Part-time landlord sells personally owned ex-LA flat to newly set up SPV
We were approached by an existing client looking for help with selling one of his personally owned rental properties to his newly set up SPV limited company. The property is an unencumbered, two-bed, ex-council flat within a four-storey block.
The client is the sole director of a consultancy company and a part-time landlord with one more rental property. Despite being a landlord, however, the client does not own his own home and was also wanting to raise capital to use as a deposit to get on the home-owning property ladder.
We approached a couple of specialist lenders whose criteria accepts ex-council flats and non-home owners on a case by case basis – but in this instance, after receiving the valuation report they both declined to help.
So we approached another specialist lender, this time with success. Our client and the property in question were even considered suitable for the lender’s new automated valuation system, which meant mean that an offer was produced very quickly and without a valuation fee.
To our delight, the client was very impressed with the process and agreed the following terms with the lender in question.