Register your interest in Serviced Accommodation Discovery Day here, and a member of our team will get back to you to confirm your place at your preferred date.

 

 

In this episode, Kevin answers a range of questions from a Mentee who is moving from Buy to Let into Serviced Accommodation.

Kevin shares his extensive expertise and knowledge, so listen in and find the answers anyone moving into Serviced Accommodation needs.

 

KEY TAKEAWAYS

• Do you need to inform the lender if you want to change how a property is used?

When there is a mortgage on a property you have to seek the permission of the lender if you are going to change how it is used.

Most agents currently don’t understand what S.A. is, so how you ask for permission is key; making the request in a different way (e.g. can I change the usage of the property to furnished holiday lets?) can help agents understand and achieve a positive response.

A lenders primary concern is that the mortgage payments are being made.

If you change a property usage from HMO or Buy to Let to SA the insurance product will need to be changed to ensure appropriate cover is in place.

• What Capital allowances can be claimed?

Relief is awarded when your property has qualified as a furnished holiday let this involves the property being available for 210 days.  A good capital allowance surveyor would typically be able to get between 30% and 35% of total expenditure as a capital allowance.

• Will the property change usage category?

Most people operating SA are doing it with properties in the C3 residential category  

The class will be C1 if the property usage is closer to a guest house with varied people arriving at different times and significantly more parking and rubbish.

 

BEST MOMENTS

‘There are always grey areas’

‘The appeal for people to use SA is because it’s a self-contained property’

‘Where there are a number of SA units in a town there still won’t be enough’

‘SA operators are going to become very attractive’

‘if you are assessed for business rates you may qualify for business rates relief’

‘In any town or city, there is always a demand for good quality accommodation.’

‘If there are hotels in the city centre then it is an indicator that there is a demand for accommodation’

 

VALUABLE RESOURCES

https://itunes.apple.com/gb/podcast/the-serviced-accommodation-property-podcast/id1436005279?mt=2

 

ABOUT THE HOST

Your host Kevin Poneskis enjoys public speaking, travelling, exercising and keeping fit. He also enjoys working with a charity called STOLL which provides accommodation and training for homeless veterans.

Kevin was in the British Army serving 24 years, mostly in a Commando unit and retired at the rank of Regimental Sergeant Major. He left the Army in 2011 and became a full-time property investor. During most of his Army career, Kevin was investing in property and has been a property investor now for over 27 years.

 

CONTACT METHOD

https://en-gb.facebook.com/propertysoldier/

[email protected]