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nicholas_b

Setting up a limited company

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Hi All,

I currently own a few buy-to-let properties in my name and going forward I am going to do it in the name of a ltd company. Not on a large scale but based on advice of my accountant he has said based on the salary and current investments it would be more prudent so use a ltd for future purchases.

Does anyone have much experience doing this and if so would you be able to tell me how easy it is to set up a ltd company and what the main differences are i.e. attaining mortgages?

Any help is appreciated.

Thanks in advance 

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Hi, Nicholas.

I've just set up a company myself. It's very straight forward and takes about 15 minutes on the government website. The main thing is to have the right SIC codes for the type of property buying/investing/managing you are looking to do. Also to have a unique and legal company name. On the financial side, you definitely did the right thing speaking to your accountant. Mortgage rates are higher (I'm a mortgage adviser) but in many cases, the savings made by buying in a company name are worth it.

Hope this helps.

Alan

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Thanks Alan. Really appreciated. Are the interest rates much different? 

I had read that it was straight forward but that was via podcasts/books I.e people that do it day in day out. I feel a little easier now knowing it is as straight forward as I read.

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Your accountant should be able to set it up for you, mine did.

As for interest rates, they will be higher but depends what you want.  As an example, the last one I did was 5 yr fixed with no fees at 3.59.  Find yourself a good mortgage adviser if you haven't already.

 

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Who did you guys use for conveyancing? The current people I use (non limited company purchases) don't do it via limited company. Can you recommend an online company?

Thanks. 

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