Setting up a Limited Company for a shared family holiday cottage?

Hello, I am planning to set up a Limited Company to enable shared ownership of our family’s holiday cottage and would like some advice. I’ve set out the context first and then given a specific question. Any info is gratefully received!

1. CONTEXT

My mum and her two siblings own a holiday cottage in the Scottish highlands, which was purchased in the 1970s. It has been a great place for family bonding over the past 50 years and one family wedding has happened there. The cottage is in a remote rural location and its current value is £150,000.

The three siblings are now in their late 60s and would like to transfer ownership of the house to their 8 respective adult children (I am one of the children). The hope is for the cottage to be used by us 8 cousins in the same way for another few decades, shared between us equally.

You cannot have more than 4 people on a title deed, so we would like to set up a Limited Company that would own the property, with all 8 cousins as equal shareholders. If ownership is transferred from the 3 siblings to our Company, this might also enable the avoidance of inheritance tax on the property’s value. The younger generation cannot afford inheritance tax – we are young professionals and none of us own property (we all rent). If inheritance tax was incurred then we would have to sell the cottage and the focal point for our family would be lost.

Setting up the Company will have a small charge and Land Buildings Transfer Tax (Scottish version of stamp duty) will be incurred on the transfer of the property, but we believe this would still be the most affordable option in the long run. The profits of this Company would be zero — the purpose of it is simply to be a legal entity for owning the house.

2. QUESTION

We are currently writing the Articles of Association for the Company, as the first step toward setting it up. There are various template articles for Limited Companies on the Gov.UK website and elsewhere, which we are adapting to our purpose. Does anyone on this forum know of good available templates for Limited Companies whose sole purpose is house ownership? Thanks for considering the query.

Martin