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Thread: Buying property from a company owned house

  1. #1
    Junior Member
    Join Date
    Sep 2017
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    1

    Default Buying property from a company owned house

    Hi,
    I have a 1/3 share in a company setup to purchase a house 10 years ago. I now wish to outright own the property. for arguments sake the current market value is 90,000 and I have offered 60,000 to buy the other two people (family) who own 1/3 each.
    What is the most efficient way to purchase? Would it be best to keep the company and buy out the partners or dissolve the company and purchase the house personally?
    What are the potential pitfalls of either approach or if I should go another route.

    Jeff

  2. #2

    Default

    Hell Jeff,

    The most cost effective and quickest course of action is to buy the shares of the other two shareholders and that the company remains as the owner of the property. You need to be sure that you will be the sole company Director. If there are currently more than one, you need to remove all of them and register yourself as sole company Director.

    Please feel free to contact us by email if you need further advice.

    Regards,
    Patricia Martin
    Legal Assistant at Lawbird
    Check My Profile

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