Michael Posted March 2, 2012 Report Share Posted March 2, 2012 Hi, hope someone can offer some advice. Me & my father in law are considering starting our own landlord business. Initially the plan is to start with his mothers house & then move onto expanding a portfolio. Currently my father in law & his brother own the house. His brother has agreed to sell his half of the property to me at a bargain price. As a total beginner to this I'd be grateful if anyone can advise on the best options going forward & who we should approach for further information. We have looked at Buy to Let Mortgages & also Business Loans but we are unsure of the best option & what is entailed with each. For Example: We know that if I get a mortgage on my half, the deeds of the property would be updated with my personal details instead of the company details. Would this cause complications down the line? Would we be best speaking to a Mortgage Broker or Financial Adviser perhaps? Really appreciate the help! Michael Link to comment Share on other sites More sharing options...
Melboy Posted March 3, 2012 Report Share Posted March 3, 2012 Hi, hope someone can offer some advice. Me & my father in law are considering starting our own landlord business. Initially the plan is to start with his mothers house & then move onto expanding a portfolio. Currently my father in law & his brother own the house. His brother has agreed to sell his half of the property to me at a bargain price. As a total beginner to this I'd be grateful if anyone can advise on the best options going forward & who we should approach for further information. We have looked at Buy to Let Mortgages & also Business Loans but we are unsure of the best option & what is entailed with each. For Example: We know that if I get a mortgage on my half, the deeds of the property would be updated with my personal details instead of the company details. Would this cause complications down the line? Would we be best speaking to a Mortgage Broker or Financial Adviser perhaps? Really appreciate the help! Michael This book is very good place to start Michael to at least to get a grounding knowledge of the Landlord business. Ebay Item number: 230752470767 You will need a solicitor for your other questions I reckon but I do know that you cannot undersell any property to family members and your solicitor will tell you this as a fact...... probably. I would not go down the business route just yet as it gets more complicated for you. Others will be along shortly to advise you I am sure. Link to comment Share on other sites More sharing options...
Carryon Regardless Posted March 3, 2012 Report Share Posted March 3, 2012 Business partnership arrangements are very open to later alternate memories of what the agreement was. To prevent the later hassles which will likely pay legal representatives many many thousands and cause massive stress get a legal agreement drawn up. It may seem like an unnecessary expense now while everyone is friendly and full of optimism but this is the best time to negotiate the terms you agree to. There are so many things to consider, what happens in the event of death, how to share profits (especially where one may have business loans), who is responsible for what, how to share responsibilities (one may develop greater work commitments), many more. It is best to formalise as much as can be prior to getting started. Link to comment Share on other sites More sharing options...
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