Mega feeling down......

[Mega]

Well, i always do at this time of year...........weather does not help either.

I TRY TO KEEP FIT..........walk Bella a lot, excise before bed etc.......

"Fightclub" won an award for its hard work, the very project i worked on in fact..........

But i feel low

Mike

[Mega]

Re: Mega feeling down......

One moment your down,............the next your RIGHT back up again!!!!!!!!!!!!!!!!!!!

Fergus Wilson, Britain's most iconic buy-to-let investor, sells up all 900 houses for £250m

The former maths teacher, who built the property empire with wife Judith, says landlords had become an "easy target for a tax grab"



Former maths teachers Fergus and Judith Wilson have sold their buy-to-let empire Photo: Christopher Pledger






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By Katie Morley

2:21PM GMT 09 Dec 2015

166 Comments


Britain’s most iconic buy-to-let landlords are to sell their entire property empire for £250m in what could mark the start of a wider sell-off by landlords.

Fergus and Judith Wilson, former maths teachers, will offload around 900 houses to a pool of foreign investors which include both wealthy individuals and institutions.

It comes after the Government imposed a string of measures designed to dramatically increase the amount of tax buy-to-let investors pay on their investment. Experts warn many other landlords may now be forced to sell, as their portfolios become loss-making.

Mr Wilson said he is sorry to be giving up on his properties but “common sense must prevail”. He said he is 67 years old and “getting no younger”.

The properties are all in Ashford, Maidstone and Folkestone in Kent. Mr Wilson said he had taken measures so that local prices, amid such a big sell-off, are not adversely affected.

• Buy-to-let stamp duty: three key questions answered
Mr Wilson told the Telegraph: "Buy to let became an obsession for me. I am a self confessed junkie. Each day I must have my daily fix. I look up prices and say to myself what a lucky man I am.”
He added that he thinks the buy-to-let boom is “definitely slowing down”.
“It’s been a fantastic time for buy-to-let landlords because the market has been unregulated. But now they’re bringing in all these measures to try and make some money. Landlords are an easy target for a tax grab.”
He describes buy-to-let as a "national hobby" that "simply got out of control".

In his Summer Budget, George Osborne announced that landlords will no longer be able to deduct the cost of their mortgage interest from their rental income when they calculate a profit on which to pay tax, with the new rules being phased in between 2017 and 2020. The measures were, he said, designed to address "unfairnesses in property taxation".
This was followed up in the Autumn Statement with plans to introduce additionalstamp duty for buy-to-let investors from April.
Mr Wilson sold a first batch of 50 properties in Ashford, Kent, to Chinese investors in June, selling at an average of £250,000.
Last year Mr Wilson told this newspaper that rents on his three-bedroom properties (almost all of his properties are either two or three-bed) had soared by 40pc in 15 months.
The homes are being sold with sitting tenants.
• One in three Tory MPs own BTLs - but they've wrecked it for all
• 'I own most of my street' - buy-to-let investor, aged 26
Naomi Heaton, chief executive of investment firm London Central Portfolio, said the Wilsons could be among a fresh surge of landlords selling their investment properties as many have been waiting for prices to rise.
She said: “Falling house prices in many regions of the country have forced a lot of investors to remain in the market, but this year house prices have bounced back a bit. This will be just what they have been waiting for and now may feel like a good moment to sell.
Ms Heaton also added that George Osborne’s recent buy to let taxes are “poorly thought out as they hit small British investors harder than large foreign buyers".
Some investors who have their properties held in limited companies may avoid the full impact of the income tax changes, an approach that is popular with landlords who hold mutliple properties. The Wilsons, however, have never chosen to use this structure.
They will also pay capital gains tax at a rate of 28pc on any profits that relate to the increase in value of their properties, which is likely to leave them owing HMRC millions of pounds.
• 'Buy-to-let investors will need 50pc deposit - or no mortgage'
• Annihilation of buy-to-let and the politics of envy
How the Wilsons built their property empire

The couple began buying houses when prices were low in the early 1990s.
They had previously claimed that house prices would never stop rising, and planned to launch a "Judith Wilson Investment Property Bond", which, based on claims that the UK property market doubled in value every seven years, they claimed would do likewise.
The couple relied heavily on leverage to build their portfolio, buying only new-build houses and remortgaging them as soon as prices went up, using the profits to finance further purchases.
Mr Wilson said: “It was remarkably easy because no-one knew what they were doing. I didn’t care if I didn’t make a profit as long as I owned the properties. I knew they would rise in value eventually.”
In 2006, Judith Wilson claimed the pair had built their property empire almost by accident, bidding £98,000 for a house even though they had just £10,000 in the bank.
She said: "We only found the mortgage afterwards. At the time, it was the scariest thing I'd ever done. Today I don't bat an eyelid when I buy a house."
In 2009 the Wilsons were named as the 34th richest couple in the UK by the Sunday Times Rich List.
• Buy-to-let gurus reveal their formulas for making millions
• Buy-to-let alerts: Updates on the rules are included in our newsletter
katie.morley@telegraph.co.uk
How the tax changes will work

