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Finance and Legal Issues
Here you will find content about how to buy a property, what planning or deed issues you might face, the special insurance needs for holiday homes and how proeprties are treated for tax.
Insuring a rental holiday property or second home is not the same as insuring a main residence.
Holiday Homes should be covered for:
Occupancy
Public Liability
Loss of Income
Holiday rental and second home properties may be unoccupied for long periods. If unoccupied for more than 31 days at a time they cannot be covered under a standard home insurance policy. Particularly as ...
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Letting your holiday home commercially has many benefits, however as with running any business it isn't without risk. It is therefore important to get the right holiday home insurance cover. Many holiday home owners may unwittingly be relying on normal home insurance cover or even more disconcerting have no cover at all.
Insurance brokers like Boshers of www.boshers.co.uk/holiday-home-insurance/ understand the ...
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Always remember that a holiday home is an additional asset and you consult with an Independent Financial Advisor when acquiring additional assets.
There are a wide number of "Buy to Let" mortgages available, some at fixed rates, which can be accessed more easily through mortgage brokers. Your solicitor will be able to recommend reputable firms of brokers for this purpose. ...
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PURCHASE
Would normally be conducted as a purchase of private residential property.
Whether or not you are taking a mortgage, the property should be surveyed and valued. Would suggest a "House Purchaser's Report" as a minimum.
Allow your solicitors to carry out a full range of searches.
If the property is being purchased fully furnished, you will need to ensure that there are ...
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Furnished Holiday Accommodation enjoys beneficial tax treatment. Your rental income may be treated differently for tax purposes from other rental income. However, your property must keep to some rules known as ‘qualifying tests'.
To make sure your property counts as holiday letting, it must be:
In the Uk
Furnished
Available for letting to the public for at least 140 days a ...
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HOLIDAY HOMES - TAX ISSUES
Furnished Holiday Accommodation
Enjoys beneficial tax treatment - see the separate taxes below.
Definition:
Available for letting for 140 days in the year,
Actually let for 70 days in the year, and
Longer term occupation of more than 31 days must not amount to more than 155 days in the year.
Capital Gains Tax
If the property ...
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For the latest copy of this information visit the DirectGov website here
Tax on UK holiday lettings
If you let out a furnished holiday home in the UK, your rental income may be treated differently for tax purposes from other rental income. However, your property must keep to some rules known as 'qualifying tests'.
Rules for holiday lettings
To make sure your ...
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Planning Restrictions and Covenants
Planning restrictions
When granting permission for developments, some planning departments will impose a planning restriction for or against holiday rental or use as a permanent residence, either to ensure that the number of bed spaces for tourists are maintained or to ensure that there is sufficient residential housing provision in the area.
When a development is proposed, planning departments ...
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In order for a self-catering property to be assessed there are a number of basic requirements that have to be met. These are grouped in 3 sections; General Requirements, Maintenance and Health, Safety and Security.
The areas covered are highlighted below. More information can be seen at http://www.tourismtrade.org.uk/ business advice section, or from your local TIC or Business Link office.
General ...
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Philip Schofield - March 2004
Thanks to low mortgage rates, and big equity gains on UK property, there has been a surge in the number of people buying a second home in the UK.
It is, however, vital that you protect your holiday property with adequate insurance, especially if you are going to let it commercially, but finding insurance can ...
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