Hi all,
My accountant recently went out of business and I am reviewing his numbers.
I am the director of limited company in England which owns one property for letting.
In my balance sheet I have a fixed cost of £192,918 which my accountant said is "cost of the property plus all associated fees paid on purchase. " However I am finding it very difficult to reconcile this number.
From my solicitor completion statement:
From my Mortgage offer:
During the purchase I also had to pay different solicitor to advise on the guarantee. This was £120 (inc. VAT)
Understandably the service charge would not be included in the total, but without this I arrive at £193,390.7 or £193,510.7 including the £120 solicitor advise.
Any advise you could give would be highly appreciated.
Thanks!
My accountant recently went out of business and I am reviewing his numbers.
I am the director of limited company in England which owns one property for letting.
In my balance sheet I have a fixed cost of £192,918 which my accountant said is "cost of the property plus all associated fees paid on purchase. " However I am finding it very difficult to reconcile this number.
From my solicitor completion statement:
£
| purchase price | 185,000 |
| solicitor costs (inclusive of VAT and transfer fees) | 858 |
| land registry fee to register ownership | 95 |
| companies house charge registration fee | 23 |
| land registry search fee | 3 |
| land charges search fee | 2 |
| local authority, environmental, drainage search fees | 209.71 |
| stamp duty land tax | 6750 |
| service charges advanced payment | 742.81 |
| landlord's share transfer fee | 90 |
| landlord's certificate of compliance fee | 180 |
| landlord's notice of assignment and charges fees | 180 |
| Total | 194,133.5 |
| net mortgage advance | 138,702 |
| balance required to complete | 55,431.52 |
From my Mortgage offer:
£
| advance | 138,750 |
| fees added to balance | |
| product fee | 693.75 |
| insurance contingency fee | 25 |
| Fund transfer fee | 25 |
| total approved loan | 139,493.8 |
| Advance being released to solicitor on completion | 138,750 |
During the purchase I also had to pay different solicitor to advise on the guarantee. This was £120 (inc. VAT)
Understandably the service charge would not be included in the total, but without this I arrive at £193,390.7 or £193,510.7 including the £120 solicitor advise.
Any advise you could give would be highly appreciated.
Thanks!