As the owner of a rented house in North Wales for almost four years I have a thorough understanding of the pros and cons and my purpose is to inform the decision of anyone considering investing in the same way. The first point is the decision to invest. If you inherit cash from your parents as I did you will want to do something meaningful with it. There is no value in just putting it in savings as in the long term the value of that cash will drop. I did what many people do which is invest in bricks. I suppose I could have put the money in art or wine or seek out a high interest account but my thinking was based on long considered evidence that over a long period , that in excess of 20 years, houses is one of the soundest investments. Like anything , there are always the flip side. You will not be able to get at your money short term. The value of your property may go down as well as up which was indeed what has took place during the recession of the past few years. You will have to find a reliable tenant who will look after your investment. In fact you will have to find a whole collection of tenants over a 20 plus year period as the average tenant will only stay one year. You will be in demand to your tenants over maintenance and other problems . You will have to shell out for repairs etc. You will have to insure the property. Interest rates may sky rocket and cut into your profit. Your profit is taxable although on an interest only deal you can currently offset all the interest against tax. You may not be able to dispose of the property when you wish to. If you sell you will be liable to capital gains tax if it's your 2nd property. And finally you will have to pay for conveyancing in north wales plus other legal and professional fees .
Not as simple as you first thought? So why do investors like me do it at all? Well long sight I believe the capital value of my property will rise well. When the time comes I aim to take out amounts of equity from the property and re mortgage it. The equity is currently non taxable. With low interest rates I currently get a monthly small income from the property. I happen to like DIY so maintenance is not a problem.
Wednesday, 23 June 2010
Monday, 21 June 2010
Conveyancing in Cheshire
Every person who has cohabited with a partner whose name was not on the mortgage should take note that an appeal judge has ruled that a man who split with his other half over 16 years ago is entitled to half of the property even though he never paid out for the mortgage himself.
What may shock people most is the period of time that has lapsed since the relationship finished and the fact that one partner still has a call on the other's assets, so long afterwards.
Lord Justice Wall concluded that conveyancing lawyers should take note of this cautionary tale and advise their clients accordingly. Conveyancing in Cheshire needs to take note.
All unmarried partners considering buying a residential property together need to be aware of this judgment.
In this cited case the male partner put down a hefty deposit to purchase the property but the female partner was the one who paid the mortgage for the 8 years they were together. To many the judgment of this legal action does not represent fair justice but the law remains clear, that in cases of living together relationships both parties are within their rights to their share of the assets.
The under pining issue in this case seems to be that the couple bought the house as "joint tenants" where the property is owned in equal measure by both individuals but if one passed away their half passes to the remaining living partner . If they had bought as "tenants-in-common" one could have left their share to who ever they wanted to. Most partnerships however do not go down this route because they never believe that the relationship will end.
Conveyancing specialists Drummonds in Cheshire advise that couples need to be fully aware of the legal standing when they buy a property jointly and in full possession of the facts before entering into cohabitation .
Drummonds will inform clients on these issues and advise on the best course of action to protect the parties involved, especially where one or other is putting more of their own assets into the property.
What may shock people most is the period of time that has lapsed since the relationship finished and the fact that one partner still has a call on the other's assets, so long afterwards.
Lord Justice Wall concluded that conveyancing lawyers should take note of this cautionary tale and advise their clients accordingly. Conveyancing in Cheshire needs to take note.
All unmarried partners considering buying a residential property together need to be aware of this judgment.
In this cited case the male partner put down a hefty deposit to purchase the property but the female partner was the one who paid the mortgage for the 8 years they were together. To many the judgment of this legal action does not represent fair justice but the law remains clear, that in cases of living together relationships both parties are within their rights to their share of the assets.
The under pining issue in this case seems to be that the couple bought the house as "joint tenants" where the property is owned in equal measure by both individuals but if one passed away their half passes to the remaining living partner . If they had bought as "tenants-in-common" one could have left their share to who ever they wanted to. Most partnerships however do not go down this route because they never believe that the relationship will end.
Conveyancing specialists Drummonds in Cheshire advise that couples need to be fully aware of the legal standing when they buy a property jointly and in full possession of the facts before entering into cohabitation .
Drummonds will inform clients on these issues and advise on the best course of action to protect the parties involved, especially where one or other is putting more of their own assets into the property.
Wednesday, 16 June 2010
Divorce is not show business
In the weird and wonderful world of show business, divorces like Cheryl and Ashley Cole might fill the column inches of newspapers and magazines but divorce is no funny matter. If there is any chance of a coming together you should seek professional counselling to ensure that you are deciding on divorce for the right reasons.
Children are often at the centre of a divorce and feelings are always running very high but it's helpful to think of the children throughout the process as it helps to de personalise the emotion from yourself and put their interests first.
Once you have decided to proceed with a divorce you should act quickly . The slower the parties move , the more likely it is that problems will arise over issues such as money, custody of children and so on.
Whether you seek a divorce, partnership dissolution or separation you will need an time served divorce solicitor in Chester, Cheshire or North Wales to understand your needs and help you to minimise cost and delay.
