Updating post from Reddit.
What do I do I have 3 rental properties in my name, was ok when I had 2 and travelling / not working.
But now I may have 3 and start working again.
The cost to transfer them all into Limited Company is very high.
(I don’t have a trust person to transfer the properties to I.e. wife kids or family member)
Wondering if there were any other ways / strategies?
You can create a company and sell the property to that company but as you outline, you will be paying SDLT again. So to decide if it's best you need to calculate the savings and work out where your break even point is.
However, I've seen landlords take it as an opportunity to sell a marketable property that they have added value to. Then buy a completely new property that needs work in the SPV, so they are maximising growth potential.
Hmmmm so you’re saying sell, take the money and start buying renovating and sell?
On top of a full time job, it may be a lot to stay on top of.
But a good option
Well, I'm saying only do it once.
Cash in on a property that will sell at market value for the area.
Then buy a property in the SPV below market value that you can bring back up by fixing the kitchen, bathroom, and extending the lease.
All I'm saying is make your money work harder for you.
Sell one.
Or stop working. That's pretty much it.
Or be a contractor and get paid into a Company (and don't pay yourself).
Yes that's probably true, you might be able to pay into a sipp etc. depends if you need the money out... Contracting is a hassle now with ir35 though. I chose to walk away.
The role is a perm role .. contracting is a hassle for sure.
S24 is a nightmare if you have mortgages. You need to make sure you stay away from the higher rate tax band with total income. If this doesn't mean anything to you then please do some serious research.
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With the new job I would be in the upper tax band anyway so all the rental income would be taxed top band regardless ..
Oh it's much worse than that. Seriously, urgently do some research on s24, it has caused many landlords to leave the market. Which is exactly what it was intended to do.
I should be ok from S24 as they aren’t BTL ..
Rental properties that aren't BTL.. are they holiday let's?
Put all your work money into pension.
It used to be that you could put holiday home income into a pension but they stopped that recently...
Sell them all stop hoarding property