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Buying an Open land (IN commercial/Resedential ) for company

Only for UK Tier 1 (Entrepreneur) points system. This route is now closed to new applicants.

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ishfaqsangra
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Pakistan

Buying an Open land (IN commercial/Resedential ) for company

Post by ishfaqsangra » Fri Aug 08, 2014 10:49 am

IIs that possible to buy an open land around 50,000 on company's name to show investment Tier 1(50,000) as it is not possible to get a build office in 50,000 and will be difficult to get mortgage.
In case if I find a small property around 70,000 and I pay 50,000 in cash and gets 20,000(as borrowing buy bank) is that possible to claim investment.

All suggestions welcome

ishfaqsangra
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Posts: 866
Joined: Wed Aug 14, 2013 10:10 pm
Pakistan

Re: Buying an Open land (IN commercial/Resedential ) for com

Post by ishfaqsangra » Tue Aug 12, 2014 12:20 pm

No one has no idea come on,,,,,

attahaas
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Posts: 236
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Location: LONDON, UK
India

Re: Buying an Open land (IN commercial/Resedential ) for com

Post by attahaas » Tue Aug 12, 2014 1:36 pm

ishfaqsangra wrote:IIs that possible to buy an open land around 50,000 on company's name to show investment Tier 1(50,000) as it is not possible to get a build office in 50,000 and will be difficult to get mortgage.
In case if I find a small property around 70,000 and I pay 50,000 in cash and gets 20,000(as borrowing buy bank) is that possible to claim investment.

All suggestions welcome
If you are going to use it strictly for the business you proposed, then you can buy property (land/building). For example, if you want to open your own restaurant and want to do everything from scratch, then you can buy land, construct your restaurant on it and operate it.

And, of course, needless to say whatever you do it should be NQF level 4 or above.

If you are thinking of buying it and selling it later with or without a building, then it will not qualify as investment for your extension.
•12-Feb-2015: Applied online (Team), 200K, India
•13-Feb-2015: Submitted documents and biometrics
•25-Feb-2015: Received email saying that they need more time
•03-Mar-2015: Interviewed separately
•05-Mar-2105: Received docs and passport with visa stamped!

ishfaqsangra
- thin ice -
Posts: 866
Joined: Wed Aug 14, 2013 10:10 pm
Pakistan

Re: Buying an Open land (IN commercial/Resedential ) for com

Post by ishfaqsangra » Tue Aug 12, 2014 3:54 pm

Say for example I buy it on Company's name few months before extension,keep it for a couple of years and sell it after extension and put money back into company's account will it be ok, fixed asset can in a land form or build one?

AJE
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Nigeria

Re: Buying an Open land (IN commercial/Resedential ) for com

Post by AJE » Tue Aug 12, 2014 5:10 pm

real estate does not count as investment... they have stated this in the guidelines, i may be wrong tho

ishfaqsangra
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Posts: 866
Joined: Wed Aug 14, 2013 10:10 pm
Pakistan

Re: Buying an Open land (IN commercial/Resedential ) for com

Post by ishfaqsangra » Tue Aug 12, 2014 6:32 pm

Real Estate
Real estate is "property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this;

Does this definition falls only on land although it says building on it?

attahaas
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Location: LONDON, UK
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Re: Buying an Open land (IN commercial/Resedential ) for com

Post by attahaas » Wed Aug 13, 2014 1:28 am

ishfaqsangra wrote:Say for example I buy it on Company's name few months before extension,keep it for a couple of years and sell it after extension and put money back into company's account will it be ok, fixed asset can in a land form or build one?
NO, YOU CAN'T JUST KEEP it for a couple of years to help with your extension. You MUST use it for your business. Even after extension if you want to sell it you just can't sell it alone, you have to sell the business it is associated with. If not, you MAY get into trouble during your ILR. If you only sell the land it is nothing but property trading.

Real estate can be land OR building OR both.

Moreover, I don't think anyone on this forum did exactly what you are suggesting. Buy land and keep it and then sell it after extension. Why don't you try it and tell us all.
•12-Feb-2015: Applied online (Team), 200K, India
•13-Feb-2015: Submitted documents and biometrics
•25-Feb-2015: Received email saying that they need more time
•03-Mar-2015: Interviewed separately
•05-Mar-2105: Received docs and passport with visa stamped!

ishfaqsangra
- thin ice -
Posts: 866
Joined: Wed Aug 14, 2013 10:10 pm
Pakistan

Re: Buying an Open land (IN commercial/Resedential ) for com

Post by ishfaqsangra » Wed Aug 13, 2014 9:46 am

Thanks for your input sir,appreciated.Do you really want me top try this,,haaa
I put this question only because my business is management consultancy for GP Practices I have contracts with 3 Practices ,one part time and one full time employee ,in talks with 3rd Practice ,business is generating revenue so inspite of paying out salaries and few other expenses Still a lot of money to invest in business.
I have strong intention to invest in fixed asset and selling is not essential until ILR,I can keep that or may build an office but still it depends on my business expansion and growth.
Now how can you buy office in say around 40,000,
1-any possibility of office mortgage on company's name
2-freehold land
3-?

attahaas
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Posts: 236
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Location: LONDON, UK
India

