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Found 138 results

  1. Hi Everyone, I am new to the forum and this is my first post. I wanted to ask for some advice when setting up and structuring a limited company. Let me explain my position so far... I currently own 1 buy to let property in my own name on a personal buy to let. This has been ticking over nicely the past few years and I am still very proud of this achievement. I have now set up a limited company SPV to buy investment property as we are all aware of the changes made which effect what you can claim as expenses versus what you now can't. Earlier this year this was all in place and I began the process of buying my first property through the Ltd company. All was well until I got to the end stages and I was required to sign a document in the presence of a solicitor that wasn't my own at the request of the mortgage company. At this point I was out of the country working (which is very frequent in my line of work) and couldn't complete this, therefore the deal fell through and I lost money through legal fees. The company is now dormant and I would like to appoint my father as someone who has the authority to sign paperwork on behalf of the company so I can make sure all is sorted and airtight in terms of the setup and structure to prevent this happening again. Is there a way to do this? If so how do I go about setting this up. I don't want to put any risk on my dad or rather I like to be able to explain to him what this would mean if he became associated before going ahead. Thank you in advance for taking the time to read this and any information, even a point in the right direction, would be greatly appreciated. Cheers! Stephen
  2. Evening All, I'm after some advice on how to set up an SPV Limited Company for Investing in property Myself and 5 friends want to set up an investment scheme whereby we invest a set amount each month into the company until we buy a property. We will each have equal shares/rights in the company and equal voting rights, I just want some advice on the best way to go about it, how we can pay into the company legitimately each month, what type of account we would require and the best company structure. Any help will be much appreciated. Jamie
  3. Hi, I am aiming to transfer two properties which are currently in my name into a ltd company. I don't have the funds in the ltd company to put down a 25% deposit on both properties. I would effectively want to use the money released from the sale as a director's loan to buy the properties. Is this possible? Or is there any way to transfer the properties without saving up a whole new deposit? Furthermore, does any property bought by a ltd company incur the extra 3% stamp duty, or is a ltd company exempt from additional stamp duty for its first purchase? Thanks
  4. Hi all, Newbie poster here (...go easy on me). I have one property (3 bed house) that I rent 2 rooms in with consent to let from my lender (residential mortgage).I moved away with work, so rent the rooms out whilst I'm away. Consent to let was granted based on this property being my only/main residence. As a result I hope to get tax relief in the form of the Rent a Room Scheme. I will probably switch this onto a BTL when the fixed period ends, and I'll rent the entire property out. I would now like to step further into property investment. My Mum and I wish to go 50/50 on a 2 bed flat, buy to let mortgage. Haven't worked out whether I'd prefer interest only or capital repayment mortgage yet...advice welcomed! I want to ensure I set up this correctly from the start. As soon as I declare income from a 2nd property will I no longer be eligible for the Rent a Room Scheme? How will the 50/50 ownership on a BTL mortgage work, should I set up a LTD company, will the tax changes make the venture unviable...plus many other questions! The Rob's speak a lot about the importance of setting a clear strategy, and being set up 'right' from the beginning. General advice on how to achieve this in my circumstances would be great! James
  5. My partner and I (both 30 years old) have some savings and are looking to start investing in property for the long term cash flow to eventually replace our income. We currently own no property and are tenants ourselves. We want to skip buying our own house and get straight into investing. Q1) would we still benefit from First Time Buyer stamp duty deductions if we were to; A) buy to let? B ) buy through a limited company? Q2) I’m assuming we would need a first time buyer, first time landlord mortgage - can we get this through a limited company? What you've done in property so far Nothing just yet. Just been building a foundation of knowledge and learning all I can through podcasts, reading, and a few meet ups. Q3) I have spoken to lots of people who have found value in paid for courses - are there any you’d recommend? What areas you invest in (or want to invest in? Currently living in Hertfordshire where property prices are out of our budget so looking further north. (Manchester, Leeds, Sheffield, Nottingham) My next steps in my education is to pinpoint one of these cities, learn it well (online research, visiting), and then target 1 city for investment. I know they say invest in an area you know, but we want to get started, and having property at least in 1 city further afield seems easier than having multiple properties over numerous cities. Thoughts? What your plans are for the future Looking at BTL to put my learning into practice for the first few and then moving on to HMO’s as I build confidence. We want to have a portfolio in 10 years which will allow us to retire from our jobs (currently 30 years old). Thanks for reading. If anyone has any advise or input on anything, it would be great to learn from your input. I look forward to reading your responses. Ben
