₦airaland Forum

edmasta01:
I repeat, property investment will give you way more return than the S&P 500. Property prices if purchased properly doubles every 10 years. If I lie, go and check property price history on land registry.

If you and I were given £100,000 for investment each and you invest yours into S&p 500 and I invest mine into properties, i will make more money than you within 2 years - 10 years.

No property investment that does not use leverage. If not, why do we have mortgage companies in the UK? Even the direct tax exposure you are highlighting is not a big deal.

If you purchase 2 properties with £100,000 investment and you sell the property in 5 years, (a) you can recoup your £100,000 out of that sale first without paying tax on it (as it's classed as investor loan and is not taxable).

And yes, you can own multiple properties without paying lots of taxes on it. You just need a good tax advisor.

Your stock markets can also go on a downward spiral. It is not a sure investment. My point is that you can't denigrate property investment when all the wealthy people and politicians in the Uk use this to their advantage in favour of the stock market when that is not guaranteed.

What matters is diversification.

This matter is simple. You can do a rough calculation using the two scenarios and let us access the profitability.

Shey na this uk driving test una say e hard?

After A for Apple, it is the next easiest thing I’ve seen For anyone coming from Nigerian roads

edmasta01:
I repeat, property investment will give you way more return than the S&P 500. Property prices if purchased properly doubles every 10 years. If I lie, go and check property price history on land registry.

If you and I were given £100,000 for investment each and you invest yours into S&p 500 and I invest mine into properties, i will make more money than you within 2 years - 10 years.

No property investment that does not use leverage. If not, why do we have mortgage companies in the UK? Even the direct tax exposure you are highlighting is not a big deal.

What matters is diversification.

Actually it used to be 14 yrs in the UK but that has not held thru since the global crises of 2008 and are not even close to doubling.
Usually, I wouldn't indulge but you make some very troubling statements

I'm worried about how you speak in absolutes. In investing, nothing is certain. I just detailed how UK real property prices are where they were in 2004 yet the stock market historically returns 5-7% pa on average after inflation.

Secondly, I worry about your 2yr timeframe moreso with property. Have you considered costs of conveyancing both for both buying and selling, void periods before sell and risk of defaults? With investing in either of the two, I would not even go close if I'm not looking at a 5-10yr frame at least. When I was looking to buy my place which was within a 2yr timeframe, I remained in a cash isa following advise of a financial advisor.

Lastly, I like limiting my talk to things I have some knowledge on. I've been in the market for a BTL for over 6m now. As I was not in a hurry and still weighing options, I put the money in an index fund. I've been to view a number of properties many of which are from landlords selling as they did not find it profitable. Discussing with some others gave more insight. When I considered fees, tied down funds and the fact that a spoilt boiler or an entitled tenant in rent arrears (trust me there are loads) can wipe out your annual profit, not considering accounting fees if looking to incorporate, the remaining advantage of BTL becomes leverage which is only appreciable longterm. My capital in index funds currently has gains of 15% in just under a year (was almost 20% at a point). Granted, this has been a particularly good yr. However that gain is tax free (if in an ISA), can be withdrawn at the touch of a button with no lawyer or estate fee e.t.c.

Overall, I appreciate the pros and cons of both and see room for property investing in a diversified portfolio but it should be done out of knowledge and not building butterflies.

gmacnoms:
Shey na this uk driving test una say e hard?

After A for Apple, it is the next easiest thing I’ve seen For anyone coming from Nigerian roads

Hehe it can be tricky but overall straightforward. Just like IELTS, attitude towards it matters.

Haven taking quite a few tests/exams, I have come to see exams here are largely straightforward. There's hardly a catch. There'd be clear instructions on what's needed to pass. You do them and that's it.

jedisco:
Hehe it can be tricky but overall straightforward. Just like IELTS, attitude towards it matters.

Haven't taking quite a few tests/exams here, I have come to see exams here are largely straightforward. There's hardly a catch. There'd be clear instructions on what's needed to pass. You do them and that's it.

exactly. Exams or tests are set out to make you pass because they are all based on the instructions given. Unlike My home where exams and things like that is usually hide and seek 😀

Hi, can anyone please recommend a tax accountant, these ones I got through to wants monthly charges, is that what they do?

