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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I am starting a new business and wanted some legal ad

Customer Question

Hi
I am starting a new business and wanted some legal advice
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help you.Could you please explain your situation a little more?
Customer: replied 1 year ago.
Yes, I wanted to start a business, and my business is to buy properties but to have investors example I put 50%share and the Investor put 50% share. And we share the rental and cost of repairs.
But obviously need to know the legal terms how to do this and advice of how to go bout doing this.
Investors will be anybody. And I want to have a contract where it is easy for the investors. So they will put 50% share in and at any time they want to sell there share they can but there will be terms example the property they have invested in will be valued and then they can sell there share to another investor but will be liable for the legal costs.
Expert:  Ash replied 1 year ago.
I understand you want an easy contract, but you will need a Solicitor to draft this for you, as it will be quite long.It needs to set out right and responsibilities, what happens if things go wrong, who is liable for what, what happens when the buyer wants out, who gets a right of refusal, if any and what happens if there is a dispute.So you will need a Solicitor to draft a contract. This contract will be about £500, but once you have this, it should be able to be adapted from person to person.But that seems like the contract you need by a Solicitor. Its not a simple, straight forward documentCan I clarify anything for you about this today please?Alex
Customer: replied 1 year ago.
This sort of business what's the best way to show all the investors name on the land registry or is it easy to keep property on company name and have the investor as a named share holder
Expert:  Ash replied 1 year ago.
If it's the same person owning all the properties then they can have a share in the company. Otherwise they would need to be named on the deeds. Does that clairfy? Alex
Customer: replied 1 year ago.
Yes that's great can you advise me the best way to do it. What can you advise me to do.
Expert:  Ash replied 1 year ago.
You would need to see a solicitor to get a contract drawn up. If you tell me which town you live in I can recommend a few
Expert:  Ash replied 1 year ago.
If this answers your question could I invite you rate my answer 3, 4 or 5 starts before you leave today.I am only paid for my work on this question if you rate my answer, using the star system at the top of the screen. Please do not forget! Thank you.Please bookmark my profile if you wish for future help: http://www.justanswer.co.uk/law/expert-alexwatts/