Updating post from Reddit.
Hi everyone,
I’m currently looking into using GetGround for setting up a limited company and managing a Buy-to-Let (BTL) property purchase. I’ve read some of the basics on their site, but I’d really love to hear from people who have actually used their service.
I’d really appreciate any honest feedback – good or bad. Thanks in advance!
I did! They made the process easy and i wanted that being new to btls. But the problem was they only allow one Btl per company - this turned out to be a problem for some lenders when I purchased my second property and GG made me create a second company with them. So ultimately I discontinued the service, kept the company and took control allowing me to add as many btls to the company as I wanted. So I guess it depends on your goals and if their multi company requirement is as inconvenient for you as it was for me.
I should add, the reason why they do this is if you sell the company with the Btl, the buyer pays no (or greatly reduced) stamp duty
They force you to go 1 per company? I opted for a holding company + 1 house per company so far anyway as a preference, but it was pitched to me very much as a choice and I don’t even know how they would stop me putting a second house in a company when I do!
I initially used it to setup my Ltd, but ultimately I had to discontinue the service because they made some really basic accounting features unavailable. Their new version of the dashboard didn’t even include a way to see the directors loan balance which I feel is an essential. Being made to use a bank account where you don’t even get a card is very inconvenient too. If I was to do the whole process again, I’d set up the company myself (really not difficult) and use a service like FreeAgent for all the accounting features and tax submission etc.
Use a proper accountant. They’re good for doing the basics but have no real qualifications to do what they advertise. [email protected] is an alternative if you want a qualified person who can set up what you need rather than what’s easy