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Flipping Property To Be Made More Difficult By Government

Flipping Property To Be Made More Difficult By Government

Flipping Property To Be Made More Difficult By Government
In A Bid To Boost Revenue

In the week when I have just purchased my first property to flip, the UK Government announced that they are planning to crack down on the profits made by property developers and property investors who flip property.

The Government want action due to the demand for housing greatly outstripping the supply to market and they want a slice of the revenue that they feel the country is missing out on. This could greatly affect my business plans, so I thought I would examine the issue in more detail:

Flipping property is considered by Government to be the process of changing your main residence before selling a property in order to avoid paying capital gains tax (CGT).

However, as many property people will tell you, “flipping” is buying a property at one price and reselling it again within a relatively short time frame (6 month rules apply) at a higher price, whether you have done any work to improve the property or not.

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Will Your Property Be Affected By Fracking?

Will Your Property Be Affected By Fracking?

Fracking Concerns Ignored By Local Authorities And Government

There is a great deal of speculation and controversy surrounding the latest methods for extracting natural gas from under our feet, a process known as “Fracking” where a toxic mixture of chemicals are pumped into well heads to release gases trapped in the underlying bedrock.

The process is designed to fracture the rock strata, allowing gas to escape and rise to the surface and the controversial method is already being exploited widely in some states in the USA, with alarming results. Minor earth tremors are being caused and ground water is becoming saturated with methane and other flammable gases and some residents living near the remote drilling sites have to rely on bottled supplies to be able to drink and water cattle, however the companies controlling the drilling are happy to pay people off and ignore what they are being told.

Here in the UK, gas companies have identified potential sites that they reckon hold enough natural gas reserves to last for the next 30-40 years, unfortunately these areas are also heavily populated, not like in the USA.

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Things That Go Bump In The Night

Tales from beyond the tenancy....

A Halloween tale from Legal 4 Landlords

In a House of Multiple Occupation (HMO) in Gravesend, on a dark stormy Halloween evening, the residents gathered in the communal lounge drinking and discussing ghost stories…

One young male tenant claimed that an old man who used to own the large house they lived in was buried a few months earlier in the graveyard down the street, he claimed that the old landlord had been buried alive and that if you listened carefully it was possible to hear him still scratching at the lid of his coffin, he also claimed that the old man was a notorious serial killer who was responsible for the disappearance of dozens of unsuspecting HMO tenants and his victims were still being discovered.

The evening wore on and after several more drinks and a great deal of teasing, a young female tenant agreed to go down to the graveyard to find out if the stories about the old landlord were true. No-one else dared to accompany her, so she decided to go alone and she said she would drive a stake into the ground next to the grave to prove that she had in fact been there.

The young woman put on her waterproof jacket, picked up a torch and took a large stake from off one of the tall shrubs in the back garden and set off into the night followed by laughs and jeers from the other HMO tenants.

The following morning it became clear that their housemate had not returned, at first they thought that she was playing a joke back on them they dismissed it and carried on with their daily routines. At around 5pm when the young woman had still not returned they began to feel guilty for teasing her, the rest of the tenants decided to head down to the graveyard to see if their friend had really been there.

As they neared the grave they were horrified to find their friend at the old landlord’s grave, she was lay face down at the graveside…dead!

She had accidentally staked the bottom of her waterproof coat to the ground and when she tried to run from the grave, she couldn’t… she had died of fright!

Don't get spooked by lack of insurance

Don’t get spooked by lack of insurance

 

 

It may be Halloween but spooky goings on don’t just happen on a single night of the year and landlords are reminded to ensure that they have adequate landlord insurance on their rental properties 

 

 …and tenants are reminded to make sure they have proper life insurance.

 

Read more posts by Legal 4 Landlords here

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