans in place, to give them a clear understanding of what they want to achieve in the coming years. We help both private and corporate clients in these specific areas of financial advice. We are a fully independent IFA and offer whole of the market.

38 Some Statistics In the 2 nd quarter of 2013, lenders advanced 40,000 mortgages worth 5.1 million: number and value the highest since 3 rd quarter of Year-on-year (2013 & 2012): Buy to Let lending is 19% higher by volume, and 31% higher by value. Lending for house purchase: accounted for more than half the But to Let loans advanced. Re-mortgaging was stronger, reflecting in improved conditions in funding markets and more widespread availability of mortgage credit. Buy to Let mortgages in arrears (over 3 mths): down from 9.7% in 2012 to 8.4% in Possession rate down from 0.11% to 0.09%. o Statistics from Council of Mortgage lenders: incl. banks, building societies, and other lenders, who represent over 95% of all residential lending. o CML Buy to Let data is issued quarterly: third quarter is next issued 14/11/2013.

39 Ways of Financing an Investment Property Buying the property outright Property Portfolio Let to Buy In most cases you will need a Buy to Let Mortgage

40 How does a Buy to Let Mortgage differ from other mortgages? In many ways it doesn t differ from a residential mortgage. Subject to same credit checks, mthly repayments needed, agreed term of mortgage, property acts as security, fixed and variable rates available.

41 Assessing Affordability Affordability is typically linked to rental income calculations. Rental income is often based on 125% of mortgage payment. Use a stressed interest rate. Be aware of up front costs when considering the mortgage.

42 What rental income do I need? Example: Property value/purchase price 125,000. The lender s stressed interest rate is 5%, and the mortgage lender s rental income requirement is 125%: rent must equal 125% of mortgage costs. Maximum loan is say 75%, 93,750, deposit 31,250. Therefore 93,750 x 5% (stressed interest rate) = 4,687/12 = The minimum rental income is: x 125% = per month.

43 Finding the right mortgage and other financial products Make sure you shop around. Use a specialist Buy to Let Mortgage Broker or Financial Adviser, IFA (such as Thompson & Richardson). Look in best buy tables, online or the press. Check different lenders own websites. The costs.

44 Why use a Mortgage Adviser or IFA? Qualified Protection Whole of Market Research Value of advice Full Service

45 Multiple Property Landlords For Property Landlords building a portfolio of properties. Taking professional advice why? Limited company or individual? Sourcing finance. Negotiate terms.

46 Protecting against the loss of rental income Consider the fall in house prices, rental incomes, and changes in interest rates. Biggest fear - if the property sits empty. Use a licensed ARLA agent to find the right tenants. Take out Landlord Insurance.

47 Planning your Exit Strategy Buy to Let is a long term investment. Exit strategy is determined by: investing for rental returns (as an income) or capital growth. Choose the right time to exit: when could be important. Consider the repayment of your Buy to Let mortgage.

48 Summary: Top 5 Tips for Borrowing 1. Do your homework on affordability. 2. Minimum deposit but also a buffer. 3. Take advice to secure the most suitable Buy to Let product. 4. Interest only is best but consider repayment at the end: Your strategy? 5. Use a licensed Managing Agent

49 HomeLet John Clerkin Head of Sales Get the latest news, follow us on

50 What do we do? What we do is simple, we provide: Fast, Accurate & Intelligent referencing Specialist Landlord s & Tenant s Insurances We ve been taking the risk out of property rental through our products and services since 1992 Find out more about HomeLet, visit

51 WHAT ARE THE RISKS? Get the latest news, follow us on

52 House prices According to Oxford Economics, over the next five years the average house price in England could rise by 21% If this happens, buying a home will not be achievable for many would be first time buyers Large deposits required by lenders is continuing to be a barrier for many would-be buyers Source: Oxford

53 Home ownership levels According to the National Housing Federation's forecast, home ownership levels in England will drop from 72% Seen in 2001 Down to 63% In 2021 Source: National Housing

