GetGround will set up a fully operational company to purchase your buy-to-let property including creating a new UK Limited company, providing all legal formation documents, and structuring the company with the optimal mix of share capital and owner loans.
We set up your company’s account with a UK sort code and account number. Use this for the funds to purchase your property as well as ongoing rental income and property expenses. Easily manage the account online just as with any online bank.
GetGround will also coordinate with other parties involved in your property purchase such as your solicitors and brokers. We will provide them, with your consent, all the information about your company that they require.
GetGround provides all services your company needs to run on a day-to-day basis including bookkeeping, accounting, tax returns, registered office and secretarial services.
GetGround will open your company’s financial account with a UK account number, sort code and IBAN.
The account should be used for your property’s purchase funds, refurbishments, rental income and ongoing expenses. It should not be used for personal transactions or anything other than transactions related to your property.
Every company is equipped with an IBAN that allows you to send foreign funds to the company account. When there is local currency in the company account, you will be able to convert it to GBP directly from within GetGround at your convenience.
We have worked hard to ensure great exchange rates meaning you can send your house deposit to your company account with confidence.
When to use our service
- Ideal time
- Set up company and exchange directly in the name of the company
- Possible through an assignment, supplementary agreement or nomination clause
- Additional legal fees
- Challenging due to Stamp Duty Land Tax and Capital Gains Tax
How to get started
Everything can be done online and take as little as 30 minutes. Be sure to have the following things handy when you are getting started:
Have your passport physically with you. Alternatively you can have a colour scan or a colour photograph.
Have your bank statement or utility bill showing your full name and home address. The statement should be less than 3 months old.
Have the address, purchase price and estimated completion date of the property you are buying.
Have the names and email addresses of any shareholders / directors you would like to be part of your company.
One property per company
Previously companies were expensive and a hassle to manage, so investors gave up all the benefits by holding all their property in one company. GetGround makes it cost-effective and easy to take advantage of the benefits from holding one property per company. These benefits include:
If selling shares, the buyer does not need to pay Stamp Duty Land Tax, which means you as the seller can increase price. There is also a lower Capital Gains Tax on the sale of shares rather than property.
If multiple properties were in one company, you could not sell one property by just selling the company's shares.
Choose what to do with each property e.g., sell one, keep one, give another to children or whatever it is you want to do. You cannot do this at a per property level if all properties are held in one company.
Things to avoid when using us
We’re creating a platform that’s built on a foundation of mutual trust. With that in mind, there are a few things we ask you not to do while you choose to use our services, for both your and our benefit. If you want to do any of these items without our approval, you may choose to leave us at any time with one month's notice.
Only use your company for the one property you’ve told us about. Your company should not conduct any other business.
Only use the property for investment purposes to rent out to unrelated third parties.
If you want to take any lending, issue or transfer any shares or take out insurance you can do so, but please let us know first.
Do not employ anyone through the company.
Do not change any of the company’s legal documents.
Do not change the company’s accounting date or its name.
Do not enter the company into any partnerships, joint ventures or incorporate any subsidiaries.
Only use the financial account given through GetGround for your company. If your mortgage lender requires you to open a bank account with them, that is fine so long as it is only used to make mortgage interest payments.