Privately purchasing residential freeholds currently within my own limited company
I have a small limited company (only directors being my wife and myself) within which are the Freeholds of 2 small blocks of flats (10 flats in total).
I just own the Freeholds and receive a nominal ground rent. Properties managed by a non related third party company.
Have owned for many years, now closing the company down as not really trading anymore, but wish to retain the Freeholds.
Do I have to offer the freeholds to the flat owners before effectively buying them out of the company for myself?
Thank you
Bob
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Form N5b questions
Member Since July 2013 - Comments: 122 - Articles: 1
12:23 PM, 19th November 2015, About 10 years ago
This is a specialist area, so I would consult a solicitor who has expertise in freeholds. I suspect you will have to offer the leaseholders an opportunity to buy the freeholds, as you are proposing a change of ownership from the company to you personally (it’s not entirely clear but I think you are saying that the freeholders are held in the name of the company).
But the leaseholders already have the right to buy out the freeholder anyway, don’t they, which they haven’t taken up, so what’s the problem?