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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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My husband and I are looking to buy a second house to rent

Customer Question

My husband and I are looking to buy a second house to rent out. We are looking to do this with another couple in order to reduce the risks. Is it best to create a company with us all as directors in order to ensure we have an equal share? What legal documents do we need and how can we proceed?
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Hello my name is ***** ***** I will help you with this.
You don't need to do this as a Company you can simply have a contract drawn up and signed by all 4 to say what the rights and responsibilities are.
You should ideally set out what happens if any party does not pay the mortgage and in particular what happens if you disagree and things go wrong.
But you dont need a Ltd company for this, otherwise you will have to pay corporation tax.
Can I clarify anything for you about this today please?
Alex
Expert:  Ash replied 2 years ago.
Hi

I am just following up to see if there is anything else I can help with?

If you have not done so already might I ask you to rate my answer before you go today please, the button should be at the bottom of the screen.

If you need more help please click reply.

Alex