Typically yes. Either you do monthly or a one off

tushqueen:
Hi, can anyone please recommend a tax accountant, these ones I got through to wants monthly charges, is that what they do?

jedisco:
Actually it used to be 14 yrs in the UK but that has not held thru since the global crises of 2008 and are not even close to doubling.
Usually, I wouldn't indulge but you make some very troubling statements

I'm worried about how you speak in absolutes. In investing, nothing is certain. I just detailed how UK real property prices are where they were in 2004 yet the stock market on average returns 5-7% pa after inflation.

Secondly, I worry about your 2yr timeframe moreso with property. Have you considered costs of conveyancing both for both buying and selling, void periods before sell and risk of defaults? With investing in either of the two, I would not even go close if I'm not looking at a 5-10yr frame. When I was looking to buy my place which was within a 2yr timeframe, I remained in a cash isa following advise by an FA

Lastly, I like limiting my talk to things I have some knowledge on. I've been in the market for a BTL for over 6m now. As I was not in a hurry and still weighing options, I put the money in an index fund. I've been to view a number of properties many of which are from landlords selling as they did not find it profitable. Discussing with some others gave more insight. When I considered fees, tied down funds and the fact that a spoilt boiler or an entitled tenant in rent arrears (trust me there are loads) can wipe out your annual profit, not considering accounting fees if looking to incorporate, the remaining advantage of BTL becomes leverage which is only appreciable longterm. My capital in index funds are currently at 15% (was almost 20% at a point). Granted, this has been a particularly good yr. However that gain is tax free (if in an ISA), can be withdrawn at the touch of a button with no lawyer or estate fee e.t.c

Overall, I appreciate the pros and cons of both and see room for property investing in a diversified portfolio but it should be done out of knowledge and not building butterflies.

I see that you are stating your experience as a greenhorn who is new to properties. I state my own from my own experience as well.

That is fine. You can focus on your index funds. I'll focus on what I know best. Wishing you best of luck.

Hi fam, been a while here. My former agent has been posting me for over 6 weeks now, he refused to return my deposit. Just promises. I've heard from people that he never willingly returns deposits. It's £675 and I feel that money can do something good somewhere. And worse still, I found out he didn't even protect the deposit.

I've read some procedures online, including court fees etc. it's discouraging, considering the relatively small amount of £675. I'll appreciate any help from experienced members here. Cheers.

Some Naija guys just dey fall hand anyhow. Too bad.

Zahra29:
So true. I read that the Chinese were one of the key reasons the PSW route was retained in its original form. Durham university, LSE and some other red bricks that attract a large number of Chinese students heavily lobbied the govt on the basis that the graduate route was important to their Chinese students, many of whom want to gain some UK work experience before going home.

I had a young Chinese postgraduate in my team. She did her masters in Imperial I believe. Really smart and hardworking. The company had sponsored her visa fees fully including IHS, legal fees etc. She recently announced that she was leaving, barely 2 years into her visa. She said she missed home and her parents wanted her to come back, plus she had other opportunities waiting for her.. . She was even offered a nice package to entice her to stay, but she still said adiós. For a lot of them the UK is merely a stepping stone/rite of passage to bigger and better back at home.

it's clear you have no idea how huge a country like China is

ehizario2012:
Hi fam, been a while here. My former agent has been posting me for over 6 weeks now, he refused to return my deposit. Just promises. I've heard from people that he never willingly returns deposits. It's £675 and I feel that money can do something good somewhere. And worse still, I found out he didn't even protect the deposit.

I've read some procedures online, including court fees etc. it's discouraging, considering the relatively small amount of £675. I'll appreciate any help from experienced members here. Cheers.

Some Naija guys just dey fall hand anyhow. Too bad.

Your only way to collect your deposit, is by threatening your landlord........ By legislation, he owes you *3 already........

What you should do - :

- Send him a letter highlighting the legislation......
- Steps you would undertake to recover your funds.......

