How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask propertylawyer Your Own Question
propertylawyer
propertylawyer, Solicitor
Category: Law
Satisfied Customers: 285
Experience:  Property Solicitor with expertise in commercial and residential property transactions.
94563951
Type Your Law Question Here...
propertylawyer is online now

What is the value placed on a freehold title when

Customer Question

What is the value placed on a freehold title when transferred to a management company (limited company) for CGT and stamp duty purposes. The property consist of two flats with a 999 year lease on each. The leases are held jointly by husband and wife but are not being transferred to the limited company. The husband and wife are the sole directors of the management company.The solicitor says that the freehold title has no value so we place a £1 nominal value on it, as the value is all in the leases.Thank youMartin
Submitted: 1 year ago.
Category: Law
Expert:  Jo C. replied 1 year ago.

Sorry, didn't mean to respond to this.

Opting out for others.

Expert:  Nicola-mod replied 1 year ago.
Hello,
It seems the professional has left this conversation. This happens occasionally, and it's usually because the professional thinks that someone else might be a better match for your question. I've been working hard to find a new professional to assist you with your question, but sometimes finding the right professional can take a little longer than expected.
I wonder whether you're OK with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Customer: replied 1 year ago.
Hello Nicola,Yes, I am happy to wait.Thank youMartin
Expert:  Nicola-mod replied 1 year ago.
Hello,
We will continue to look for a Professional to assist you.
Thank you for your patience,
Nicola
Expert:  propertylawyer replied 1 year ago.

This is fairly routine. In situations such as this or in new developments when common parts are transferred to a management company of which the property owners will be shareholders the land is transferred for a nominal sum, £1.

Expert:  propertylawyer replied 1 year ago.

Any further questions or queries?

Happy to help further.

Can I ask you to accept / positive rate my reply so that I receive credit for helping you.