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simon anderson

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About simon anderson

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  1. Cheers David - at the minute I'm struggling to find the right opportunity but will keep my eyes open - Si
  2. Hi All - I have a couple of BTL's but looking for a property to flip. DO people in general use auctions, estate agents or finders fees? Also can anyone recommend any of the above based in the North East? What sort of costs are there usually for a finders fee? Cheers Si
  3. Hi David - I have a couple in Chester-le-street and a couple in Fencehouses. Where abouts are you based? Its always good to know someone else local working on property ! Currently looking for one to flip - do you use a local "finders" firm or do you just scour the estate agents and auctions? Cheers Si
  4. From everything that I have read when transferring you need to cover stamp duty - fortunately (depending on how you view it!) my properties are all priced 50K-80K. Although it does bring up another question - how / who decides the price of the sale to stop me just saying they were worth £10 each - I know that it wouldn't wash with HMRC so was wondering what others have done / whats expected legally.
  5. Thanks Dino and I guess you're right it doesn't need to be local in todays age of technology
  6. Thanks to all for their replies if anyone could recommend a mortgage broker i the North East that is familiar with LTD companies etc that would be great. Also yes I think the £800 included sending in my yearly accounts and not just company setup. Cheers Si
  7. Hi I currently have 4 BTL properties in my name, say average value is 65K and all have interest only mortgages. My current plan is to setup a Ltd company and then transfer the 2 that havent increased in value into the new company (all have been bought in the last four years) and then leave two outside - as I don't want to eat into my capital gains allowance. It also means I can manage the two properties outside of my business from my Ltd company and charge 13-14%. Other goal this year is to flip a property with my wife and leverage the personal CGT allowance. 1. I asked an accountant about setting up a LTD company and they wanted £800 to do this but think I should be able to do this my self for < £100 but not sure where to start -any advice 2. Where do you find mortagages for Ltd companies and is there any benefit in wrapping the two properties into one commercial loan? 3. Does the above seem reasonable? Any help greatly appreciated Si
  8. HI I'm no accountant but: Telegraph transfer / Valuatio fee / Mortgage product fee / Admin fee - Yes legal and finance fees Gas Safety CP12 - Repairs and maintenance Inventory - not sure as I do unfurnished
  9. I'm in the same boat - looking into setting up a ltd company. From my rudimentary understanding CGT is only on the value if the house has increased since purchased -- mine havent much and stamp duty is only on properties over 125K so again I should be okay. I'll be speaking to my solicitor in the next few weeks to seek some advice
  10. Depends on what you want to do - I saved up for years to get ~20K together then bought via a mortgage 75% and used a couple of grand to do it up a bit. My advice would be to read books - I went to amazon and basically downloaded a few that had high ratings. The guys who do the podcast for this site have a couple,
  11. I normally aim for 8% - its not overly ambitious but suits my needs. In NE I buy properties for ~60K and get a rental of £425-450. Not perfect but its an okay profit