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About mrmore

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  1. Great idea. I thought repayment of the loan from the company to the director who loaned the company is tax free? Or perhaps I misunderstood?
  2. Thanks Mike. Noted all. If we assumed the shares are split now the way they "should" (70/30) for the sake of this discussion, how would you recommend compensating myself, again, assuming we don't want to take monies out in the foreseeable?
  3. Assuming I don't mind the admin work - isn't that the cleanest solution? for example, although our official shareholding is 50/50, the real one is 70/30 (how we see it). Each year, I will get more shares against my work, again, on our excel alone and then one day, when we decide to start taking monies out, we'll actually adjust the shares to reflect?
  4. It's ok that the split between us remains informal until the time we decide to restructure.
  5. Thanks Mike though I'm not sure that answers any of my questions?
  6. Thank you for your reply. You are right that we officially entitled to the same rights due to equal amount of shares but we also agreed that we will benefit from the SPV by our pro-rata loans. It's only fair that if we were to take out monies (in whatever shape or form), he will be able to pull more than me as he took a bigger risk etc. Nonetheless, we are not planning on taking any cash out for a decade and want to reinvest all available cash, hence not wanting to take a salary.
  7. Hi all, I'd like to hear your opinions on the below: Me and my brother own a BTL company and currently own 2 properties under it, with the 3rd due in 2 months. The original deal was that we both put money in, but I will be the one managing the company's day-to-day. Due to different financial situation, he has put more than me. Example below: Brother - £70k loan to company Me - £30k loan to company we also calculated the share holding 70/30 (although only on excel, we didn't actually allocate any shares, there are 2 shares, one for me, one for him).
  8. Hello, Looking for recommendations for a cheap and quick service for director's personal guarantee form signage for our BTL purchase (through our SPV). We have done it before so we know what it entails. It seems that some solicitors really like to make this a huge thing and charge the earth but in reality it's a 30 min conversation (which we have been through before as mentioned) going through the major points of the mortgage and explaining/warning us on the risk of that mortgage etc. Anyway, if anyone has a recommendation that would be much appreciated, Thanks!
  9. Thank you. After further discussion with both the lender, my solicitors and the lender's solicitors and my broker the below is the outcome: My broker did not inform me of these extra fees because I have them if my chosen solicitors that are "on the panel". Aldermore says that they don't actually have a panel and they use their own solicitors and my broker should have told me that I could use theirs. Aldermore's solicitors have emailed my solicitors more than a month and a half ago telling them that they will be acting on Aldermore's behalf. My solicitor only no
  10. We are at the finish line, supposed to exchange and complete this week, then this out of the blue email came with new solicitors. So, the bulk of the work has been done from my solicitor's point of view. That's probably around £1k. I just find it very strange that I have to bear the cost of Aldermore's solicitors? that's just absurd
  11. Thanks. The thing is my solicitor has already been working on this in my behalf and their behalf and I can't simply tell them to stop (well, I can but I imagine they'll want payment for the work they have done thus far)
  12. Hello, I own an SPV company with 2 BTL through it. I am in the process of purchasing the 3rd and it is proving a nightmare. First time I am working with Aldermore as the lender. Besides the fact that it has now taken 3 months for a mortgage offer, this situation has now happened: I have approached a local conveyancing firm and asked if they are on the Aldermore panel for this purchase as my "usual" one isn't. They said yes. Since it's a purchase through a company, they charge a bit more. So far, nothing surprising. Today, 4.5 months into the deal, they email me to say the h
  13. Hello I currently rent with my wife and she owns 1 property that she lets out (c. £140k of value). We also have a different SPV limited company with 1 property in it. We are looking to buy our first home at roughly £430k. I'm trying to understand if we will be eligible for the stamp duty holiday? If not, can/should we sell her property to the limited company? if so, what would be the implications of that? Thanks in advance
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