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I have a property which is owned by my limited company, and was purchased by a persoanl loan from myself to the Company. The Company is being made dormant and I wish to transfer the ownership of the property into personal names. Do I need 2 solicitors for such a simple process?
Just to clarify that buyer and seller are essentially the same.
Hi, Thank you for your question and welcome. My name is ***** ***** I will assist you. You wont need two solicitors if 100% beneficial owner of the property and company, this can be done with a solicitor just acting for you personally. However this will be what is known as a Substantial Property Transaction. That means under S.190 of the Companies Act 2006 - you will need a solicitor that knows about company law as you will need to draft a special resolution to put on the company books to record the transaction happened. Further you will need tax advice on this, but it maybe that you will want liquidate the company and distrbute the property to yourself in what is known as an "in specie" distribution. I look forward to hearing from you. Kind regards
Many thanks Alex, that answers my query and will likely save me the costs of a second solicitor which I was previously advised I needed.