Need some Professional Financial/Legal advice

[98elise]

My finances have become complicated and I need to get some professional input.

3 years ago I was PAYE and had 1 tiny residential mortgage. I’m now contracting (Ltd Co) and have 4 mortgaged BTL’s, 2 owned by me, 1 owned by my partner and one owned jointly.

I have cash accumulating in the company which is doing nothing, and I also have savings. I need someone to look over the current arrangements (mortgages, cash, pension, wills etc.) to advise me on how best we should have things organised for:

1. My current circumstances
2. Medium term for Retirement
3. Inheritance for my kids
4. The unexpected to happen

I have an accountant for my Ltd Company, and I have a regular solicitor for the property stuff. I don’t think either are best placed to advise on everything. Do such people exist, and what should I be paying for this service?

[Ginge R]

There are such (combined) practices, they tend to revolve around solicitors and accountants who have recruited or bought out and bolted on financial advisory firms. If you live in the South West, a client told me of one just last night. They're a one stop shop which in itself has pros and cons.

If you already have a good relationship with your legal and accounting people, why not ask them if they have a referral for a good financial adviser?

[Simpo Two]

Ginge R said:

If you already have a good relationship with your legal and accounting people, why not ask them if they have a referral for a good financial adviser?

It's a start, but doesn't necessarily mean they are any good, just mutual back-scratching.

[Ginge R]

I agree, it's only a start. I suppose it depends on the value of your relationship with your accountant. I passed on a very good client to two (one of each), and I was let down on both occasions. It reflected badly on me. Professional connections are over-rated, god preserve me from those god awful breakfast meetings with microwaved croissant where professionals go to engage in some self gratifying adulation and to shmoozle. As you might guess, I'm not a fan! But it's a start.

Elise,

With that in mind, if I can be of any help, drop me a line. I'm sure that in your area there are lots of good advisers and I have a backlog of a few good weeks, but if you need a steer I'd be happy to help.

[98elise]

My solicitor did say there is someone in their practice that can advise on both legal and financial stuff, but at the time I didn't take it any further as I didn't know if this was the best approach.

The problem is I need some serious financial advice, like is it worth taking a large lump oit of the company and paying down a mortgage, or should I put the same lump into a pension. Ideally who ever advises me will not only look at my thoughts, but possibly advise other options that I haven't considered

[Ginge R]

If there's an adviser there, why not have a chat with them first? Getting a feel for what they're like won't cost you anything. Ask them if they are used to dealing with your kind of situation.

[trowelhead]

There is a good website called rated people for IFAs that might be worth checking out.

Have you considered setting up another ltd company to purchase your BTLs going forward?

I'm in a similar boat to you and worked out that it would be beneficial to take the cash sitting in my trading company and loan it to property company so no higher rate income tax would be paid, just corp tax. Just throwing that idea out there for you. And of course you can pass shares down in a ltd company inheritance tax free...