18 minute read
RUMSEY OF SANDBANKS
Why do people rent out their second home when they don’t really need the money?
It’s a question I’m frequently asked at social occasions when I explain my business – ‘You manage all those multi million pound homes, surely the owners don’t need the money so why would they bother having guests in?’
I spent more than a decade building up a holiday home agency in Cornwall before I sold it to buy Rumsey of Sandbanks. I’d assumed it was the same sort of business and it does follow exactly the same structure and revenue model yet it has taken a few years for me to really understand my clients’ motivation.
In Cornwall with hindsight it seemed very straightforward – people had stretched themselves to buy the second home they had always dreamed of, or sometimes inherited it and the property had to pay its own way and often pay a mortgage too. Here in Sandbanks things are a bit more nuanced so here are my thoughts
They still know the value of money You might think that we are dealing with young footballers or trust fund kids but that’s not the case at all. Almost without exception the owners of our premium properties are self made entrepreneurs, executives or professionals who remember just how hard they had to work for every £100 in their early life. It just doesn’t sit well with them to have an asset that runs up costs rather than deliver a return, particularly when they inevitably are too busy to use the place as much as they would like.
There’s a long string of people queuing up to charge you for something to do with your second home and running it as a business provides income to cover expenses, makes them tax deductible and crucially produce a change in the mindset of suppliers who will understand they need to be competitive.
The incalculable value of taking the hassle away Picture the scene – you’re getting ready for a black tie dinner, it’s the end of a gruelling few weeks of work, perhaps you’ve put in 50 hours of Zoom meetings before closing a big deal or won a case you’ve been working on for months. It’s a big night out and you deserve it. Perhaps you might be up for an award, maybe you’re sharing a table with a really big fish from your industry that you’ve been wanting to meet for years. Your spouse’s phone rings and it’s their sister who is at your second home celebrating a big birthday. Yes the place is fabulous but there’s a bit of an issue, the oven doesn’t seem to be working and they have 12 people coming for dinner in 3 hours, also whilst they are on the kids can’t get the sound on in the cinema room. Frantic phone calls ensue – you have a cleaner but she’s never used the oven, your maintenance man can go round and have a look but not sure if he can do anything. You can get an emergency electrician out but he doesn’t really do appliances or know his way around the complex house control system.
It’s impossible to put a price on avoiding this sort of situation and you can’t fix it in the moment by throwing money at it. Whatever the outcome the result is stress and maybe a ruined evening – you only have to look at the premium paid for first class air travel to see how much value a cash rich time poor person puts on a smooth experience.
Free concierge services Of course they are not really free but renting means you have a service in place to ensure the property is ready for guests, linen and cleaning is sorted and there’s a 24 hour callout service. This means that the owner is also treated like a premium guest and can enjoy their stay without worrying about meeting tradesmen or anything else – you arrive late (inevitably) and everything is perfect, enjoy the property and stay as late as you can leaving us to clear up behind you. As the costs come out of rent received it feels like it’s not coming out of your pocket.
Extensive tax benefits Finally it may be a secondary benefit but just for good measure there are very significant tax benefits to take advantage of:
• No council tax to pay as the property will be business rated and if it’s your only one you’ll get small business rate relief at 100% and pay nothing. • Tax relief on pretty much everything.
You can claim full tax relief on things you buy for the home and if you don’t have the income to claim against it’s carried forward indefinitely until you do so that fantastic kitchen or designer sofa just got much cheaper. • Capital gains tax reduction. This can be worth many times more than the rent, when you sell that second home you’ll pay just 10% tax on the gain instead of the usual 28% • Tax free income for years. Capital allowance rules allow a write down typically 20-30% of purchase value which can mean no tax to pay on profits for 5-10 years.
Many of our owners have joined us when they were on the point of selling their place because in their mind it had turned into something like a boat that costs a lot to keep and you hardly use it. Helping to turn it into an asset that you can also enjoy has become the core of our business and takes us away from competing with the Airbnb type DIY platforms.
Simon Tolson owns Rumsey of Sandbanks. Contact Simon on 01202 707357. simon@rumseyofsandbanks.co.uk
www.rumseyofsandbanks.co.uk
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HAVING A FAMILY THROUGH SURROGACY
As society evolves, it has becoming increasingly common for those with issues surrounding fertility or conception to turn to surrogacy as the path to parenthood.
What is Surrogacy?
Surrogacy is where a woman (the surrogate) carries a baby on behalf of a couple or an individual who intends to become the child’s parents. There are two types of surrogacy; • Traditional Surrogacy – the surrogate becomes pregnant through artifi cial insemination and using her own eggs, so is genetically related to the baby. • Host Surrogacy – the surrogate is impregnated through IVF using either eggs from a donor or the intended mother, meaning the surrogate does not have a genetic link with the baby. In recent years, this has become the more frequently used method of surrogacy.
What is the Legal Position?
At present, surrogacy is legal in the UK. However, the law states that the woman who gives birth to the child is the legal parent, and will have parental responsibility regardless of genetic relation to the child, contracts or payments. If she is married, she and her spouse are both the legal parents. This means that biological parent/s do not have any rights to the child until a ‘Parental Order’ is in place. Surrogacy agreements are not legally enforceable in England and so it is important to obtain independent legal advice prior to entering into any treatment.
What is a ‘Parental Order’?
A Parental Order permanently reassigns parenthood to the intended parent/s. It allows the proposed individual/s to become the legal parent/s of the child and permanently extinguishes the parenthood of a surrogate and any spouse. Once a Parental Order is made, the birth certifi cate is re-registered to record the intended parent/s as the legal parent/s. The original birth certifi cate will be sealed as part of the Parental Order Register and will only be available to the child once they are over 18. The surrogate must agree to this unconditionally. If there is disagreement about who the child’s legal parents should be (i.e. the surrogate would like to keep the child,) the courts will make a decision based on the best interests of the child.
