Ramus Wood

Registered with Property118.com
Sunday 16th November 2014


Latest Comments

Total Number of Property118 Comments: 29

Ramus Wood

14:13 PM, 26th January 2018
About A year ago

Raising finance after incorporation with Beneficial Interest Co. Trust

Whilst ltd co rates have been coming down, there is not one single lender who charges the same interest rate for ltd co BTL lending as for personal BTL lending for comparable (LTV and fixed / tracker duration) products.

It would be good to hear from clients who have actually done this, because as far as I know every single UK lender have stated they will not accept BICT arrangements.... Read More

Ramus Wood

20:41 PM, 17th January 2018
About 2 years ago

Legality of Renewal fees for Periodic Tenancies?

The original issue was that it was hidden so people didnt know what they signed up for. They fixed it now (apparently), so now it's purely a contractual matter.... Read More

Ramus Wood

11:54 AM, 10th July 2017
About 2 years ago

Declaration of Trust to Company Questions

Reply to the comment left by “rob hales” at “10/07/2017 – 10:54“:

Rob – you should be working with all of the above, but in the following order:
1) a reputable broker (and preferably one that can contact your lender(s) on a no names basis (ie without saying who the specific borrower is) to ask how they would view this and what (if any) consent you need

Also ask them whether you will need to prove what (if any) income YOU have from property the next time you need to remortgage (any of) your properties. Under the new PRA rules, you WILL be asked this after September 2017 if you have a portfolio of 4 or more properties.

If your ,company has the benefit of the income (and that's what you've declared to HMRC), you cannot say to a mortgage lender that YOU have the benefit of the income come remortgage time. You may end up between the rock and the hard place of having to choose between tax fraud and mortgage fraud.

2) Tax advisor.
After you get past point (1) (KNOWING the risks and deciding whether or not you are OK with them), you need to speak to a reputable tax advisor about whether this structure will achieve what you want it to achieve. You must NOT rely on "leading counsel opinions", unless you yourself are actually a paying client of the specific counsel. If you are wondering why, read this: https://waitingfortax.com/2014/08/07/weak-transmission-mechanisms-and-boys-who-wont-say-no/

and this: https://www.gov.uk/government/publications/spotlight-29-dont-fall-for-it-misleading-claims-made-by-tax-avoidance-scheme-promoters/spotlight-29-dont-fall-for-it-misleading-claims-made-by-tax-avoidance-scheme-promoters

3) Solicitor
To document everything you've decided properly.... Read More

Ramus Wood

11:36 AM, 10th July 2017
About 2 years ago

Declaration of Trust to Company Questions

Reply to the comment left by "rob hales" at "10/07/2017 - 10:54":

Rob - you should be working with all of the above, but in the following order:
1) a reputable broker (and preferably one that can contact your lender(s) on a no names basis (ie without saying who the specific borrower is) to ask how they would view this and what (if any) consent you need

2) tax advisor
3) solicitor... Read More

Ramus Wood

1:22 AM, 9th July 2017
About 2 years ago

Declaration of Trust to Company Questions

Reply to the comment left by "Neil Patterson" at "07/07/2017 - 14:04":

I am a solicitor. I understand trusts and the difference between legal and equitable (beneficial) title, and mortgages, REALLY well.

I would repeat: err on the safe side and ask your lender if they're OK with a DoT. If they are, they won't object (surely).... Read More