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Everything posted by Marc

  1. Thanks both, it is an interesting one for me. On Paper everything stacks up in terms of ROI etc - but its that slight doubt that i cant get some/most of my money back out in a short period of time (appreciate that there multiple exit strategies as you say), which is key to allowing me to continue to invest. My Valuation of £149K was taken from Hometrack, so again, i know that is not what a valuer will work with, but it gives me a reasonable indication....
  2. Hey, just looking for some advice/guidance....I have the opportunity to purchase a property at c. £110K cash (which I can do), its on the market for £150K, desktop valuation shows £149K, so definitely BMV. It is a 2yr old build surrounded by older properties, so at the top of the list in terms of value when compared to other local properties. There is no work/refurb needed, just a motivated seller - But, I dont want to leave all my cash tied up in the deal and therefore would look to mortgage the property at around the 6 month mark. My concerns:- How will I get t
  3. Marc

    LLP Vs LTD

    Hi Alex, this subject interests me....what else have you discovered with this LLP vx LTD. I spoke with a Tax Advisor (BTL property specialist) and he introduced me to this idea of LLP rather than LTD - which i found very interesting and hadn't thought about before. I was exploring the idea of moving the x 6 properties i currently have in mine and my brothers name, into a Ltd Company for tax reasons (like most are at the minute) - but i hadn't considered the LLP route. Be really interested to know where you got to with this subject and your thoughts on the Pro's and Cons?
  4. Hi Conrad, Very useful website - thanks. The reason for looking at extending now, was I 'thought' it would be cheaper to do it now, than say at sub 90yrs? I plan on keeping the property long term, so what would be your view as to the most cost effective point in time (# of yrs left) to extend the lease? Many Thanks Marc
  5. Hi, need some advice. I own a 2 bedroom flat, with 94 years remaining on the lease. I have tentatively enquired to the freeholder to extend the lease and have been provided the attached document. I have never done this before, but taking a quick look through the attached, it suggests that i have to pay/commit an amount of money/time/effort upfront to get to a position of knowing how much it will actually cost me to extend the lease? .....and even then, it appears that i tell them what i think it should cost (based on a valuation report) and then the freeholder will decide if tha
  6. Thanks Lilla, just as i thought, my concerns is, that the conveyancers i have spoken to so far (albeit only two) have very little knowledge or understanding, in fact less than me! Doesnt make for a good start......
  7. Hi, does anyone have any experience of "Multiple Dwelling relief (FA2003/Schedule 6B)"? I'm assessing whether or not to move the 6 BTL properties that myself and my brother jointly own in personal names into a Ltd Company. One of the major factors in my decision is the amount of SDLT i will need to pay by moving these 6. I have come across the Multiple Dwelling relief (FA2003/Schedule 6B) which states:- "Where 6 or more dwellings are purchased in a single transaction the purchaser can choose whether to apply the non-residential rates of SDLT.” The Ltd Company i set up would
  8. Thanks Debbie, so as an example, if i have sell a property and my gain is £22000 and i hold this in my own name, i will get my CGT allowance of £12,000 and pay 28% on the remaining £10,000 i.e. £2,800. If i hold this property in a Ltd Company, and my gain is £22,000 - i would pay corporation Tax (soon to be 17%) on the £28,000 i.e. £3,740.00 Purely from a 'sale' and 'tax' perspective have i missed anything?
  9. Hi, quick tax question for the people far more knowledgeable than me! i understand that an individual when selling a BTL property will pay capital gains tax - on the gain (excluding my allowance). i am a higher rate tax payer, so i understand this would be at 28%. if i hold a property within a ltd company and then sell it, i pay corporation tax - can someone tell me what the rates (%) are and is there such a thing as an allowance, like there is with CGT?? Many Thanks Marc
  10. Hi, looking for some advice as i cant quite seem to get my head round the best thing to do, so here is my quandary:- I own 6 x BTL property, all with personal BTL mortgages on, all in mine and my brothers name. My accountant is telling me that i should start to move these properties across to a Ltd company. At a high level this makes perfect sense as we limit our tax liability as we are both higher rate tax payers, but here is my scenario and to use one of the 6 properties as an example:- NB: all figures have been rounded for ease. Current property value is c. £160K, mortgage ba
  11. Hi, would appreciate anyone's views on giving out a 4 month AST and how that stands legally? I am in a position whereby i may need to offer my BTL property for rent on a 4 month agreement, but im very conscious that the minimum has always been 6 (as far as i know), so does a lesser period i.e. 4 months change the legalities of the agreement in anyway? Be great to get peoples thoughts as to the pro's and cons on such a short AST? Many Thanks
  12. Hi, some quick advice/recommendation. I always like to use 'comparison' websites, for pretty much anything that i want a quote for i.e. car insurance, mortgage rates etc - it gives me a good starting point. The one thing i cant seem to find is a quote comparison site specifically for the conveyancing of a BTL purchase under a Ltd Company?? is this because the charges/cost for conveyancing is no different whether it is in a personal name or a ltd company? im assuming there will be slightly more legal work required, but surely not that much? Should i only ever choose from the lenders a
  13. Hi, being relatively new to this, i am about to advertise my BTL for rent and what i am finding very difficult is working out what/who to use for 'tenant referencing' service. There are so many companies out there that offer this service, all at a different cost, with different elements and with also what appears to be different outputs in terms of what you get for your money - im just confused and would love to hear if anyone has any recommendations of companies that they have used, are tried and tested and deliver a great tenant referencing service! i just want to be sure i choose the r
  14. Personally i have never used a broker, but now, for the first time i am looking to purchase through an SPV and need a Ltd company mortgage, i would feel much more comfortable talking to broker and getting their advice etc I've come across a company called "Simply Life and Mortgages Ltd", a 'whole of UK market mortgage adviser' and i have to say the team there, appear to be very knowledgeable and very customer focused. My only concern, not having used a broker before, is the fee? I'd be interested to hear peoples views on whether their fee of £499 is reasonable? Would people expect i
  15. Hi All, my first post on the forum, but I have been listening intently to the podcasts etc over the last 6 months. I'm looking to get peoples thoughts on "Company v Personal" purchase of a BTL. I am the owner of 6 x BTL acquired over 15 years ago and have let these run their course. They have provided good returns and all are currently on BTL mortgages in mine and my brothers name. We are about to purchase (its been a while) a 7th BTL property, but all this discussion around whether or not this purchase should be made through the setting up of a ltd company or in personal names has confus
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