What is the process for a Parental Order?
To attain a Parental Order, the proposed parent(s) must demonstrate to the Family Court that the transferred parenthood is for the child’s best interest and they meet all the following criteria: Applying with a partner - one party must be biologically related to the child (the egg or sperm donor) - the couple must be married, civil partners or living as partners - the child must reside with the couple permanently in the UK,
Channel Islands or Isle of Man - the application must be within six months of the child’s birth (unless there are exceptional circumstances) If an applicant is applying as an individual, they must be biologically related to the child (the egg or sperm donor) and if the surrogacy took place outside of the UK, then any application needs to be made to the High Court. The team at Dutton Gregory is experienced in Surrogacy Law and Parental Order applications and can assist with advice prior to entering into surrogacy arrangements, preparing and issuing court applications, and guidance in obtaining a Parental Order. To learn more, visit duttongregory.co.uk or call 01202 315005 to speak with a member of the team.
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Wimborne | 01202 842842 Guide Price £1,900,000
This delightful character home sits in secluded grounds of approximately 1.2 acres just a short drive from Wimborne, Poole and Bournemouth. The property has been extensively refurbished during the current ownership and offers beautifully presented, spacious and versatile accommodation.
Charming character home | Grounds approx. 1.2 acres | Four bedrooms | Kitchen/dining room | Two further receptions | Swimming pool and pool house | Four car garage | Separate 1 bedroom annexe | EPC D
Ferndown | 01202 855595 Guide Price £1,200,000
With the exceptionally high standard of finish and design running throughout this stunning home, you can certainly see the attention to detail that has been lavished on this property, it has been a labour of love! A virtually new and wonderful individual chalet style residence in a prime location.
Stunning individual chalet style house | Virtually new condition | Exceptionally well presented throughout | Versatile accommodation | Detached double garage & studio | Contemporary open plan family/kitchen | Four double bedrooms | Three stylish bathrooms | Premier cul de sac location | EPC C
Ferndown | 01202 855595 OIRO £875,000
Kimberley House is a magnificent and distinctive five bedroom Georgian style family home, sitting proudly on a generous plot of over a third of an acre in this non-estate location. Impressively spacious accommodation, 3692 sq. ft including the annex and garage. Also enjoying wonderful open views to the rear with glimpses of the river Stour.
Generous plot of 0.35 of an acre | Wonderful open views to the rear | Exceptionally spacious with 3,000 sq ft of living | Detached annex/studio/workshop | Five bedrooms | Large reception rooms | Five bathrooms (four ensuites) | Detached oversized garage | EPC C
This substantial family residence exudes character and style and is immaculately presented throughout. Accommodation is spacious, light and versatile and includes four bedrooms, two receptions and a large kitchen/dining room as well as a family bathroom, two ensuites and a separate one bedroom annexe!
Substantial family residence | Four bedrooms | Well proportioned lounge | Kitchen/ breakfast/dining room | Bathroom, ensuite and shower room | Ample off road parking | Private rear garden | Good school catchment | Immaculately presented throughout | EPC C
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Ferndown | 01202 855595 London | 0207 079 1515 Poole & Bournemouth | 01202 744944 Verwood | 01202 829777 Wimborne | 01202 842842
Verwood | 01202 829777 Guide Price £650,000
Fine and Country Homes from Edwards are delighted to offer for sale this beautiful four bedroom, two en-suite, detached family home set in a quiet tucked away position backing onto woodland aspect, within walking distance of Verwood town centre and amenities.
Detached house | Four bedrooms | Two en-suite shower rooms | Stunning kitchen, breakfast room | Separate utility room | Formal dining room | Cosy lounge | Quiet position | Woodland aspect | Double integral garage | EPC D
Lower Parkstone | 01202 744944 £525,000
This Beautifully presented Modern large 3 bedroom detached Family home is situated in the desirable area of Lower Parkstone and in the Catchment area for Baden Powell and Courthill. On the Ground floor you walk into the generous entrance hall and a welcoming lounge with beautiful feature bay window and period fireplace. On street parking and driveway as well as a desirable rear garden with wonderful up market cabin.
Verwood | 01202 829777 Guide Price £610,000
A wonderful three double bedroom detached bungalow offering bright and spacious living accommodation. Occupying a quiet tucked away position in this popular location just a stone’s throw from local amenities and Ringwood Forest this beautifully presented bungalow features a triple aspect kitchen/diner, sizeable lounge and detached double garage.
Detached bungalow | Three double bedrooms | Bright and spacious accommodation | Kitchen/diner | Sizeable lounge | Large driveway | Detached double garage | Private rear garden | Close to Ringwood Forest | EPC C
Lower Parkstone | 01202 744944 From £425,000
Edwards are delighted to present this stunning, two bedroom penthouse, set within an elevated building within a beautiful wooded area, within easy reach of the thriving community of Ashley Cross. Only a short drive to the stunning Blue Flag beaches.
Penthouse suite positioned in substantial woodland grounds | Covered sun terrace balcony for entertaining with attractive sylvan outlook | Two spacious bedrooms with adjoining ensuites | Allocated covered parking & ample visitors spaces | Open plan living space with ample natural light | Contemporary kitchen with a full array of built in appliances | EPC B
Edwards are proud to be working with Stanborough Construction by bringing to the market ve stunning new homes at The Warren, Badgers Walk, Ferndown. Viewings are now being arranged, with the Show House being available soon.
For further information or to arrange a viewing please call 01202 855595, visit us at www.edwardestates.com or pop into our Ferndown o ce.
OPEN DAY BY APPOINTMENT 26TH FEBRUARY. PRICES START FROM £1,200,000