Re: Buying an Open land (IN commercial/Resedential ) for com

Post by attahaas » Wed Aug 13, 2014 2:01 pm

I guess your business can buy some small piece of freehold land and buy prefabricated offices to install them on the land. Prefabricated offices are cheaper than conventional construction, and you can sell the entire structure to someone else when you don't need it. That way you can invest your entire money for you business and the money is secured in the form of real estate. If you wish, you could sell it after you get an ILR and move to a rental.
•12-Feb-2015: Applied online (Team), 200K, India
•13-Feb-2015: Submitted documents and biometrics
•25-Feb-2015: Received email saying that they need more time
•03-Mar-2015: Interviewed separately
•05-Mar-2105: Received docs and passport with visa stamped!

ishfaqsangra
- thin ice -
Posts: 866
Joined: Wed Aug 14, 2013 10:10 pm
Pakistan

Re: Buying an Open land (IN commercial/Resedential ) for com

Post by ishfaqsangra » Wed Aug 13, 2014 4:35 pm

Sir again thank you very much.
Prefabricated?
Would you through some more light on this option or any website to see into it so I can spend some time to check it out .I hope some one will definitely come with some more suggestion on the topic under discussion.

attahaas
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Location: LONDON, UK
India

Re: Buying an Open land (IN commercial/Resedential ) for com

Post by attahaas » Thu Aug 14, 2014 1:49 am

Google "prefabricated offices" and you will all the information you need and find a lot of suppliers.

A few of them I found on google are below:

http://wintechmodularbuildings.co.uk/
http://www.portableoffices.co.uk/
http://www.portakabin.co.uk/
http://www.yorkon.co.uk/
•12-Feb-2015: Applied online (Team), 200K, India
•13-Feb-2015: Submitted documents and biometrics
•25-Feb-2015: Received email saying that they need more time
•03-Mar-2015: Interviewed separately
•05-Mar-2105: Received docs and passport with visa stamped!

Hope145
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Joined: Thu Aug 14, 2014 7:42 am

Re: Buying an Open land (IN commercial/Resedential ) for com

Post by Hope145 » Thu Aug 14, 2014 8:23 am

I suppose you could get a commercial mortgage from your bank through your business account. It may be a good idea to speak to your business banking manager or telephone your business banking helpline to seek clarification re-mortgage for office premise. It may be possible with stricter lending criteria but since you have some money already it may be easier getting a commercial mortgage I think depending on the value of the property all things been equal. When you get the mortgage through your business account then it should be in your company's name, shouldn't it? #personalopinion
Meanwhile can I pick your brains around the GP contracts, I am into similar field as you but fairly new. If you don't mind passing your contact details so we can liaise re-this. :D

ishfaqsangra
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Posts: 866
Joined: Wed Aug 14, 2013 10:10 pm
Pakistan

Re: Buying an Open land (IN commercial/Resedential ) for com

Post by ishfaqsangra » Thu Aug 14, 2014 10:15 am

Thanks for suggestion.
I can openly discuss that for you and for any other who works on GP Practices.
Contracts are target oriented and it depends what sort of services they are looking Me and my employees have contracts for different services which can Include QOF, NHS England enhanced services management(they do change every year),NHS public health services etc.

Hope145
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Posts: 89
Joined: Thu Aug 14, 2014 7:42 am

Re: Buying an Open land (IN commercial/Resedential ) for com

Post by Hope145 » Thu Aug 14, 2014 10:33 am

Thanks for the information.....I am having problems gaining entry maybe because we are new. I have sent introductory letters to practice managers but no interest yet. Wondering what I should do differently
How did you gain entry? I mean how you marketed your services to the GP's? Do you or your employees previously worked as a practice manager? How long have you been in the sector? Any tips will be appreciated! Thanks a lot!

ishfaqsangra
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Posts: 866
Joined: Wed Aug 14, 2013 10:10 pm
Pakistan

Re: Buying an Open land (IN commercial/Resedential ) for com

Post by ishfaqsangra » Thu Aug 14, 2014 10:39 am

It depends what you do .I have been working with GP Practices since I got my PSW so most of them knew me as I have attended some cluster meetings as well.
You need to hire someone with experience and then market yourself,you need to visit surgeries one by one and then explain managers where you can help them ,they especially need help these days with enhances services as there is a lot of data which they need to get out of the system and monthly and quarterly reporting to NHS england as well as Claims.
What are your main services?

Hope145
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Joined: Thu Aug 14, 2014 7:42 am

Re: Buying an Open land (IN commercial/Resedential ) for com

Post by Hope145 » Thu Aug 14, 2014 11:18 am

I worked with an organisation that managed one of the Local authority enhanced services for GP's in the borough so I kind of understand how things work in general practice. Our services include strategic planning, quality improvement, project management, process improvement, risk mitigation. Do you think these services are appealing? Thanks for your input

ishfaqsangra
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Posts: 866
Joined: Wed Aug 14, 2013 10:10 pm
Pakistan

Re: Buying an Open land (IN commercial/Resedential ) for com

Post by ishfaqsangra » Thu Aug 14, 2014 11:31 am

definitely but you need to go into each of these described and understand GP Practice set up to apply them.

Hope145
Junior Member
Posts: 89
Joined: Thu Aug 14, 2014 7:42 am

Re: Buying an Open land (IN commercial/Resedential ) for com

Post by Hope145 » Thu Aug 14, 2014 11:49 am

Thank you! :D

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