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Senior Partner
Senior Partner, Solicitor
Category: Law
Satisfied Customers: 13323
Experience:  Solicitor with more than 30 years experience
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hi i have 1 residential property in my solo name (mortgage),

Customer Question

hi
i have 1 residential property in my solo name (mortgage), 2 residential with my business partner name equal shares with him (mortgage), 1 commercial property with my business partner(paid cash), 2 running businesses with my business partner equal share trading as partnership (mortgage),2 plots of lands (1 paid cash the other 1 we paying it by installment 3 years left).

now the question i might leave the country, and i want to transfer all my shares to my business partner or anyone i elect without contacting all the mortgagees ,i mean can i make like a contract which is legal recognized for the transfer and state that i am selling or giving up my shares and interests in everything to the elected person.
Thanks
Submitted: 3 years ago.
Category: Law
Expert:  Senior Partner replied 3 years ago.
Hi thanks for your question. Can you let me know, are these properties all in your personal name?
Customer: replied 3 years ago.

hi, as i explained 1 is in my solo personal name, and the rest are in my name and my business partner name, just wanted to mention that i am a British citizen. Also in case i sell my shares to the elected person, i would sale it for say 100 pounds to avoid taxation, is that legal?as still would have the benefit of income from everything even if i give it up but as i stated because i might leave the country so he can manage it himself.

Expert:  Senior Partner replied 3 years ago.
Ok thanks. You can sell and/or transfer the beneficial interest in any of the properties but in respect of those that are mortgaged you can neither transfer the legal title nor get a personal release from the mortgage without the lenders agreement or your partner remortgaging in his sole name. So you could for example enter into a formal agreement about how the benefit of the properties was to be divided and who was to have the rent but you would still remain liable to the lenders if for any reason your partner defaulted.

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