Chelsea chic(ken hut)

[Clitheroekid]

It seems that certain parts of the London property market are still well and truly insane - http://www.bbc.co.uk/newsbeat/article/3 ... n-expected

£2,855 per square foot - and that's before it's been tarted up

[BarrenFluffit]

Indeed. But with an average price of 2mil its a bargain. Also freehold land.

I struggle with the idea that there are enough wealthy people about to fill street after street of houses and flats at that level. I know there must be but...
Also amused that people (who by other standards would be pretty comfortably off) end up in modest flats because that's what it costs.

[DiamondEcho]

I struggle with the idea that there are enough wealthy people about to fill street after street of houses and flats at that level. I know there must be but...Also amused that people (who by other standards would be pretty comfortably off) end up in modest flats because that's what it costs.

But most people buy into affordable, even cheap areas, live for many years while those areas gentrify and perhaps trade-up over decades from zone to zone. Example: the semi-nightmare 'front-line' zone I bought my first home in, and environs to my still current home where 25 years ago was bordering on 'gang-land'.
It was until c1990-5 that going north of Bayswater Road into W2, the Westbourne Grove area, was considered at times potentially dangerous. Yep, really. But then Notting Hill Gate itself was considered similarly into the 1970s. Many neighbours resident from back to the 60s were the same, they ventured across 'front-lines' [Chepstow Road>Talbot Road>Westbourne Park Road] to get the space they needed and could afford.
I remember some friends of my parents who bought their first/marital home on Kensington Place, W8 in the 1950s. Apparently that was considered 'front-line', bohemian verging on dangerous back then. Impossible to imagine now.
Despite being abroad for many years my home in London at 8-900ft is 'pretty modest'; but I've never owned anything bigger so don't miss the space there. When we do return to the UK I'll sell it, reap the accumulated years desire for such small but convenient homes, and go and buy our theoretical 'f-off villa in the shires'. If I hadn't 'endured' all these years owning in London I probably couldn't afford to have such choice, since London is still the destination of choice.

[monabri]

After paying the appropriate CGT when you return and sell!

[PinkDalek]

After paying the appropriate CGT when you return and sell!

Indeed and hopefully DiamondEcho has or will study the link (and the 105 pages it contains) provided over at Taxes here (albeit it was provided on 10 March, whereas the post above is dated 22 March, but there is a great deal to absorb and some time available):

viewtopic.php?f=49&t=3827#p37909

He may also benefit from studying this (if UK CGT does become relevant due to the timing of the eventual disposal of the property):

https://www.gov.uk/government/publicati ... elief-2016

In fact, on 26 March he wrote this and one trusts his professional adviser will also be asked about his plans for the property:

viewtopic.php?f=49&t=3827#p41505

[DiamondEcho]

Thanks Monabri and PD,
I am aware of some potential future issues. It used to be that if it were your sole residence and you were posted away [expatted] the bulk of such rules didn't apply. But the rules change every year and I'm aware of the risk and will do my best to ensure I'm covered beforehand.
Thx!

[PinkDalek]

Thanks Monabri and PD,
I am aware of some potential future issues. It used to be that if it were your sole residence and you were posted away [expatted] the bulk of such rules didn't apply. But the rules change every year and I'm aware of the risk and will do my best to ensure I'm covered beforehand.
Thx!

If you'd like to do your own research before you seek advice, Period of absence is briefly summarised about half way down here:

https://www.gov.uk/government/publicati ... elief-2016

There'll be plenty more in the HMRC Manual should you want a reference.

If you have any questions, perhaps you should revert to your thread at Taxes viewtopic.php?f=49&t=3827#p41505.

[DiamondEcho]

Thx, I've bookmarked this topic and hope to return to it [or the original] on the weekend...