You should seek out a team that is led by senior solicitor who is a member of Resolution. It is important to seek early resolution of disputes as amicably as possible and at minimum price . Look for a divorce lawyer with considerable experience in actioning complex and high value disputes.
You will need a solicitor who gives sensitive advice and prioritises the welfare of children.
Divorce can involve many different aspects including Adoption, Change of Names, Child Abduction, Maintenance, Living Together , property and maintenance claims , Contact and residence, Deeds of Trust, Pre Wedding Agreements and Joint Living Agreements.
Look for advice from someone who is sympathetic to your circumstances and is willing to work closely with you to achieve your aims .
Children are often at the centre of a divorce and feelings are always running very high but it's helpful to think of the children throughout the process as it helps to de personalise the emotion from yourself and put their interests first.
Once you have decided to proceed with a divorce you should act quickly . The slower the parties move , the more likely it is that problems will arise over issues such as money, custody of children and so on.
Whether you seek a divorce, partnership dissolution or separation you will need an time served divorce solicitor in Chester, Cheshire or North Wales to understand your needs and help you to minimise cost and delay.
You should seek out a team that is led by senior solicitor who is a member of Resolution. It is important to seek early resolution of disputes as amicably as possible and at minimum price . Look for a divorce lawyer with considerable experience in actioning complex and high value disputes.
You will need a solicitor who gives sensitive advice and prioritises the welfare of children.
Divorce can involve many different aspects including Adoption, Change of Names, Child Abduction, Maintenance, Living Together , property and maintenance claims , Contact and residence, Deeds of Trust, Pre Wedding Agreements and Joint Living Agreements.
Look for advice from someone who is sympathetic to your circumstances and is willing to work closely with you to achieve your aims .
Friday, 11 June 2010
Personal Injury Solicitor Chester
To err is human but to forgive is divine and mistakes happen to us all and today we exist in a society where mistakes have a price. If you are involved in an accident and the blame was not yours you could be able to make a challenge for compensation against the outcome of that accident.
First it's important to understand what a personal injury is.
A personal injury can be physical or psychological injury including an injury sustained at work which can also include sickness which is created by the conditions you were required to work in. A common example of this was people required to work in places contaminated with asbestos.
Where people are affected by stress at work, due to the strain of their job , that is also a work related illness. Many people don't know that individuals may also make claims for discrimination or harassment at their employment .
One of the most common injury claims are those caused by car accidents, faulty goods or a trip in a public place .
If you fall into one or more of the above categories there are a number of things to consider. You can complain to the organisation you believe was responsible for the injuries .
You can make a ask for compensation to cover losses you have suffered as a result of the personal injuries. You can ask for support or counselling from a professional. You must report all injuries however minor to your doctor straight away as they will be called on to provide medical reports if the case goes to law . If there are any witnesses to the incident you must ask for statements from them as soon as possible. Ensure you get full addresses of any witnesses.
If the claim concerns a car accident the police must be told as soon as possible. In the case of pain sustained at your employment you must officially inform your employer and ensure the accident is recorded in the accident book. Your manager should then report this to the Health and Safety Executive.
Finally you need to talk with a qualified personal injury claims solicitor in Chester, Cheshire or North Wales , and see how they can help you . They will advise you on all aspects of the case and will drive the paper work forward towards a conclusion.
They will talk with you on the amount of money you may be entitled to. If you have been injured in an accident, then you are likely to want to see if you are entitled compensation, and what you need to do in order to have your claim assessed .
First it's important to understand what a personal injury is.
A personal injury can be physical or psychological injury including an injury sustained at work which can also include sickness which is created by the conditions you were required to work in. A common example of this was people required to work in places contaminated with asbestos.
Where people are affected by stress at work, due to the strain of their job , that is also a work related illness. Many people don't know that individuals may also make claims for discrimination or harassment at their employment .
One of the most common injury claims are those caused by car accidents, faulty goods or a trip in a public place .
If you fall into one or more of the above categories there are a number of things to consider. You can complain to the organisation you believe was responsible for the injuries .
You can make a ask for compensation to cover losses you have suffered as a result of the personal injuries. You can ask for support or counselling from a professional. You must report all injuries however minor to your doctor straight away as they will be called on to provide medical reports if the case goes to law . If there are any witnesses to the incident you must ask for statements from them as soon as possible. Ensure you get full addresses of any witnesses.
If the claim concerns a car accident the police must be told as soon as possible. In the case of pain sustained at your employment you must officially inform your employer and ensure the accident is recorded in the accident book. Your manager should then report this to the Health and Safety Executive.
Finally you need to talk with a qualified personal injury claims solicitor in Chester, Cheshire or North Wales , and see how they can help you . They will advise you on all aspects of the case and will drive the paper work forward towards a conclusion.
They will talk with you on the amount of money you may be entitled to. If you have been injured in an accident, then you are likely to want to see if you are entitled compensation, and what you need to do in order to have your claim assessed .
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