Sit back and relax....... 😂😁

ehizario2012:
Hi fam, been a while here. My former agent has been posting me for over 6 weeks now, he refused to return my deposit. Just promises. I've heard from people that he never willingly returns deposits. It's £675 and I feel that money can do something good somewhere. And worse still, I found out he didn't even protect the deposit.

I've read some procedures online, including court fees etc. it's discouraging, considering the relatively small amount of £675. I'll appreciate any help from experienced members here. Cheers.

Some Naija guys just dey fall hand anyhow. Too bad.

Start with a letter. Called notice before action. Requesting your deposit. Give him 7 days and say after that you'll take him to court because he's breached bla bla bla and you'llalso be recovering all your court costs from him. Shelter has a sample letter on their website.

tushqueen:
Hi, can anyone please recommend a tax accountant, these ones I got through to wants monthly charges, is that what they do?

We use James Card - james.card@rita4rent.co.uk
+447802882983

Ticha:
Start with a letter. Called notice before action. Requesting your deposit. Give him 7 days and say after that you'll take him to court because he's breached bla bla bla and you'llalso be recovering all your court costs from him. Shelter has a sample letter on their website.

Thanks.

Thanks @lexus baba.

I wrote him a letter, but the notice I gave was three days and that's because it was already about 20 days after I left the property.

Do you advise I write another letter with a minimum of 7 days notice? Just to ensure the letter is legal and admissible in court (if it gets to that.)

ehizario2012:
Thanks.

Thanks @lexus baba.

I wrote him a letter, but the notice I gave was three days and that's because it was already about 20 days after I left the property.

Do you advise I write another letter with a minimum of 7 days notice? Just to ensure the letter is legal and admissible in court (if it gets to that.)

There is no minimum - they consider reasonable time frame which is usually interpreted to 7 to 14 days.

This is the Shelter template - delete any unnecessary bits.

[Use the subject: Letter before action - Tenancy deposit protection]

I am the former assured shorthold tenant of [address of property] which you rented to me on [date].

The property was left in good order and the rent was fully paid to the end of my tenancy.

I am writing concerning the deposit of £Bleep I paid to you on [date] as a security against my obligations under the terms of my tenancy agreement.

[Delete section below if it does not apply]

Refund of my tenancy deposit

I wrote to you on [date] to request that you refund the full amount of my deposit to me within 10 days. I attach a copy of my letter.

To date, my deposit has not been refunded. I therefore request that, within 14 days of receiving this letter, you pay me the amount of the deposit paid to you.

Compensation for failure to protect my tenancy deposit

Section 213 of the Housing Act 2004 required that you protected my deposit with a government-backed scheme within 30 days of the payment of my deposit. You were also required to provide me with details of the scheme you’ve used along with certain other information.

[Delete the sentences below that do not apply]

You failed to protect my deposit with a government-backed scheme.

You failed to protect my deposit within 30 days of the payment of my deposit.

You failed to give me the necessary information about the tenancy deposit scheme you used within 30 days of the payment of my deposit.

You informed me that you had protected my deposit with [name of scheme] but I found no evidence that you had done so.

Section 214 of the Housing Act 2004 provides that where the court is satisfied that you failed to comply with your obligations under the law relating to tenancy deposit protection it must order that you pay me one to three times the amount of the deposit paid.

Settlement

I am open to reasonable offers about compensation to settle this matter to avoid the costs of going to court.

If I do not hear from you or we are unable to come to a reasonable agreement by [date - allowing at least 14 days from receipt of your letter], I will issue court proceedings in the county court without further notice.

I reserve the right to include a claim for interest on the unreturned deposit.

I will also be asking for an order to cover my costs. I will be relying on court rules for pre-action conduct that say you may have to pay more in costs if you ignore this letter.

Hi guys

Pls how do I properly calculate the part time salary of a role when only the full-time (37.5hrs) salary is posted?

Let's say you want to find out what the part time (20 hrs) salary for a 24,500 full time role. Is there a website or a calculator?

