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Everything posted by gary-n

  1. Thanks for sharing this Darren, really helpful schedule for those of us just setting out on the journey. Really like reading your posts and blogs keep up the good work. Thanks Gary
  2. Hi Rishi-p service charge accounts should be completed in reasonable time after the end of the service charge period / financial year. I would recommend looking at https://www.lease-advice.org/advice-guide/service-charges-other-issues/ section 4.1 of the link will be of particular interest as it states that demands must be made within 18 months which may enable you to avoid a proportion of the bill. They also have an advice line where they could advise on your specific situation and they are an independent body, I am not qualified to give advice but it looks like the guys are. hope this helps Gary
  3. Hi Misha in your post when you reference council tax do you mean of a property owned in the SPV? If yes then this would be an allowable expense as it is a necessary expense to carry out the business of the SPV. hope this helps Gary
  4. Hi JC I would agree with ayns, that a good approach could be to remortgage you property and then use the released equity to invest in further buy to let properties. in your post you mention profit of c£110-£120k, but is that the current value over the price you paid for it? Or is that the equity that you have in the property now? In the remortgage scenario it will be the amount of equity that you can release from the property that will be key to your opportunities for future investment. As ayns says you can release 75% possibly 80% (probably not during the lockdown though) of current property value which could give you enough for one or more deposits on further properties. The other benefit of additional investments in the long term is leverage or more specifically capital growth on leveraged investments. In your post you question whether best to buy renovate and sell on, I think this comes down to your goals as this will differ for each individual and their circumstances, there is some really great stuff in the free education section on this website around goal setting which then leads you on to the best strategies to adopt to achieve those goals plus lots of other information on these topics on various other sites. Hope this helps and let us know what you decide and how you get on. regards Gary
  5. Hi TN We have also just set up a new ltd company to purchase BTL’s, with our first company purchase part way through but now on hold due to the situation. We have set up our company bank account through Starling and found the set up process extremely simple with all documentation provided electronically and was all done in a day. This was done before the crisis really kicked in so I can’t comment if service levels have been impacted since but my guess is the majority is automated so hopefully you won’t see a huge difference in set up time. Also because the purchase hasn’t completed yet so we have only made a few transactions but the app is easy to use from our limited usage to date. Good luck with the purchase and let us know how you get on thanks Gary