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JGM, Solicitor
Category: Scots Law
Satisfied Customers: 12189
Experience:  30 years as a practising solicitor.
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If I am holding a property in trust

Customer Question

If I am holding a property in trust for a company in scotland and I sell 100% of the allocated shares in that company, who then owns the property?
Submitted: 5 years ago.
Category: Scots Law
Expert:  Fran-mod replied 5 years ago.
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Customer: replied 5 years ago.
I'm hapy to wait to get the right expert to answer my questions.

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Expert:  JGM replied 5 years ago.
Thank you for your question.

From what you say the company is the beneficial owner of the property therefore if you sell the shareholding the company will still own the property. The control of the company will pass to whoever you have sold the shares to.

The ownership of the property does not change.

I hope this helps. Please leave a positive response so that I am credited for my time.
Customer: replied 5 years ago.

If I resigned as director of the company on the day I sold the company, can I still be a trustee for the property which is being held for the benefit of the company I have sold if I sold 100% of the share allocation. I resigned as director on the day of the sale.

Expert:  JGM replied 5 years ago.
You can, provided that the trustee, under the deed setting up the trust, doesn't have to be an office bearer of the company.