10:43 AM, 10th May 2017, About 4 years ago 6
I currently hold freehold interest in my companies name. I wish to close down the company due to total inactivity. The freehold produces no ground rent nor deals with maintenance or insurance.
I don’t want to sell the freehold interest because of its considerable worth – the related leaseholds are very short and located in greater London. My thoughts are to transfer it into my sole name.
The below is an excerpt by my current solicitor –
“……as the freehold will be changing hands, you have to give the right of first refusal to the tenants. As the leases on this freehold are particularly short, I presume the freehold is worth a substantial amount of money. This would need to be reflected in the Section 5 Notices as you would not be able to transfer the property into your sole name for any sum less than that set out in the Section 5 Notice. If you were to put a fairly nominal consideration in the Section 5 Notices you run the risk that the tenants will accept the offer and you will then be compelled to sell the same to them. If the lessees do not accept the Section 5 notices, and you transfer the freehold into your sole name, this may have a Capital Gains and Income Tax implications together with stamp duty.”
Is anyone able to confirm all of the above excerpt to be correct? Especially the part about not being able to transfer the property into my sole name for any sum less than that set out in the section 5 notice.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
Previous ArticleHousing Benefit and Universal Credit Assistant
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|