David

Registered with Property118.com
Tuesday 4th December 2018


Latest Comments

Total Number of Property118 Comments: 7

David

16:09 PM, 8th April 2020
About 3 months ago

Consultation Testimonials

Having incorporated nearly a year ago, I just wanted to congratulate P118 and their support team for their on-going advice regarding post-incorporation matters such as ATED & re-financing. It's reassuring to know their follow up service doesn't drop off a cliff once the ink is dry !... Read More

David

18:52 PM, 26th March 2020
About 3 months ago

Covid-19 - Which BTL Lenders Are Playing Ball?

Reply to the comment left by Mark Alexander at 26/03/2020 - 17:38
As Ranjan says, all the BTL lenders are taking a different approach, Godiva automatically giving the holiday (missed interest payments added to loan), Precise only playing ball if the tenant is in arrears, the rest are very slow to respond to letters sent out last week. Lots of tenants already citing rent payment problems so working through re-payment plans to assist so it is best to try to secure the mortgage holiday if you can.... Read More

David

11:05 AM, 27th February 2020
About 4 months ago

Differences of opinion - What do you think?

Reply to the comment left by Andrew at 27/02/2020 - 10:49
When I incorporated the portfolio last year, PPR was very relevant as it tipped the balance between needing to pay CGT upon incorporation or not. In addition the PPR CGT tax saving element allowed me to arrange a director's loan to the Ltd Co as a useful way of extracting future profits made by the company free of tax.... Read More

David

10:48 AM, 27th February 2020
About 4 months ago

Differences of opinion - What do you think?

Reply to the comment left by at 27/02/2020 - 10:39
Agreed, so it is always best to try to maintain your existing lender post incorporation provided your existing lender offers you reasonable product switch rates at the end of tie periods. I have found myself held hostage with some BTL lenders who charge high rates based on previously agreed lending criteria where the rent cannot support the new Prudential lending ratios so remortgaging is not possible without the need to inject more equity.... Read More

David

9:47 AM, 27th February 2020
About 4 months ago

Differences of opinion - What do you think?

There are a couple of other activities required prior to incorporation that may require professional advice and hence additional cost, namely :-

- a formal and current market valuation of the portfolio is recommended (probably desktop is sufficient) in case the valuation is challenged at a later date
- robust calculation of capital gains tax liabilities (can be complicated if PPR relief is sought on any properties) and an accurate assessment of property base costs (including capital improvements)
- remortgaging costs will be incurred if a change in lender is required post incorporation which involves further legal and lending costs to shift the property into the Ltd Co ownership

Lots of good information again from the team - many thanks... Read More