My journey. Self employed and want a new final home. It's complicated.

Prosperous1

Davesnave wrote: »

"Something with land in Wales" is a trifle vague, but my first reaction is that one can have that for considerably less than £400k.

So if compromises must be made.....

I agree compromises could be made, however this will be our forever home and also plan to have a small income from it too so we would sooner pay the premium and hold out until its achievable rather than settle for something only to want to upgrade at a later date

theartfullodger

Thanks so much for your comprehensive reply: I am clearly a stupid old man incapable of understanding these complicated matters.

I had a debtor who owed me some £600, a local medical service some £500 and council tax of £13k+ . He was made bankrupt but it was well known he held onto various assets (& the evidence was there), pulled the wool over the administrators eyes etc etc.. Clearly an isolated incident, aye, right.

It wasn't my money loss that p**d me off, but the council being conned into allowing him to rack up £13k+ debt and then the consequential cut-back somewhere in their services.

Cheers all!

Prosperous1

silvercar wrote: »

I agree. I would check that there are not restrictions placed on you selling these.

Thanks Silvercar. TBH in 2008 I remember you giving me some fantastic advice on my old username. I assure you everything is above board and legit, the official receiver has finished with me and I m completely discharged and free of any ties/charges etc

Prosperous1

theartfullodger wrote: »

Thanks so much for your comprehensive reply: I am clearly a stupid old man incapable of understanding these complicated matters.

I had a debtor who owed me some £600, a local medical service some £500 and council tax of £13k+ . He was made bankrupt but it was well known he held onto various assets (& the evidence was there), pulled the wool over the administrators eyes etc etc.. Clearly an isolated incident, aye, right.

It wasn't my money loss that p**d me off, but the council being conned into allowing him to rack up £13k+ debt and then the consequential cut-back somewhere in their services.

Cheers all!

I've also encountered a customer run up a trade account with me and bump me for 2k going bankrupt so I see both sides of it. I was told by the OR that I could have faced action for "preferential treatment of creditors" as I ensured all my bills, acountants, suppliers etc where paid before I petitioned for bankruptcy and only HMRC was owed money to. My reply was that HMRC forced me into bankruptcy by not waiting, had they waited they would have got their pound of flesh. I dont see why my accountnt, suppliers etc should have had to suffer, and before any accuses me of wrong doing... I paid my bills before bankruptcy was a foregone conclusion :-)

Prosperous1

ACG wrote: »

Precise do not accept ex bankrupts as far as I am aware no matter how long you have been discharged.

Have you put money aside for the higher stamp duty? If you own more than one property you have to pay higher rate stamp duty (£22k instead of £10k on a £400k property).

You may also find the land is an issue - depending on how much land there is.

Thats the negativity out of the way.

There are potentially lenders who will do it but it will not be easy. I would get your credit report over to a broker sooner rather than later as that will at least let you know what is possible. With 2 years accounts I would be relatively confident, with one years accounts it is a little hit and miss.

On this...
We plan to sell the BTL thats in our personal name, and of course the onle we live in. That would then only leave the other BTL which technically we dont own the LTD co does. Would this negate the need for extra stamp dty or would we still be liable as directors?

AdrianC

Prosperous1 wrote: »

We plan to sell the BTL thats in our personal name, and of course the onle we live in. That would then only leave the other BTL which technically we dont own the LTD co does. Would this negate the need for extra stamp dty or would we still be liable as directors?

The company owns the BTL, not you. You are not the company. So, no, no SDLT hike.

Prosperous1

Thats reassuring :-)

AlexBarret

As for me, I don`t believe any deposits at all. It`s some kind of prison...I`m about freedom.

Prosperous1

Haven't got a clue what you're taking about but hope it gets your post count up if that's the intention...

ACG

Im not disputing what Adrian says but i would double check...

Companies and partnerships

Companies have to pay the higher rates when they buy any residential properties that are over £40,000 and aren’t subject to a lease of more than 21 years.
You’ll have to pay the higher rates if your partnership already owns a residential property and you purchase another residential property for your partnership.
You won’t have to pay the higher rates if you buy a property for yourself and your only additional properties are used for your partnership’s trade.

https://www.gov.uk/guidance/stamp-duty-land-tax-buying-an-additional-residential-property

Personally I think it would be due, but in all honesty I do not know the answer.