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 and sort code.
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.
Access the account online to manage your funds including making transactions, downloading statements, setting up standing orders and more.
For more information download our guide on how to use your company’s financial account.
The ideal time to set up your company is before you exchange property contracts. This way you can exchange directly in the name of your company.
If you have exchanged property contracts but not yet completed the transaction we can still help. There are a number of legal mechanics to change the contract from your personal name to your company name.
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.
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 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.
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.