By Nicole Blackmore
Income tax

George Osborne unveiled a shock tax change earlier this year which will remove landlords’ ability to deduct the cost of their mortgage interest from their rental income when they calculate a profit on which to pay tax.
In effect, the Chancellor wants to tax landlords on their turnover rather than profit, meaning that tax will be payable on nonexistent income. For some, tax rates will exceed 100pc: landlords will have to pay all of their profit in tax, and then pay more tax still. The tax increase will be phased in from 2017 and fully implemented by 2020.
Smith & Williamson has calculated that any higher-rate taxpayer landlord whose mortgage interest is 75pc or more of their rental income, net of other expenses, will see all of their returns wiped out by 2020. So mortgage costs above 75pc of rental income will mean the buy‑to‑let investments become loss-making.
For additional-rate (45pc) taxpayers, the threshold at which their investment returns are wiped out by the tax is when mortgage costs reach 68pc of rental income.
Some current basic-rate taxpayers will also be hit, because the change will push them into the higher-rate tax bracket. Very wealthy landlords who do not need mortgages will be untouched.
Tax calculator: how new tax will reduce your profit
Telegraph Money has developed a buy-to-let tax calculator that gives an indication of how your profits will be affected by the new tax over the next five years.
NOTE: When using the calculator, please round your figures to the nearest £100.

Stamp duty

Property investors were thrown a curve ball in last month’s Autumn Statement when George Osborne announced that anyone buying second homes or buy-to-lets would be hit with a higher rate of stamp duty.
Anyone who buys additional residential property, including second homes and buy-to-lets, will have to pay an additional 3 percentage points in stamp duty from April 1, 2016.
The extra charge applies above the current “stamp duty land tax” rates. This means there will be 3pc tax (currently zero) to pay on homes worth up to £125,000, 5pc tax (instead of 2pc) on homes that cost between £125,001 and £250,000, and 8pc (currently 5pc) on homes worth between £250,001 and £925,000.
Homes worth up to £1.5m will be subject to 13pc stamp duty and those over this amount will incur a 15pc charge.
The Government will consult in the coming weeks on exactly how the tax change will apply in practice.

[Mega]

Re: Mega feeling down......

These BASTARDS were the "Poster child" for New Labour Buy-2-Let scam.............they were one of the 1st into the chain letter/Ponzi scam. THEY JUST PUCHED OUT!

[shiny!]

Re: Mega feeling down......

Glad you're feeling better ;-)

This season is hard on a lot of people. Eventually it passes, though, and spring comes again. Stay busy, that's my advice. Or come to Arizona!

[Mega]

Re: Mega feeling down......

Very kind, perhaps i could stay in that Motel?

Meantime, the HITS KEEP coming!!!!!!!!!!!!!!!Global regulators join crackdown on buy-to-let

Landlords are already under pressure from British politicians and regulators. Now the Basel Committee is joining in too



Mark Carney at the Bank of England is worried about buy-to-let lending, and so is the Basel Committee on Banking Supervision which sets the global rules






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By Tim Wallace

12:14PM GMT 10 Dec 2015

1 Comment


Buy-to-let loans are set to get more expensive under global plans to crack down on the sector, amid fears of an unsustainable boom in the market.

Global officials at the Basel Committee, which sets financial standards for the whole world, want banks to hold twice as much capital against mortgages when the repayments are dependent on income from tenants,joining the Bank of England and the Treasury in warning of growing risks in the sector.

That is because such loans will only be repaid when the property is occupied and the landlord may struggle if tenants cannot be found.

It comes after Chancellor George Osborne announced another new tax on landlords, increasing stamp duty on the purchase of second homes and investment properties.

George Osborne hit landlords in his Summer Budget and his Autumn Statement Photo: EDDIE MULHOLLAND

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Under Basel Committee rules, banks have to apply a 35pc risk weighting to residential mortgage loans with a loan-to-value ratio of between 60pc and 85pc.
That measure defines how much capital a bank has to hold against the loan to make sure it can deal with a downturn in the economy when more loans migh not be paid back.
But the new plan would mean doubling that weighting to 70pc if the loan is dependent on rental income. This would, in turn, double the capital that would have to be held against the loan. Such a change would drive up the cost of lending and reduce the supply of buy-to-let mortgages for buyers.
This standard model applies to all banks except the very largest, which are allowed to use their own risk weightings if they have enough data to satisfy regulators that they understand the market fully. However, the wider tightening up on buy-to-let does still affect those giant lenders.
Banks that specialise in the sector argue that they take prudent risks and should not be hit with yet another round of charges.
But the Financial Policy Committee at the Bank of England, headed by Mark Carney, yesterday warned that buy-to-let mortgages are twice as likely to turn bad as loans taken out by owner-occupiers.
The stock of buy-to-let lending is up 40pc since the 2008, according to the Bank of England, while total owner occupied lending is up only 2pc Photo: Powered by Light/Alan Spencer / Alamy
The FPC has asked the Treasury for powers to limit lending to landlords, which could include restrictions on loan-to-value and loan-to-income ratios.
The Basel Committee’s tougher rules will also apply to businesses as “commercial real estate lending is a recurring source of troubled assets in the banking industry,” the proposal document said.
“When the repayment of the loan depends on the cash flows from lease or rental payments of the commercial property… such loans are riskier and the prospects for repayment, and for recovery in the event of a default, depend on the property rather than on the borrower.”

[Mega]

Re: Mega feeling down......

Ah...............BACK TO THE 80's!
http://www.dailymail.co.uk/tvshowbiz...night-out.html
Short well styled hair, 80's mak up..................YEEEESSSS