Purchasing personal home with holiday let(s) attached and running through limited Company

RichSutherland

Hello all,

I am struggling a bit to put this into words but I am looking for advice on purchasing a personal home with a single or multiple other holiday lets attached. 

We currently operate another holiday let under a limited company and we are interested in knowing how we would go about buying a personal home with holiday cottages attached using both personal and company funds. We would want the main home to be owned by us personally for various reasons, and indeed I don't know if our limited company would even be permitted to own a home we live in, and we would want any income from the holiday cottage(s) to be company income and not personal. 

I expect most/all properties we look at to be on a single deed and so I don't expect a seller would be particularly keen to treat the purchase as multiple transactions, it would be more expensive and would take time to split deeds etc. So given this, how could we achieve our end goal in the best way possible? 

To clarify again the end goal would be to purchase a property to live in that has holiday cottages on the land, using both personal and company funds and to have the holiday income move through the limited company.

Thanks,
Rich

davidmcn

I don't think two parallel purchases (by you personally and by your company) need overly complicate things from the sellers' point of view. I don't know how easily the two properties can be split. Have you spoken to your solicitor yet?

RichSutherland

Hi, 
Thanks for the response - this is more a pre-emptive question as we are fairly certain this is what we want to do, I am just not how we would. I do have a solicitor I can ask but I assumed asking to split deeds and transactions would be no go due to complications, but perhaps not. I guess it could also have benefits for SDLT too...

Wkmg

You need to talk to your accountant.