  6. Hi, As the title suggests, I am completely new to the property world. However, I recently inherited some money and am considering investing some of it in to property. An initial idea has been to purchase a student house using a buy-to-let mortgage. My short term goal is to gather as much advice and knowledge from you guys on this forum on all things property investment, particularly student buy to lets, and how to get things started. I have been looking into student buy to lets in Sheffield - 4 beds around £250,000. I appreciate that property can be a complicated and challenging investment which is why I want to learn as much as I can before I officially decide whether it is something I have both the time and money to continue with. Thanks so much and I look forward to hearing from you Matt
  7. Hi All, My name is Tyrone and I am new to the Forum. I am looking to invest in a Buy-to-Let in Telford by the end of this year. Can anyone recommend a decent letting agency who could manage the property for me? I am looking for either fully managed or collecting rent and repairs. Many Thanks, Tyrone
  8. Hello, I’m after some advise on my strategy. I have 2 options. I currently rent out one property and have done for 5 years. I am currently living in rented accommodation at the moment. What would be the best option without going into too much detail I have summarised the two options below: Option 1: > Continue renting out my rental property. > Continue living in rented accommodation. > Buy another investment rental property for around £100k (add money by renovating) and rent out. Option 2: > Continue renting out my rental property. > Buy a house to move into and live in for around £250k (add money by renovating). I would base the return percentage as being the same for both new properties within the options. Any advice on the above would help. Thanks
  9. Hi! I own a residential property but want to convert it to a Buy-to-let and buy a home with my wife (first time buyer) to be our residential main residence. Do we pay the 2nd home/buy to let SDLT rate on the main residence we are purchasing? Thanks for the help
  10. Hello, as I am investigating into buying up north, I plan to mange it while I am over seas. I will be looking to network for local plumbers, carpenters, etc when I buy to help manage issues should they come. However I want to know if anyone can advise for reliable letting agencies to look after the property and rent it out as it requires... I understand there is a percentage on the rent for this, but what is the best way to do this, or who should I look to go with. My current interest is looking around Warrington, Wakefield, maybe Crewe and Doncaster. Thank you
  11. Hello, I'm in my first buy to let situation, after a loss on my first property I learnt a lot from here. I am now looking to get a house before I leave the country this year, so I wanted to know if there are suggestions of where to look. From the 2017 podcast ASK97, does this still stand? I have seen Wigan, and Stockport, baring in mind the transport nearby. But this is my first, so risk is a consideration. Where do you suggest I should be looking at this time and since I am from the south, can anyone tell me of upcoming transport that I should be aware of as my research isn't conclusive. If it helps to know, I don't have a lot to invest with currently 20K and I need to have some for my move abroad too, I can look into those capital options myself. I appreciate the help and will look forward to your opinions.
  12. Dear all I'm new on this so I will try to explain my query as clear as possible. I would like to buy and renovate properties, maybe starting with small spaces as a studio or similar, and then to sell them again for profits. I'm thinking to do it trough my Ltd so I can invest the money directly from my ltd account (I'm the director - no employees) I got some basics questions on the above.: A- is to buy and sell properties trough my ltd legal? Even if my ltd has been settled as a consultants company. I'm a project manager working on constructions B- are the money used to buy and renovate the properties considered as expenses so they could be deducted from the turnover. C- as above, the money that the ltd will get from selling will be considered as a normal money earned by my Ltd D- Do you think would be better set up a new ltd dedicated for the activity of buy to let/sell properties? E - Any particular suggestion? I'm good to find the properties I know how to work on that and the potencial they might could have...what I missing is all the legal process, taxes etc etc Many thanks to all will spend a bit of time to answer Ciao Simone
  13. Buy to let Ltd company. I'd be really gratedul if any one could offer some advice as I've tried countless local accountants and cannot seem to find one to give me the exact answers I need. I'm at the beginnings of setting up a ltd (spv) company to hold my current main residence, which isn't mortgaged and wholly owned valued at around £150k. Once it's tenanted I want to release some equity/mortgage from the property and start purchasing buy to let's. I'm a higher rate tax payer and also buying a new property with my partner. I've worked out it would make more sense to use the ltd company for tax efficiency purposes. I.e. no additional stamp duty on the new purchase with my partner that would be our first time buy. And also savings on paying at 40% tax with regards to rental income. My question is if my new company were to buy the property off me (which I would sell as a director's loan) would it be subject to any stamp duty,? (Or Land transaction tax, as the property is in Wales). If I do have to pay then it doesn't make much sense to transfer it in terms of additional stamp duty savings associated with me buying the new property with my partner as an 'additonal' rather than 'first buy' My other question is whether someone can recommend a good national accountants or solicitors which specialise in this type of area that I can use? As I'd rather pay a fee and use someone to set it up for me than do the accounts myself . Apologies for any confusion or misunderstandings I may have as I'm rather green to this at present. Thanks in advance, Kind regards, Darren.
