dustydee:
Can someone with help to buy buy another house using a limited company?
What are the disadvantages of buying a house in a business name rather than in your name?

Bourne007:
Yes you can if it's BTL

If it's for residential purposes, not sure but I doubt. It is expected that your HTB home is your only residential property. Plus Ltd are typically available for 'Special Purpose Vehicles' so might be difficult to get.

dustydee:
Can someone with help to buy buy another house using a limited company?
What are the disadvantages of buying a house in a business name rather than in your name?

dustydee:

Thank you. It will not be residential. Please can you explain what you mean by Limited are only for special purpose vehicles?

Bourne007:
A special purpose vehicle (SPV) is simply a regular limited company which is used solely for a particular purpose. In the case of property investment, it's used to purchase, sell and rent out properties.

rayralph:
For mortgage hopefuls & first time buyers
This is an interesting conversation
Link to post below
https://www.reddit.com/r/LegalAdviceUK/comments/11q9nq8/estate_agent_lied_about_there_being_other_bidders/

kode12:
There's nothing to take here for the ordinary man. When it's a buyer's market, you can make small shakara, but when it's a seller's market there's nothing you can do, you'd be outbid and gazumped even at the 11th hour. If not the ex-staff that leaked the information, the buyer wouldn't have known what went on internally.
During our home purchase, the estate agent came back after our offer was accepted that the seller had gotten a ~8% increase at that time, houses were being snapped up even before they were advertised, we went back and forth a couple of times but didn't want to deal with going back to the market, so we accepted it and went ahead.
I still don't know if there was ever another offer being considered or the estate agent just wanted to fleece us, but after the purchase, we found out the estate agent was the seller's sister so......

koonbey:
Confirmed that Barclays lends on 10% deposit to Tier 2 people, with a minimal 2 year residence in the UK.

Santa2:
I have been looking into the First home scheme. Its supposedly a scheme started in June 2021 strictly for first time buyers where the buyer gets 30% - 50% discount on the cost of the property. But it not as much known as because of the HTB scheme was more appealing. There exists a caveat though, you can only sell to a first time buyer and would have to apply same discount as you were given. Looking at the possibility of getting an broker to get more clarity and possible options.

Santa2:
I have been looking into the First home scheme. Its supposedly a scheme started in June 2021 strictly for first time buyers where the buyer gets 30% - 50% discount on the cost of the property. But it not as much known as because of the HTB scheme was more appealing. There exists a caveat though, you can only sell to a first time buyer and would have to apply same discount as you were given. Looking at the possibility of getting an broker to get more clarity and possible options.

semmyk:
Thanks for highlighting this - First Home Scheme. Adding to first post.
I checked it up on YouKay Gov - https://www.gov.uk/first-homes-scheme
@Ticha, any insight on this.
Interestingly, Ireland has a similar scheme! https://www.firsthomescheme.ie/

dduchess90:
Hello all

I can hopefully give ideas on Shared Ownership scheme( part own,part rent) if anyone is interested in that.

Cheers

slimanyd:
Good morning boss. Can a new immigrants attempt to buy a house without any authority rasing high brow and when do you suggest such worker to do it after entering and what does such worker needs.

semmyk:
Placeholder 2
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[Mortgage waiting period]
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semmyk:
Placeholder 4
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[ Repost of earlier attempt at collating selected posts on property investment]

Be ready for research, research, research. Don't follow the pack. Research and follow through on your intent. It's a marathon, not a sprint. Be ready to put in the hardwork, gain insightful experience, sacrifice and live a non-BUGA life (that doesn't mean you don't treat yourself!).
... ...

AgentXxx:
Very much interested Ma

dduchess90:
Hello all
I can hopefully give ideas on Shared Ownership scheme( part own,part rent) if anyone is interested in that.
Cheers

Solumtoya:


Yeah, there's also a maximum household income cap. So if your combined income is high, you don't get it. One has to confirm that it's not public funds too especially since the Council are kinda controlling and allocating the scheme

shaybebaby:
I'll add my two cents here.

