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Your buying strategy is quite like mine
are you using a Company Strategy or buying in your own name
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
Good question and im not sure at the minute, ive got a meeting with accountancy firm later in week use (Clive Owen in Darlington) see what they say. But looks like I will be doing all future ones in ltd company especially ones that I want to rent. Apparently as I have another limited company for day time business I can use profits from there into a new ltd company without paying tax as not taking the money out so this will save me and buy, like that in future. Must admit bit worried about probably higher rates and my mortgage advisor is great but im her biggest client almost. So will have to look for a specialist I guess to do limited company mortgages need someone with the knowledge as I have none in this.
I have got 1/2 properties that I could transfer that are now valued at about 40k so no stamp duty to pay, so think they will end up in limited company aswell, also there no capital gains on these (Flats never again) But need to see if I can even get a mortgage on them as currently used Birmingham mid as they do 40k, not sure of anyone else that does and guess be even less when in a limited company. All thanks to the good old government
The fees can be high buying via a company I completed last week on a 80k 3 bed
The costs were over 5k and more when I add the mortgage lenders fee
I find using a company good But getting the profits out in a tax efficient way is not easy
I will now hold what I have in my own name but if i do purchase with an 8% yeild it will be via my company
The game is changing quickly
5k wow can you break that down? How does it compare to buying in own name, houses I buy are only cheapies in north east so 5k is a game changer
Stamp Duty £2400
Valuation Fee £370
Indipendant advice £425
Mortage fee £600
Leagal Fees 1000
Mortage Broker £250
Just checked me fees list its £5045.00
Its a years rent ???
Wow so probably about 2k more than one in own name, makes a difference, but suppose long term its the way to go are interest rates much higher?
I'm surprised you are passing this of as a 'Years Rent'. Surely it just the cost of buying?
Otherwise, if your deposit is say £30k do you say this is 6 years rent?
It is just a cost but its money that has been paid out and I have to wait for it to come back
when I look at similer property the costs of buying were about half what they are today
so more the reason the yield stacks up
£5k including the stamp duty then, so about £2.6k in fees. Stamp duty is a given and in most cases we all pay the same amount.