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About jonnyboy

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  1. I've done this with a personal loan and kept the money ready. Just make sure you can afford the monthly payments
  2. I have a ltd which rents properties out at the moment. We have 2 properties. We've just bought our 3rd which needs to be refurbished. Is there any benefit to setting up a 2nd ltd that would do the work in terms of tax? I don't know if there is I'm just seeking ideas/thoughts on the subject. Thanks
  3. Listen to your parents...they aren't always right but they have probably forgotten more then you/we know. S. Leeds - ha ha Broker - don't go for any old broker. I went for a recommendation first time and found a different one the 2nd time. There was a big change in cost. 2nd was better and cheaper (£500). In terms of setting up a company...you can just do this yourself online on companies house. That's what I did. Cost about £15. My thoughts on HMO...it might be too complex for your first investment, especially if you aren't living local which it doesn't sound like you are. I would advise going with a bog standard BTL first. But up to you obviously. And yeah I think you've answered your own questions regarding the JV.
  4. Hi, I'm invested with my brother via a limited company. We purchased our first property on the 6th Feb last year and are completing on our 3rd today! It's very important to have the same goals and idea of what and why you're doing this otherwise things will go really wrong. My brother and I do have different opinions about things but we work it out. We also have complimentary skills which I think it important. He's good with manual work whereas I'm better suited to finance. Brothers are closer than cousins so I would think twice about doing it with my cousin. I probably wouldn't. What are your cousins going to bring to the table if you did this? HTH Jon
  5. Hi Conrad, There are no other shareholders except us. I don't think we need it but just wanted to see if others had come across it. Jon
  6. I had to switch to one of the solicitors on the mortgage panel. The were happy to use the searches which had already been done by my first solicitor but not sure if that's an issue for you as it's a new build. My original solicitor also couldn't join the panel DESPITE being on the panel for resi mortgages and individual BTL mortgages.
  7. An insurance broker friend of mine has recommended myself and brother take this out as we are both directors of our property ltd company. Has anyone come across this and is it needed?
  8. Hi, I went to speak to Howdens and they talked about how all their fittings are the same pretty much so if in future you want to change doors then you don't need to buy new carcasses. We're going for the rigid ones as the time saving is worth it.
  9. Yeah so I have my own solicitor who was doing the purchase and then I found out they aren't on the mortgage company panel. Pain. And it's that solicitor that is saying that the mortgage must be paid back before any director loan. I've found out that my solicitor was on their panel. They are trying to find out what happened. Hopefully it will work itself out. Yes, I'm purchasing a BTL.
  10. That was my understanding too. This is something the mortgage company solicitor is saying. The one I may have no choice but to go with. Cheers
  11. Thanks Conrad. My thoughts are that any excess cash in the company can be used to reduce the directors loans. What it sounded like to me was that I couldn't do this as I would have to reduce the mortgage first. I don't think that's right. If I have a 20yr interest only mortgage and cash building up I don't see an issue with reducing the directors loan account but maybe I've misunderstood all this.
  12. I've just been speaking to a solicitor who has told me that a directors loan can't be repaid before a mortgage. Is this the case?
  13. Hi I'm mostly through the process of purchasing a property and have now found out that my solicitor is not on the lender conveynacer panel. I really don't want to have to pay to terminate my contract with my solicitor as I have to pay 75% of their cost and the lender solicitor is charging me practically the same amount whether they are acting on the lenders behalf only or mine and the lenders. Have they got me over a barrel? How do I avoid this in future? Is there anything I can do about this? Is this a common problem? Thanks Jon
  14. I'm in South Wales so bit far Have you used Howdens for kitchens? If so how did you find them?
  15. Hi I'm planning a refurb of a property in a few weeks...provided the purchase goes through. I've seen some talk about Howdens kitchens and Selco but not sure what is the best options. I don't want to spend loads of money on the kitchen as it will be a rental but I do want it to look good for a revalue after 6 months. Any advice on where to go? Thanks Jon