The choice of to own a property whether commercial or residential is one that should always be taken seriously by any property investor.
There are advantages and pitfalls to each mechanism of holding property; be it held in your private name, held by a Limited company or held as part of a Partnership.
Knowing which is best for you, is a difficult task and advice should always be sought in deciding which to utilise.
Furthermore, there are potential Stamp Duty Land Tax (SDLT) traps that a land owner could unwittingly fall into should property transfer from their personal name to a Limited company. Should you seek to transfer a property from your sole name to a Limited company without paying a premium SDLT will be payable on the transfer even where no money has changed hand.
To discuss property holding options and how to structure property ownership speak with William Warnock in our Poole Office (01202 052042)
‘The sharp increase in purchase applications made by landlords using a limited company structure is unsurprising given the financial incentive to do so, and it is encouraging to see growing numbers of landlords approaching their investments intelligently,’ said Mortgages for Business managing director David Whittaker.