LTD company - Few probably basic questions
Hi All quick background and a few questions....
I own a property in my own name and I am a higher rate tax payer. My accountant has advised me to set up a LTD company (something I have done in the last few days) I have spoken to a broker and they have indicated there is a lender prepared to give a mortgage on this property through a LTD company at the LTV required and I pass all the stress tests....
Now this is where things aren't entirely clear to me.
I am going to personally sell my property at full market value to my own LTD company. I know I can do this.
This will release a large sum of money (CGT is already being taken care of by accountant)
In order for my company to buy the property it needs the deposit for the mortgage (circa £30k) My accountant said it is okay for me to loan this money to my company. ie a directors loan to start the company.
But here's where I am ignorant of how it works. I wont have the £30k until I sell the property... So I need to sell it to raise the money to loan to my company, but the company cant buy it till it has the money. Is it possible to arrange a simultaneous transfer of funds? Maybe this is obvious but I am worried that I am missing something.
Thanks for any assistance or advice.
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