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Do you pay stamp duty on buy to let?
Comments
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I have just remembered that I didnt pay SD before but it was because I purchased during the "SD holiday" in 2009. Yes,we always declare any income and pay our dues and will continue to do so.
However,as this is our second BTL is there any benefit in setting up and buying through a Limited Company to reduce CGT in the future when we sell?
If so,the contract as already been issued and proceeding smoothly in personal names.Do I have to start again in the Company name or can the purchase be made through a Company account after the exchange of contracts in personal names,without incurring extra costs or paying SD again?0 -
I have just remembered that I didnt pay SD before but it was because I purchased during the "SD holiday" in 2009. Yes,we always declare any income and pay our dues and will continue to do so.
However,as this is our second BTL is there any benefit in setting up and buying through a Limited Company to reduce CGT in the future when we sell?
If so,the contract as already been issued and proceeding smoothly in personal names.Do I have to start again in the Company name or can the purchase be made through a Company account after the exchange of contracts in personal names,without incurring extra costs or paying SD again?
Have you factored in the costs of setting up and running a limited company?0 -
If you plan to borrow, a limited company will make life difficult for you to raise finance. Normal BTL mortgage products are not normally available to a limited company.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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kingstreet wrote: »If you plan to borrow, a limited company will make life difficult for you to raise finance. Normal BTL mortgage products are not normally available to a limited company.
I see all these alleged BMV 100% self-financing deals. I know they are not real, and I don't want to get on the hook myself, but if only I could do it in a limited company ........No reliance should be placed on the above! Absolutely none, do you hear?0 -
I see all these alleged BMV 100% self-financing deals. I know they are not real, and I don't want to get on the hook myself, but if only I could do it in a limited company ........
So you want to do a dodgy deal (one of the ones where they give you instant equity in the property by fibbing about how much it's worth) so you can avoid paying it back when it goes wrong?0 -
Apologies to Geoffly if I misunderstood. I understand the quote was not intended for me? I am not interested in short term profit,just a better return on my savings and a potential uplift in value over the next ten years,ready to sell for my retirement.Thanks for all the comments.
Personally I think you will be seriously disappointed if you are expecting to make a capital gain over a 10 year period. There's no way I would be buying UK residential property as an investment right now. You might end up working for longer than you anticipate!0 -
poppysarah wrote: »So you want to do a dodgy deal (one of the ones where they give you instant equity in the property by fibbing about how much it's worth) so you can avoid paying it back when it goes wrong?
Yes, it's the money equivalent of perpetual motion.No reliance should be placed on the above! Absolutely none, do you hear?0 -
Yes, that's the bit that disqualifies her.
But, in the next section, there is also "one of the buyers is a first-time buyer but someone buying the property with them has owned residential property before" that lets her out too.
Never mind, thanks to all for the enlightenment!
Biggles..here is what we did..i was not a first time buyer but my wife was,so we bought the house in her name and added me to the land registry six months later..this can only happen on a cash purchase.
I hope this helps.It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
I have done the sums on the return on my capital,and they work. I would be getting double the income with the rent compared to what I am getting on interest at present.I still feel that property values will stay put or increase slightly in the next 5 years,but who knows? Not even the "experts",everyone has their own opinion.
The interest rates do not seem to be going up any time soon so my savings income is unlikely to improve.
However,I have not thought about costs in relation to setting up a Limited Company. Do you know the approx.costs involved?0
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