BUYING COSTS.

All well and good, you have your offer accepted, deposit sorted but there are other things you need to have cash ready for.

1) FIRST TIME BUYER (FTB)
a) Solicitor/ Conveyancer- They deal with the legal aspects related to your purchase. You will need to instruct them as soon as your offer is accepted.

They will run searches on the property, liaise with the estate agent and your sellers solicitor to make sure all necessary paperwork is completed. They will also register the property purchase with Land Registry once the transaction is complete and will also be the ones to liaise with your mortgage lender on the release of funds. Expect to pay north of £1000+ which includes their fees.

b) Surveyor- As it's the biggest purchase of your life, it makes sense to ensure that the property is as described when viewed. At a minimum, get a Level 2 survey where the surveyor will be access the property and provide a general report on the condition of the house. They will also flag up any issues based on severity that either require immediate attention, such as damp, poor electrics.
A level 3 survey is more detailed and will include detailed reports on structure of the property ( imagine them lifting up floorboards and the likes)

For level 2, budget around £600- £800, level 3 will be more.

3) Mortgage application fee- Whilst lenders have fee free products, their rates are usually a teensy bit higher. Fee paying products have slightly lower rates so you may choose to go with that option. You can either pay it upfront when applying , in most cases it's around £1000, or you can choose to add it to the mortgage. This means you don't have to fork out for it but with the trade off being, you'll ve paying interest on it because it is effectively a loan.

4) Stamp Duty

This is tax you pay based on the purchase price of the property. As a FTB, you pay zero on properties of £425,000 or less. Anything over that, you pay 5% on the portion above £425k threshold.

Total- Circa £3000 in additional costs excluding stamp duty.

2) HOME MOVER

You already own a property and selling that to purchase a new property.

a) Solicitor/ Conveyancer- unlike a FTB, you have two transactions, your sale and your purchase. You'll pay for both transactions so minimum £2000.

B) Estate Agent Fees- You'll most likely have to engage one to list and sell your property on your behalf. The upside is for most, if your property doesn't sell, you pay nothing. So whilst not an upfront cost, it will be paid upon completion of sale and purchase. Some charge a percentage of the sale price, average of 1-3%, some charge a fixed fee.

C) Suveyor: Same as FTB
D) Mortgage Application Fee- Same as FTB
E) Stamp Duty- As long as the purchased property is your only home, no stamp duty is payable on properties up to £250,000. Over this threshold, You'll pay 5% on every pound over up to £675,000 I.e you pay 5% stamp duty on properties worth between £250,001 to £925,000. Gov.uk has the remaining tax bands for reference.

If its a second property i.e you'll have more than one property, you'll pay an additional 3% on the rates mentioned above.

semmyk:
🏘️🏚️🏠 ... ... 🏘️🏚️🏠🏡
... ... Posts here are about AND must be about Mortgage-related issues in the UK.
Clarity around housing (the house, structure of the house, rules around housing ...) are welcomed, including those of rental. However, request for rental availability or how to rent ARE NOT ALLOWED! Do not post them here.
Over the lifetime of this thread, key terms will be added.
Sit back, keep calm and enjoy the mortgage-sourcing
... ...

slimanyd:
Anyone residing in Birmingham here. Need 2 bedroom apartment. All bills inclusive. Abeg.

emperorlaqrin:
In need for a shared apartment in London please contact me ASAP.

semmyk:
From 1st post on this thread. Numero uno

Thanks

HollyMadison:
Hello experts.

Please for a Moneybox account opened in June 2022, can I still get the 1k bonus for this batch?
when can I get the bonus?

AlakeOfEngland:
Hi @Semmyk.
Can you help highlight the pro's and cons of living, renting and buying a council house, please?
Thanks a bunch!

Lexusgs430:
If you currently undertake AirBnB side hustle........ Now you require planning permission, which inturn means registration and further exposure to taxation net ......🤣😂

AlakeOfEngland:
Hi @Semmyk.

Can you help highlight the pro's and cons of living, renting and buying a council house, please?
Thanks a bunch!