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About DavidH82

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  1. Hi Holly, I would also add that you should make sure you have a proper Directors Loan Agreement drawn up between you and your Limited company and Properly recorded board minutes for the company to approve the loan and lay out how the payment is to be made. This will be a useful audit trail if ever required and also, as I have just found out myself with my own Property Ltd Co, something Ltd Co Mortgage lenders may insist upon before lending. In my case (with Kent Reliance) they required evidence that the Directors Loan agreement had been drawn up by a qualified solicitor (which cost us £25
  2. I realise this thread is slightly old, but just thought I would add that yes you can simply set up a property Ltd co yourself if you do your research and are well informed about the correct SIC codes to use etc, but an accountant would be able to advise you whether this is even the best thing for you to do or not depending on your future plans. Also, in all but the most basic of companies, decisions over the share structure can have an impact on your options in the future over how to get paid from your company (e.g. using alphabet shares instead of a single share class so that owners can take
  3. Hi Chris, I know this is an old thread but I wondered how you have got on with the log burner? Have there been any issues? We are renovating 2 properties which are fairly rural down in Kent and a Log Burner would be very attractive to tenants and like people have commented above will help the value of the properties, but I just worry about the upkeep and tenants storing logs next to the burner etc. Would be interested to hear what you think about it now you have had one installed (I think) for a couple of years? Cheers, David.
  4. Hi Matt, I came across your post while searching for 'Kent' in the forum. I agree that it doesn't seem to be discussed much as an area and tends to be lumped in together with London when discussing prices/cycles etc. Some parts of Kent are very expensive but I definitely think there are deals to be had. We are actively looking in Folkestone at the moment and have a refurb project on the go in Tenterden. Tenterden is a rural market town so doesn't really fit the normal 'fundamentals', but it is our area which we know well and we bought at a good price within walking distance of the
  5. Hi Wenner21, I can't offer you any guidance unfortunately, I just thought I would comment as I am also looking to buy in Folkestone to convert to HMO. I have not bought in Folkestone before so I am also trying to get an idea of demand in the area and which areas are good/bad. I live in the Weald of Kent, so we are continuously scanning Ashford, Maidstone and Tunbridge Wells which are our closest towns but also Folkestone and Canterbury a little further afield. In Folkestone I have been drawn towards Folkestone Central station area as I think lots of the older houses round there le
  6. I did exactly this last year. I was with Nationwide before and they weren’t happy about my reason to remortgage, but I am now with Santander and they were happy with it. i think it just depends on the lender and their criteria, so best to work with a broker and find a lender you can be honest with.
  7. Hi all, thanks for the replies. I have had another couple of quotes now from other solicitors now, so will share these for others to sense check against their own costs. My quotes were: Quote 1 - £995 + VAT + expenses & transfer fees etc (estimated at £270) from one firm that do a lot of work for property investors and said they could complete the work for a purchase with a bridging loan within 2-4 weeks (if all other parties provide information in a timely manner and no unexpected issues) Quote 2 - £650 + VAT + expenses & transfer fees e
  8. Hi All, We are looking to buy our first property using our Ltd Co. that we have set up. We have found a property in need of refurb and we are looking to buy using bridging finance (we do have the cash to buy out right but prefer to use bridging), refurb and refinance later. We have gone to our usual solicitor who has worked for us on a few land and property deals before that have always been straight forward mortgages buying in our own names. However for the first time as a limited company their quote seems to have increased quite a bit (£1,500 +VAT + disbursements fo
  9. Hi Sam, You will have to check with a tax accountant experienced in calculating Corporation Tax on companies holding investment properties, but as an accountant (who admittedly does not work in this area) it is my understanding that the annual revaluation of your property portfolio to 'Fair Value' and recognising the resulting increase (or decrease) in your profit and loss account (as required by the new accounting standards FRS102) will not affect Corporation Tax, as that gain is an 'unrealised' (i.e. you haven't sold the property). I should also note that the annual revaluation to Fair V
  10. Prestige - a Limited Co, rightly or wrongly, can be seen to be more official and offer a level of prestige that may appeal to your customers. However, this can work the other way. Being willing to put your neck on the line as a sole trader or partnership can be seen as building trust. This is one of the reasons why 'trust' based businesses such as solicitors and accountants have historically operated as partnerships, however this trend is beginning to reverse. Risk - As a sole trader, if you are personally responsible for the decisions and potential losses clients suffer as a result of poo
  11. Hi Graeme, Great idea for a discussion. I clicked on this discussion mainly as I am interested to see what others have to say and to educate myself, rather than being able to add my constructive view to the impact on BTL market as, to be honest, I have far more questions than answers. I simply don't know the details of what impact an in/out vote would mean to the BTL market. All I can are more questions and thoughts on areas that could potentially be affected if an in/out vote means any changes these areas. I am thinking of areas such as: - Level of demand for rented accommodation
  12. Hi Luke, I am from Grimsby originally but now live down in Kent. I was surprised to see Grimsby make your list of good places from an investor perspective, but am very happy to be proved wrong!? I would be interested to know if you have invested there or done any ROI analysis on potential investments there that you would be happy to share? I know the house prices are cheap, but whenever I have looked, the rents have been quite low as well. I have stopped looking there in the end as, in my view, even if the % ROI was high in these cheaper towns, the actual cash flow is still fairly low
  13. I agree with the above re: making sure all allowable capital expenditure is claimed. I would review all capital AND maintenance expenditure over the period of ownership with your accountant to make sure you do claim for everything that you can. Re: transferring ownership, we recently went through a similar thing with my girlfriends parents. They wanted to gift some land to my girlfriend and avoid CGT. It was originally in her fathers name, so he transferred 50% to his wife and then they both gifted an amount generating a gain equal to their annual exemption over a few years to transfer it
  14. Hi Engin, Congratulations on getting your 14th property! Hopefully we will be able to say that one day. North Kent is not an area I know well, but having been to a PIN meeting in Maidstone a lot of the people I met there were singing the praises of this area to invest in. Do you have a particular type of property/tenant you normally go for around Sittingbourne/Teynham? Again, if you don't mind me asking, what would you consider 'good yields' in that area? I aim to invest for strong cashflow and 'stress test' the investments with higher interest rates to try and reduce the risk of u
  15. Hi Redsmith, sorry I have been so poor at replying! December has just disappeared! Thanks for your thoughts. My experience of searching for properties in the Wealden villages (we live in Frittenden, so I have been looking at all the surrounding villages initially) backs up what you are saying about weak rents compared to property values. Ashford certainly seems to have a lot of investment pouring in to it, I should do a bit more research really on the town and what are the best areas for rents as it does seem to have a bit of a buzz around it and there are plenty of new buildings g
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