buying a 1st place - bit confused... need advice... please

[jobhunter7]

I am thinking of buying my first place and I was bit wood for the trees about the whole thing. I was thinking of making a hop, skip and jump and buying a place somewhere I would prefer to live and then maybe finding the job. I guess I could rent the place out in the meantime. I was thinking of maybe putting down a deposit of 40k. And maybe looking for a place that costs up to 80k. There are other things I know to consider. Most likely I imagine this would be a flat. So there’s maybe service charges and the length of the lease. I’m guessing there’ll be solicitor fees. Sorry again, bit wood for the trees about the whole thing and any advice would be appreciated so I can start looking at what the best place would be for me… Thank you

Full Council tax is often payable on empty properties/second homes.

Please explain more...

If you did not move in yourself and resold it several years down the line Capital Gains Tax may be payable.

Is this likely?

You’d still have to pay the mortgage,

gathered that.

council tax,

service charge..

gathered that

thanks for all this. very helpful.

Not sure what you want explaining. If the property is unoccupied (by you or tenant) you would have to pay the council tax, in many areas this is the full charge. CGT liability depends on whether the asset increases in value over the period you own it and by how much - there are annual allowances and if you personally live there as your main residence - but it is quite a complex area and rules get reviewed.

An Assured Shorthold Tenancy is the standard agreement running for 6 months minimum, in advance of which you can issue tenant notice (usually 2 months), or renew for a further period or roll onto a periodic tenancy. If tenant is particularly difficult or non paying you may have to issue the relevant order to issue notice to evict them - not always cheap and can be time consuming.