  14. Happy Easter All, I was curious what ROI percentage and net yield do you look from from a buy-to-let? Thank you in advance. Joe
  15. Hi all, I currently have a residential mortgage on an apartment but I'm looking to move in with my partner, who owns a property, so I would like to rent my property out. I can currently do a consent to let with my mortgage provider but they've said they wouldn't be able to provide me with a buy to let mortgage after my 5 years fixed term mortgage is up as I'd need to own a residential property to be eligible for this type of mortgage. I've looked into it and I'm struggling to find a buy to let mortgage where I don't need to have a residential property. I will be moving in with my partner but my name won't be on the mortgage. We are thinking of buying together in the future but would like to live together in his place for at least a couple of years. Has anyone else had experience of this or have any advice on which lenders I could approach? I thought my circumstance would be fairly common so I'm surprised to find little on the subject. The only articles I can find on the subject tend to be referring to first-time buyers. Thank you in advance
  16. Hi all. Due to an expanding family, we decided to move house with the help of a help to buy loan. This made things easier as my wife isn’t working at the moment with having twins at home. We chose 10% on the help to buy and plan to add this to the mortgage within five years. We have done well on property over the years but would like to reinvest in a buy to let. The problem is that by having a help to buy loan you cannot buy another property until the loan is repaid. What I was thinking of, is setting up a limited company but I am unsure if this is allowed? Searched for info but can’t seem to find much for this scenario Any advice would be gratefully received. Andy
  17. Hi everyone Apologies if this topic has been covered before, but I've done a search and couldn't find any info readily available. I have 5 BTL properties which are currently let, but have no proper bank account "system" in place when it comes to receiving rent and paying out mortgages and expenses, so I find that I'm losing track of my expenditure and income for each property. Do people generally have a single bank account per property, or one general bank account for all properties (for those who have more than one)? Appreciate anyone's input. Many thanks Ps I should also say that I do keep track by way of a separate Excel spreadsheet and have tabs for each property, but I find that only helps to a certain extent.
  18. Hi Hubbers, First post on here so please go easy on me I'm 27 (no major commitments) and have £30k to start building a portfolio of rental properties... I'm currently looking to buy my first BTL property around Leicester / Wolverhampton, so thought it would be great to hear everyone's opinion on sourcing good yield properties (+8%). I'm not too worried on what type of property / location, etc. as long as it's not HMOs (I want to keep risks relatively low and be hands-off where possible). Additionally, if anyone's got any particular experience with great property lawyers and lettings management' agencies that you'd be happy to share, I'd love to hear from you! I will keep you all updated with my ventures (providing I have no mental breakdowns ) Thanks all! Rafael
  19. Hey, thanks for having me! I'm 24 years old and got my first property in September 2018. It's a 4 bedroom, 3 storey terraced house in the centre of Plymouth. I decided to live in the house while renovating to allow me to see things from a tenant’s point of view and adapted things along the way, with a complete cosmetic overhaul too. I'm in no way handy at anything so my best friend who has lots of experience in properties helped - which was a godsend! I am currently short term letting through Airbnb, which is going great so far, although I happened to be quite dubious at the beginning. It’s been bit of a hit and has been booked solidly from January to August. Apparently, there isn't much of a short term let market in Plymouth city centre for a property that can host up to 7 guests. In September I have decided to let it to students, as my best friend’s cousin owns one of the biggest student management companies around here, told you he was a godsend! After being out on the market for students, it took 17 days for it to be confirmed rented for the 2019/2020 academic year, which took me by surprise. I may have to buy my own personal property in Bristol in the next few months subject to a potential promotion at work. I ideally want a second investment before I have to start paying for my own mortgage (yes, I still live with my parents, I am incredibly fortunate to be able to be in this position still) so I'm trying different ways to raise the cash. I’m currently stuck in a