54 Private Rental Sector Since 2001 the number of households renting privately has risen by 1.3m It s estimated that the PRS will grow by By 2019 the PRS could account for 5% 21% in the next 8 years of all homes in the UK Source: National Housing

55 What Are The Risks? Salaries static Rents increasing Job losses Tenants affected Landlords exposed daily Tata Steel cuts 500 jobs, blaming industry slump and green levies Libraries in Lincolnshire are facing up to 2 million budget cuts, with up to 170 jobs at

56 How Can We Help? Tenant Referencing; INSIGHT - Credit Reference ENHANCE Comprehensive Reference OPTIMUM our finest reference with a unique guarantee! Optimum is the only comprehensive reference that comes with a free 12 month legal and eviction service talk to a member of the HomeLet team for more

57 -Landlords Buildings & Contents -Landlords Rent Guarantee -Emergency Assistance Cover -Legal Expenses Cover -Tenants Contents -Tenants Liability How Can We Help? INSURANCE Get the latest news, follow us on

58 Contact us on; Agents Call: Landlords Call : Online:

59 Going The Extra Mile!

60 Buy to Let Choosing an Agent Your property may well be your most valuable asset... Don t take chances - Choose a Licensed Agent Thinking about Buy to Let? There are FIVE BIG REASONS to do so

61 Licensed & Regulated Licensed by ARLA Client Money Protection Scheme Professional Indemnity Insurance Annual Client Account Audit Code of Practice & Rules of Conduct Member of Ombudsman Scheme

62 Licensed & Regulated Members of RICS The world s leading professional body for qualifications & standards in land, property and construction. Attaining RICS status is the recognised mark of property professionalism.

63 Licensed & Regulated Members of NALS Independent licensing scheme for lettings & management agents. Defined Standards of Customer Service Client Money Protection Scheme Complaints Procedure /Independent Redress.

64 Licensed & Regulated Registered SafeAgent Safe Agent Fully Endorsed Denotes firms that protect landlords and tenants money through client money protection schemes.

65 Buying to Let Things to Consider Before you buy you must consider the following when doing your sums Thinking about Buy to Let? Likely Rental Return Monthly Loan Payments Insurance Premiums Agent Fees Void Periods Tax implications NRL Status Emergency Maintenance Slush Fund

66 Buying to Let Things to Consider Thinking about Buy to Let? Find The Right Property Location, location, location! Appeal to the widest market Would you live here? Size matters! Ask your Agent!

67 Buying to Let Things to Consider Present Your Property for Let Furnished / Unfurnished Appliances? Cleaning Gardening Décor Thinking about Buy to Let?

68 Buying to Let Things to Consider Legal Considerations Energy Performance Certificate Safety Checks Duty of Care Consent to Let Buildings Insurance Thinking about Buy to Let?

69 Buying to Let Things to Consider The Tenancy Select the Right Tenant Inventory & Schedule of Condition Tenancy Agreement Tenant Deposit Registration

70 A Service That s Second To None Fully Managed For Your Peace of Mind 3 Partners at the Front-line of our service High Staff to Property Ratio Regular Property Visits Interim Maintenance / Repairs Rent Collection Monthly Financial Statement Rent Reviews Notices Served Tenancy Set-Up & Renewals End of Tenancy Assessment Assessing Dilapidations Tenancy Deposit Returns Your Agent of Choice

71 Remember If you are a landlord looking for an experienced agent to let and manage your property, it is essential that you select a fully regulated and licensed letting agent By doing so, you will benefit from the highest level of protection an agent can provide HE Lettings have gone the extra mile and chosen to become a member of and be regulated by several professional bodies, so you can be completely reassured of our honesty, integrity and professionalism at all times

72 Do Your Homework! Choose your property with care Choose your location wisely Choose a Fully Licensed Agent

73 We Go The Extra Mile Every Time!

74 James Pinchbeck Streets Chartered Accountants Thank You

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