When to register?

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    When to register?

    Hi all.
    My personal mortgage is due to be paid off next month. I’m thinking of remortgaging on a residential mortgage, take the money out and use as a deposit for a buy to let. I then move back to my parents and so let out my property with ‘consent to let’ for two years.

    In order for my property to be rentable it needs some work. Should I register as a landlord before I start work on my own house so that any costs can be accounted for tax? Would I need my mortgage to be BTL from the start, not residential, for this to work as I would actually be living there as the work is done? (expecting this to be about an 8 week period)

    Many thanks

    #2
    I inherited a rundown house some years ago. I just did the bare minimum to get it lettable the first time, and then did more extensive repairs between tenants. (Consensus seems to be that you can't claim preparatory works if it is your first rental.)
    To save them chiming in, JPKeates, Theartfullodger, Boletus, Mindthegap, Macromia, Holy Cow & Ted.E.Bear think the opposite of me on almost every subject.

    Comment


      #3
      Who are you thinking of registering as a LL with?

      pm
      Before acting on forum advice, you may wish to consult an expert, someone who has all the relevant facts, and who accepts liability for their advice.

      Comment


        #4
        Originally posted by property mongrel View Post
        Who are you thinking of registering as a LL with?
        The Local Housing Authority if:
        a. the property will be a licensable HMO (in England&Wales); or
        b. the property is in Scotland.

        OR HMRC, if the question relates to OP's need for taxation as L in respect of income from land.
        JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
        1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
        2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
        3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
        4. *- Contact info: click on my name (blue-highlight link).

        Comment


          #5
          And the rest.......................

          pm
          Before acting on forum advice, you may wish to consult an expert, someone who has all the relevant facts, and who accepts liability for their advice.

          Comment


            #6
            thanks for the replys. I was thinking I need to register with the taxman as the rent would be taxable. I am PAYE so I need to register as a landlord with tax office.

            Comment


              #7
              Read #2. Register when you start letting it.

              Comment

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