The transfer of a property portfolio into the ownership of a limited company does not suit every landlord as there are many areas to take into account and the tax implications vary widely. It is imperative that advice is sought from legal and financial experts to weigh up if the costs involved and the benefits that could follow.
Clearly the process will only be of interest to landlords who are committed to the private rented sector for the long term with larger portfolios. Many landlords seek advice from Anderson's and we are very happy to pass on our experience and put you in contact with local professionals who can advise you on the tax and legal processes.
Once a property has been transferred into a new landlord's name it is in effect a new tenancy and all the legal requirements that fall on a landlord at the start of a tenancy are in play. This fact is missed by many landlords and they can unwittingly fall foul of the deposit legislation, immigration identity check laws, smoke/carbon monoxide alarm testing requirements and the legal notices that must be served to the tenant following the assignment of a landlord.
If you need any advice on property portfolio management or are considering transferring your title into a limited company please contact Chris Anderson on 0116 2511 411 or firstname.lastname@example.org for a free information brochure prepared by a local tax expert. We'll be very pleased to assist you and put you in contact with local professionals.