080bjaked:
When I moved into my current appartment, I was paying 56 per month, after almost a year, they got a bill and they jacked it up to 91 or so, I intentionally cleared all my schedule that day to call cymru water (for wales), I was on call for over an hour (wait times, record review setc, I no gree o). I insisted that we are not heavy users. We did leak tests (shut off all taps, take reading, wait for one or 2hours and take another reading) and it was confirmed that there were no leakages.
When it became apparent that I won't stop calling them (think I called like 4-6times that day). The lady said she has to review all the house's previous water bills even before I moved in. It was then she said they didn't take a reading when I moved in so that bill which was calculated based on average usage was skewed.
Na so she changed my monthly bill to 53per month. I felt better cos I actually just wanted to keep the old rate but now I was getting a few extra. (who'd say no?)

An hour later, she called back, said she spoke with her supervisor and he worked out the calculations further and moved me to 39 per month.
I was really happy and I've been paying that since then my account was even in credit when I got the last bill. how that mix up happened I honestly don't understand cos I believed I should have a new account when I move into a house right?
How come I was paying 56 initially and my account was in debit and now I'm paying 39 and I'm in credit? Since that day, I no too trust that water billing system.

Slightly confused- Water bill sounds strange to me. Is this a separate bill from Council tax? Not sure I have seen this in Scotland.

Fraih:
Hi guys

Pls how do I properly calculate the part time salary of a role when only the full-time (37.5hrs) salary is posted?

Let's say you want to find out what the part time (20 hrs) salary for a 24,500 full time role. Is there a website or a calculator?

This would be difficult to ascertain, because one person's part time, could be different from the next person.......

Part time employee A, could only be working on Monday, whilst part time employee B, might be working on Monday & Tuesday.......

Xilsbridalhouse:
Slightly confused- Water bill sounds strange to me. Is this a separate bill from Council tax? Not sure I have seen this in Scotland.

In Scotland, the water/sewerage charges are included in the monthly council tax bills and are charged at a flat rate irrespective of usage.

Fraih:
Hi guys

Pls how do I properly calculate the part time salary of a role when only the full-time (37.5hrs) salary is posted?

Let's say you want to find out what the part time (20 hrs) salary for a 24,500 full time role. Is there a website or a calculator?

They usually advertise part-time roles in WTE (Whole time equivalent) terms. So if you see that the role is 0.5 WTE it means you’ll be working half the full time hours of that role and earning 0.5 of the salary (e.g 37.5/2 = 18.75 and 24,500/2 = 12,250).

If they don’t state the WTE, you’ll get the fraction yourself by dividing the full time hours in that role by the number of hours. So in your case if the full time hours in that role is 37.5, you’ll calculate 20/37.5 = 0.533. You can then multiply that by 24,500, which will get you £13,066.

Goodenoch:
They usually advertise part-time roles in WTE (Whole time equivalent) terms. So if you see that the role is 0.5 WTE it means you’ll be working half the full time hours of that role and earning 0.5 of the salary (e.g 37.5/2 = 18.75 and 24,500/2 = 12,250).

If they don’t state the WTE, you’ll get the fraction yourself by dividing the full time hours in that role by the number of hours. So in your case if the full time hours in that role is 37.5, you’ll calculate 20/37.5 = 0.533. You can then multiply that by 24,500, which will get you £13,066.

Oh fab!!
Thank you 😎

Lexusgs430:
This would be difficult to ascertain, because one person's part time, could be different from the next person.......

Part time employee A, could only be working on Monday, whilst part time employee B, might be working on Monday & Tuesday.......

Hmmm true but salary should be same right 🤔

Fraih:
Hmmm true but salary should be same right 🤔

Nope...... Your individual contracts would stipulate all the financials.......

edmasta01:
I see that you are stating your experience as a greenhorn who is new to properties. I state my own from my own experience as well.

That is fine. You can focus on your index funds. I'll focus on what I know best. Wishing you best of luck.

Hope you know you've not said anything enlightening in this exchange?

