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Ltd companies and anonymity
tuk posted a topic in General property discussionI'm thinking that any future property I purchase should be in a Ltd company structure. The only thing I don't like is that anyone would be able to look my name up online and see that I own a property investment company and how much it is worth. I don't mind a lawyer being able to find what I own, I'm just not sure I'm comfortable with my friends and colleagues being able to look me up and say "ooh they're worth £X". Not least because they might not even understand what they're looking at, and possible think I'm far wealthier than I am 😆 Furthermore, there seems to be resentment towards landlords which other investors don't have to suffer. I don't suppose there is any practical way anyway around this..? Also, for the Ltd company's registered address, I was thinking of using a 'virtual trading address' such as those that UKpostbox offer, just so I don't have to give my home address to tenants. Is this something others are using? Thanks!
Expat Mortgage Limited Company
Daniel R-S posted a topic in Mortgage AdviceHi 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.
How to pay money into SPV ltd company?
lgreenhalgh7_hotmail_com posted a topic in Accountants AdviceSo i've received the following email which i have to reply to: "We now only require: - Confirmation on how the deposit money will be going into the SPV. If it’s going in as a directors loan please confirm the monthly payments, interest rate and when the full loan amount will need to be repaid. Please note the valuation has now been instructed." I've emailed my accountant to help, but seeing as i know so little about moving money into and out of a SPV i won't know the different options / if my accountant is giving me a bad option. Previously i just transferred money to my limited company by bank transfer. Is there a really good resource for improving my knowledge in this area as i feel i am really short here and unsupported by my accountant. And can someone explain the advantages / disadvantages of high/low interest rates / deadline for a directors loan? Thanks Laurence
SPV or LTD Please HELP!!!!
Louise_S posted a topic in General property discussionHi Everyone, I'm completely new to property and really hoping someone can give me some advice. Basically me and my sister are looking to go into property investment together, from the people we have spoken to they have said most people these days are setting themselves as a LTD company for Tax purposes. However no-one has given us any advice other than that and i'm wanting to know how i can work out if this is going to be the best route for us to go down. . . . Also someone has mentioned an SPV to me and that this is the better option than an LTD, Please can someone tell me which is the better option, or pro's & cons of these as i really dont want to get this wrong so early on and im not entirely sure whats right as so many people say different things. Thanks so much :-) Lou
Limited Company Advice
PoalaMCR posted a topic in General property discussionHi there, After lots of deliberation, I have decided that in order to get myself started on the property ladder and finally make my move into a career of property rentals, I am going to open up a Ltd Company. (To keep it short, my spouse owns a help to buy mortgage, meaning unless the equity loan is paid off for this home - which we cannot afford to do- , I am not allowed to apply for any other mortgage. The only way around this is to set up a Ltd company.) As someone who has not run a Ltd company before and does not know a great deal on this matter, I want to know if anyone has any recommendation of sites, books, courses etc. that are useful in starting up an Ltd company for property purposes? Has anyone been through this themselves? A lot of the literature available on limited companies and property are US based and so not relevant for the UK market. If anyone could recommend any literature or other educational tools, I would be most grateful. TIA.
Hi I was wondering if anyone could help me with a mortgage. I have a limited company where the primary SIC code is dealing in finance and insurance (66220). I would like to purchase a property through the use of a BTL mortgage through my company but I am struggling to find a provider where I meet their lending criteria. They deem that my limited company is not suitable to lend to due to my SIC original activities. In a way to get round this I added the SIC code 68209 to my firm but they don’t seem to be buying this and are asking that I set up a separate SPV firm. I do not really want to do this as I wanted to use the funds in my current limited company to fund the deposit of the purchase. One provider said they would be prepared to lend to my limited firm but were going to charge 6.8% which is double what standard interest rates are. Does any one know of a provider that would lend to limited company where the main activity is financial services? Thanks James
Non SPV Ltd company in Scotland for BLT
EddieE posted a topic in Mortgage AdviceHello there, I already have a personal BLT, but since I also own a holding company [with SIC 70100] I'm trying to get the Ltd company to buy the properties instead. So far so good, the challenges I have are: Many lenders do not operate in Scotland so most of the information I can find on the net seems very rest of UK focus I like to use the holding company for this, however it seems many lenders require a SPV to do property investment and nothing else. Many specifically require a Ltd company registered with these SIC codes and to operate on those only: 68100, 68209, 68320 Has anyone come across these and... any suggestions? My biggest pain is having to create another company (more accounts, more fees, more things to remember for HMRC...). Since I already have a company and in theory I can register 4 SIC codes in total, I was hoping that should be enough but have been told by some lender brokers that it needs to be a SPV Has anyone had similar experience? Any feedback would be great! Thanks Eddie
Hi, Has anyone setup a limited company recently for the purpose of purchasing new BTL properties? For me the accountants I have spoken to have advise setting up an ltd to be more tax efficient but they have also advised checking with lenders on what their criteria would be in terms of how the company is structured etc. I've done some investigating with lenders too and so far have found out the following critieria would be needed: 1. No more than 4 directors. 2. Use one (or all) of SIC codes 68100, 68209, 68320, 68201 3. Personal garauntees to be provided. Was wondering if this was all that is needed in reality or if there were additional structuring/layering requirements that should be met. I am looking to set the company up myself and therefore trying to do the ground work to avoid costly adjustments later down the line to correct something that lenders may not like. Keen to hear from anyone that has been through this process already and their experiences in doing so Thanks Harsh.
Annual Tax on Enveloped Dwellings
StevoB posted a topic in General property discussionMoneyWeek's anti-property articles came in handy this week, as Merryn has just blogged about something worth looking into if you're considering a limited company structure for your properties. Its called the Annual Tax on Enveloped Dwellings (ATED). From the GOV.UK article: From 1 April 2016 there will be a further band for properties valued between £500,000 and £1 million. This will have an annual charge of £3,500. I haven't heard or seen anything on this tax, but with Georgie Boy's dodgy antics, there's a risk this could be implemented at lower and lower price brackets.
First BTL in new LTD, timescale?!?
MarshallSB posted a topic in Mortgage AdviceHello all, How long is it currently taking to process a BTL mortgage within a new limited company? Has anyone recently been through this process? Will be interested to hear your experiences. Many thanks
Energy Supply in Ltd Company Name?
Jambone posted a topic in General property discussionHi All, Hopefully someone's been through this and knows the answer. I've just purchased a residential property in my Ltd company for flipping and am attempting to get the electric setup but I seem to be getting stuck at the first hurdle. I called M&S energy to setup my account (Free £40 voucher atm) however they want to put the account in my personal name to start with, then apparently it's possible, once the account is setup, to change it into a company name. They say they need to do this to credit check an individual. I wanted to know is this normal or is there another way? And will I have issues putting council Tax in the Companies name too? Do I just need too choose an energy supplier for businesses (even though the energy is for a residential property)? Thanks James
Insurance policies for a limited company
Jonathan Hulatt posted a topic in Insurance AdviceHi all, Can anyone recommend a good value insurance company which supplies Employer's Liability Insurance, Public Liability Insurance and Professional Indemnity Insurance for a limited company dealing with property? Thanks, Jon.