There attitude with me was sale your houses and come back when you run out of money !
I stopped paying class 2 ni in 2010 purely because I paid a lot into the system and got nothing in return!
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I can imagine that is their policy.
Just out of Interest and hypothetically- if I was to rent my flat for say around £425 pcm
How much would I actually get of that? I would have to take off insurances, and maintenance etc costs.
Does class 2 go towards your pension?
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I have absolutely no idea Colin. I’m not even close to pension age.
As it stands from what everyone has commented and going off what benefits website say - if you own property, that you don’t reside in and use it to rent out - you are not entitled to any means tested benefits.
that was to Jason. about class 2
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Lol sorry I misread it
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no probs i would never ask a lady how old she is . Great you are not near pension age ! !
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To rent out your apartment you need to:-
Check your lease allows it.
Check any managing agent costs as it will become a renter!
Check your insurance
Have your electrical installation inspected
Have your gas boiler inspected and certified
Have you property EPC inspected
Make sure your property is all up together
Have extra keys cut
Pay for an inventory
Pay your monthly service charges
Register yourself with a deposit protection company
Register for SA with HMRC
Then you have all the mandatory admin to do or risk not removing bad tenants.
Then you have the advertising and management.
You are not going to get much of a profit
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That’s very respectable Colin. Thank you. Although I kind of wish I was at pension age. My life is very depressing due to my health and lack of quality of life.
Tc star
i am past pension age , do not wish to be older . You will be more tired !
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Thank you for the breakdown Brian. I know it’s very overwhelming and looks costly.
If only the silly government would realise this and not be so strict with their rules around entitlement for the disabled particularly.
Anyway, I fear the worst and know they will say I’m not entitled to anything. They will say I have to sell my flat and use the money to buy myself a suitable home and then potentially I could claim, depending on my finances/any savings left.
Regards
Star 
I suffer with me/CFS aswell as many other conditions- I have no energy at all. Im in constant crashes and wheelchair bound some days
Being a LL is hard work mentally and physically, and tenants can test the patience of a angel , I’ve been a Ll for 35years and it doesn’t get easier and many think it’s easy money !
If you want to do it way up the aggro factor ie tenants ring you up day before you are due on holiday with a blocked drain and bath waste smashed ! Any expect everything ie boilers fixed by 9am next morning!
Way up the costs to involved and add 15-20% and that gives you a rough idea if it’s worth it and have spare cash just in case boiler or cooker packs up .
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Hi Jason,
I fear being a LL. I have no additional savings and would be only renting out of pure necessity to enable me to relocate for care/support from family up north. I have considered selling my flat but I need it as my nest egg for pension and as a back up plan, should I need to move back to the area because my family might not be able to accommodate and care for me long term.
It’s such a pickle situation I’m in!
I understand that being a LL is going to be a very tough challenge. Even more as I’m total newbie and would have to rely on agent to help me along the way.
I’d get full landlord insurance to cover the boiler etc etc and would try and do everything possible in my power and within my finances from the property itself, to try accommodate the tenants.
I’m probably going into it and it all go wrong. But I’d like to say, I tried!
If I did decide to become a landlord, should I be able to have the opportunity. I can only pray I have a decent tenant. I’m learning a lot from all your experience and knowledge on this platform.
This is not a decision I’m taking lightly at all.
Thank you for your honesty
First and foremost treat it as a business as many don’t and don’t give in to a tenant and hold your ground as they will be in at you all the time .
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back to the class2 insurance I paid that for45 years i was s/e never off sick Class 2 is not alot per month compared to the pension I now get because of paying the s/e stamp in full… I have had 10 s of thousands back compared to what I paid in Paid class 4 as well… of course Funny thing is now past retirement age you do not pay any stamp, only income tax and i still am better off. Funny system
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Hi S.Stonesby, I’m really sorry to hear how your health’s deteriorated so much!
You said you ‘were’ an NHS specialist - you don’t say but are you still employed but off long term sick - or did you leave? (or were forced to?). If still employed, could you not apply for Ill Health Retirement (IHR)?
On those grounds, the employer makes your occupational pension up to your ‘contracted’ age (possibly 60 if you began there years ago?) - and, if you left on those grounds, I think it would depend on whether or not you were deemed capable of work.
I realise that DWP has got ever stricter in the last decade or so. IF you ARE still employed - and your Welfare dept. accepted/reported that you aren’t currently capable of work - and are unlikely to be up to retirement age - they should retire you on Ill Health grounds.
If the above doesn’t apply to you, I apologise.
I can only refer to my experience 10 years ago. My prognosis wasn’t good then - but, thankfully, I’m still here as I did improve after treatment. I got IHR and was put into the Support Group by DWP (not expected to work) - as opposed to the WRAG group (Work Related Activity Gp). This was deemed as ‘Contributions-based’ (NOT means tested) up to work retirement date (i.e. NI contributions) - as opposed to Income-based.
Income based ESA claimants were, from memory, entitled to other stuff, which Contributions-based weren’t.
I’d been on DLA just for 12 months but received ESA too, REGARDLESS of my landlord income, which continued throughout! They reviewed ESA after 3 years back then, after which time I lost it, as my health improved…
Rental income is treated as Investment income, as opposed to trading income.
However, if you just chose to leave employment, I’m guessing you’d have to apply for whichever the current benefits are and jump thro’ hoops? Based on your health, I’d be surprised if you WEREN’T entitled?! If you were forced to leave because of your health, would you have any case for ‘constructive dismissal’?
Don’t want to raise your hopes - especially in the current climate - but fingers crossed you work everything out in the best way for you?
.
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Morning, all.
Not strictly for the topic but wanted to share a link (if OR lets me) about proposed disability benefits reform. It really hurts me to read how vulnerable people are planed to be targeted, especially people with mental issues and people on lower rate PIP. Apparently, persons in receipt of lower rate can still work (the truth is that most can only do part-time or intermittantly, and they supplement their income with low rate PIP now) and people with crippling anxiety who can’t leave home, can still work from home, so don’t need support. I wonder how they’re going to go through all the stress of job interviews if they’re crippled with anxiety? I have severe anxiety, so I know something about it. I’m lucky that I have a husband and don’t need to deal with TT all on my own. I don’t necessarily support Labour but sure won’t be voting to Cons.
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I’ll send you a DM to respond
My understand is, when you apply for benefits there is a questions asking if you own another property, as this is considered an asset and any rent on it is considered income. You would need to let the DWP know of any changes. How would you afford to rent another home? I doubt you will be able to claim HB to support that as you will have a home you could stay in. I know the ‘profit’ from my rental property wouldn’t get me a week on a campsite!
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