The certainty with which you type despite making basic mistakes is worrying. e.g house prices doubling every 10yrs
There's only so much YouTube/Tiktok 'property experts' with little practical experience can teach. I'd be careful investing my hard earned money on the advise of such 'experts' whose main income source is tiktok views

tushqueen:
Hi, can anyone please recommend a tax accountant, these ones I got through to wants monthly charges, is that what they do?

For most you can either choose pay monthly or yearly. To me, the total yearly sum is what counts. If it's for individual tax returns, then usually a one-off fee is what they take. That said, many PAYE employers can sort their tax returns themselves. For more complex endeavours like or ltd co accountancy, estate planning e.t.c its sensible to get help. Also there are niche ones e.g for medical accountants

What monthly cost are you being quoted and is it as an individual?

Cyberknight:
In Scotland, the water/sewerage charges are included in the monthly council tax bills and are charged at a flat rate irrespective of usage.

Oh no wonder! This is why I love Scotland-Free prescriptions too. The accent just worries me sometimes

Lexusgs430:
Nope...... Your individual contracts would stipulate all the financials.......

Oh I see.
Thank you

ehizario2012:
Hi fam, been a while here. My former agent has been posting me for over 6 weeks now, he refused to return my deposit. Just promises. I've heard from people that he never willingly returns deposits. It's £675 and I feel that money can do something good somewhere. And worse still, I found out he didn't even protect the deposit.

I've read some procedures online, including court fees etc. it's discouraging, considering the relatively small amount of £675. I'll appreciate any help from experienced members here. Cheers.

Some Naija guys just dey fall hand anyhow. Too bad.

You go dey pity dem by not wanting to take legal actions, but them no get conscience at all.

Abeg sue dem if you know you are in the right.

Guys, please how do I resolve this please?
I don't want to have issues with it during appointment.

Ticha:
There is no minimum - they consider reasonable time frame which is usually interpreted to 7 to 14 days.

This is the Shelter template - delete any unnecessary bits.

[Use the subject: Letter before action - Tenancy deposit protection]

Thanks Ticha.

I am the former assured shorthold tenant of [address of property] which you rented to me on [date].

The property was left in good order and the rent was fully paid to the end of my tenancy.

I am writing concerning the deposit of £Bleep I paid to you on [date] as a security against my obligations under the terms of my tenancy agreement.

[Delete section below if it does not apply]

Refund of my tenancy deposit

I wrote to you on [date] to request that you refund the full amount of my deposit to me within 10 days. I attach a copy of my letter.

To date, my deposit has not been refunded. I therefore request that, within 14 days of receiving this letter, you pay me the amount of the deposit paid to you.

Compensation for failure to protect my tenancy deposit

Section 213 of the Housing Act 2004 required that you protected my deposit with a government-backed scheme within 30 days of the payment of my deposit. You were also required to provide me with details of the scheme you’ve used along with certain other information.

[Delete the sentences below that do not apply]

You failed to protect my deposit with a government-backed scheme.

You failed to protect my deposit within 30 days of the payment of my deposit.

You failed to give me the necessary information about the tenancy deposit scheme you used within 30 days of the payment of my deposit.

You informed me that you had protected my deposit with [name of scheme] but I found no evidence that you had done so.

Section 214 of the Housing Act 2004 provides that where the court is satisfied that you failed to comply with your obligations under the law relating to tenancy deposit protection it must order that you pay me one to three times the amount of the deposit paid.

Settlement

I am open to reasonable offers about compensation to settle this matter to avoid the costs of going to court.

If I do not hear from you or we are unable to come to a reasonable agreement by [date - allowing at least 14 days from receipt of your letter], I will issue court proceedings in the county court without further notice.

I reserve the right to include a claim for interest on the unreturned deposit.

I will also be asking for an order to cover my costs. I will be relying on court rules for pre-action conduct that say you may have to pay more in costs if you ignore this letter.

Thanks Ticha.

lavida001:
You go dey pity dem by not wanting to take legal actions, but them no get conscience at all.

Abeg sue dem if you know you are in the right.

This is the simple truth. The guy hurriedly gave me a good reference just to make me feel comfortable he'll pay the deposit. Disappointing.