quandary and don’t know what to do so your advice would be most appreciated: I purchased for £130,000, added £3,000 into renovations and had it valued last week at just over £160,000, to my amazement! I have decided to put it on the market out of curiosity to see what offers I receive. Half of me doesn’t want to sell and the other half does. What do you think would be the next best steps for me to raise capital? Good investment properties for students don’t come up often in Plymouth, it took me a year to find this one! Do I remortgage in 2 years and use that equity? Do I sell now and try to buy two more properties if they come up? Do I stop worrying and go relax, get drunk and take a holiday because I’m 24 and am extremely fortunate to be in this position? I may have bored you and I apologise but I definitely look forward to talking to some of you in the future. My dream goals: To be financially free at the age of 40, maybe even to live and have a small beach hut serving cocktails in a warm country whilst living off my rental income and hopefully small profits from the cocktail bar. -Wesley
  20. Hi, I'm wondering if anyone has got any advice for starting your own letting agency to manage your own buy to let properties. Rather than paying another letting agency to do the work I could do myself. This could also reduce my income through the buy to let business thus reducing tax as I would pay from the buy to let business to the letting agent business. If anyone has any thoughts or advice on this please let me know. Thanks
  21. Hi Hubbers, I am looking for a buy to let mortgage as an expat buying through a limited company and do not currently have any other properties to my name. I've checked out some other threads on this forum and extracted some brokers to contact including: AS Financial, Liquid Financial Services; Charcol.co.uk; Vida homeloans. I would really appreciate any tips / advice if anyone has any recommendations from their own experience in a similar position (as an expat buying through limited company). I have spoken with Liquid expat who have come up with an option at 4.3% fixed but would ideally like to get a few more options on the table for comparison before moving forward. Few extra details about me: I am an expat in Qatar looking to buy in the Liverpool / Manchester areas. Hope to hear from you.
  22. Hi All! I am super keen to build out my small BTL portfolio in Leeds. I found a stunning new build of townhouses but the developers say they won't sell to BTL landlords - is there any way around this? If not, does anyone have some advice of new builds/areas in Leeds city centre where I should be looking? Ideally 2/3 bed, unqiue feature(s)? Thanks in advance Nick
  23. I would really appreciate some advice on rental market near London. I'm basically wondering where to invest. At the moment I've got a studio in harrow, Middlesex. It's worth around £180 000 and I have around 70 grand to spend so if I sell it I can buy something for £250 (£260 at a push). So my dilemma is should I get a one bedroom flat in Harrow or two bed in Chelmsford? I'm not sure which one ( on average) will be renting out faster and generate more rent. The reason I'm thinking about these two locations is Harrow, because it's familiar area and for that money that's as close to London as it gets, and Chelmsford because it's 30 minutes away by train and well, you can have two bed for the same money, so if Chelmsford flat will be just as good in terms of rental income than why not.
  24. I own 3 buy to let flats two are tenanted. One 1 bed flat, in a good area on the south coast near Brighton for serviced accommodation, it only has a lease of 66 years and my buy to let mortgage has expired, I cannot find a buy to let mortgage company who will mortgage the flat. It has been on the market and empty as I was giving up on the buy to let although it was giving me a good profit of £500 a month. I have been racking my brains and I have been hearing about the serviced accommodation business. I am thinking if I could get a serviced accommodation company set up, could I get a commercial mortgage on the property and a business loan to cover the £12k cost of extending the lease and a further advance to furnish, buy white goods and a general tidy up of the flat. Any ideas would be appreciated, no-one has suggested this, it was just an idea. I don't want to let the flat go cheaply. As it has been empty for a while I have lost that income so I now need help to turn it into SA. My credit rating isn't good due to caring for my elderly Mum who has dementia, I was supporting her and my children on my own. She now has carers and my children are independent but its left me with this situation. I am experienced in property having done bed and breakfast, built my own home and owned other properties. I want to get going again now I am free.