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Hi all
It'll probably be obvious after you read this post that I don't work in the legal profession, I've managed to find some bits to answer my question from various posts but I'm still not sure if I'm missing bits. So as per the title, I'm hoping to transfer a leasehold residential property from my sole personal name to a Ltd company that I'm the sole shareholder and director of. I'm trying to do this myself, hence the question and I really need to do this before the end of the tax year. I know about the tax issues and SDLT implications etc. What I'm wanting to know is what is the minimum mandatory steps required to effect the transfer of title?
At the present moment there is a mortgage on the property which I am arranging to fully repay over the coming days. There is the typical restriction 'no disposition without the authority of the mortgage lender' on the title. - So another question is, it could take maybe a few weeks after the mortgage has been repaid for this restriction to be removed - I'm assuming that as long as the TR1 is completed correctly and dated before the 6th April then it can still be filed with and accepted by Land Registry say sometime in April but still effective from the date it was signed?
My plan is
1) Repay the mortgage
2) Draft up a Memorandum of Sale
3) Transfer the funds from Ltd company to personal account
4) Complete the TR1 and send this to Land Registry with the Memorandum of Sale?
5) Write to the Freeholder, advising them of the transfer and enclosing the relevant fee
6) Complete the relevant returns regarding disposal of property for personal name and SDLT for Ltd company within the correct timeframe
I know I'm simplifying this but am I missing anything that is going to invalidate the above from being accepted? Is it likely anything would come up that may cause an issue?
Just hypothetically thinking, assuming the above is all that is required, could this hypothetically all be drawn up in one day without issue?
Really appreciate any help and advice I can get with this.
It'll probably be obvious after you read this post that I don't work in the legal profession, I've managed to find some bits to answer my question from various posts but I'm still not sure if I'm missing bits. So as per the title, I'm hoping to transfer a leasehold residential property from my sole personal name to a Ltd company that I'm the sole shareholder and director of. I'm trying to do this myself, hence the question and I really need to do this before the end of the tax year. I know about the tax issues and SDLT implications etc. What I'm wanting to know is what is the minimum mandatory steps required to effect the transfer of title?
At the present moment there is a mortgage on the property which I am arranging to fully repay over the coming days. There is the typical restriction 'no disposition without the authority of the mortgage lender' on the title. - So another question is, it could take maybe a few weeks after the mortgage has been repaid for this restriction to be removed - I'm assuming that as long as the TR1 is completed correctly and dated before the 6th April then it can still be filed with and accepted by Land Registry say sometime in April but still effective from the date it was signed?
My plan is
1) Repay the mortgage
2) Draft up a Memorandum of Sale
3) Transfer the funds from Ltd company to personal account
4) Complete the TR1 and send this to Land Registry with the Memorandum of Sale?
5) Write to the Freeholder, advising them of the transfer and enclosing the relevant fee
6) Complete the relevant returns regarding disposal of property for personal name and SDLT for Ltd company within the correct timeframe
I know I'm simplifying this but am I missing anything that is going to invalidate the above from being accepted? Is it likely anything would come up that may cause an issue?
Just hypothetically thinking, assuming the above is all that is required, could this hypothetically all be drawn up in one day without issue?
Really appreciate any help and advice I can get with this.
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