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.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask MarianC Your Own Question
MarianC, Solicitor
Category: Property Law
Satisfied Customers: 714
Experience:  Expert
Type Your Property Law Question Here...
MarianC is online now

I have a limited company (property) and we acquired 4 flats

Customer Question

I have a limited company (property) and we acquired 4 flats and the freehold of a building, now we are rewriting the lease agreements for each flat two of them are going out of the company in our names and two are being writes win in the limited company’s name now mortgage company’s are saying you can’t write a lease to your own company ? What options do we have
JA: What steps have you taken so far? Have you prepared or filed any paperwork?
Customer: yes we have draft leases for the building and the two flats we are moving to our own names
JA: Where is the flat located?
Customer: liverpool
JA: Anything else you want the Lawyer to know before I connect you?
Customer: there are two other flats in the building which we do not own
Submitted: 8 days ago.
Category: Property Law
Expert:  MarianC replied 8 days ago.

Good evening

I hope you are well. I will assist with your question today. Please note this is not a chat service so replies may be intermittent.

The mortgage company is correct, you cannot grant a lease to the same entity, landlord and tenant cannot be the same.

You will need to grant the leases from the company into your names or grant them to other people.

I hope this helps

Kind regards

Customer: replied 8 days ago.
The company owns the freehold as well! What is our best option to lend money.
Customer: replied 8 days ago.
Can we write the lease to ourself even tho we are directors of the ltd company
Expert:  MarianC replied 6 days ago.
Good evening
Yes, the company can write the leases to you as individuals so the landlord would be the company and tenant would be you.
Kind regards
Customer: replied 6 days ago.
then we can lend ?
Customer: replied 6 days ago.
What’s the best option with the freehold
Expert:  MarianC replied 6 days ago.
The bank can lend yes.
What do you mean in terms of the freehold sorry?
Customer: replied 6 days ago.
The freehold is in the company name as well will this impact mortgage company’s
Expert:  MarianC replied 6 days ago.
You will need consent from the lender to grant the leases