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chuckos

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  1. @julia urquhart Thanks for responding and I had a similar calculation as well. The only issue with this calculation is that it works under the assumption that mortgage loan is completely paid off in full. In scenarios where the mortgage isn't paid off in full, thinking worst case scenario for example, the house is sold for example immediately after purchase or a couple years later with no price increase. With the 75 / 25 split, in short my partner is walking away with at least 25% of the deposit £31.25K even though they have NOT put any money down for the deposit. Is there a solution
  2. Hi All, I was just wondering if anyone knows the best equation or calculation to use to work out percentage share of a property, if you are going to purchase a property via Tenants in Common, legal agreement. For context, I’m buying a residential property with my long term partner but we are not married. The property value is £625K I’m putting down all the deposit which is 20% at £125K I’m also paying all other costs to purchase the property such as stamp duty and all legal fees which will probably be another 9K. I will also be paying most if not all the major h
  3. @chris_hancox thanks for responding to my question and the ask for help. I am of the same opinion that this should be fairly standard. I've explained to my solicitor a few times via email and on the phone, what I'm trying to do around the deposit and keeping it as equity within the property, without having to liquidate the deposit from the property and physically not transferring the deposit money from my personal bank account, to the company bank account and then back again to my personal account. I've explained to my solicitor but this person is of the opinion this is not legal is
  4. @nbisson I would say the following for advice Ensure you have a good mortgage broker and solicitor that have experience in the field of BTL property via limited company. If you don't, they will give you advice that will either make the overall transaction a lot more expensive and I mean tens of thousands of pounds not hundreds. Or the risk of completely killing the deal because they will say something is not possible when it is but they don't have know how to do it and have not learned how to do it. Get a good accountant as well. Ensure you raise the question to your
  5. Hi, Please can you help, I need legal advice here to let me know what options I have available to me. Context: I'm selling my current residential home to my limited company (SPV) and basically turning it into a BTL property. The property is valued at £425k and the bank has approved a mortgage of 75% of the value of the property. That leaves me to fund the 25% deposit. The plan was to use the 25% equity within the property as deposit via a director loan. So this was the plan. Sale my property to my limited company for 425K The limited company pays me 75% value o
  6. Hi, I'm buying a residential home with my partner valued at 525k. Currently, I will pay 3% surcharge on the £525k property because I intend to keep my flat which is valued at £425K. My partner is a first-time buyer. What I’m planning to do is sell my current residential home (the flat) to my limited company (SPV) and use that company to rent out the property via a buy to let mortgage. The larger picture is to purchase a few more BTL properties within the next 5 - 10 years using the limited company. I’m also a higher rate tax earner and intend to use this compan
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