Buying a property from a limited company

mandhan

Hello,

I am in the process of buying a semi-detached house in London. My solicitor recently mailed me the property information form and it mentions that:
seller is xxxx investments limited.

The occupier is a widow.

I just wanted to know what are the things I should be aware of(to ask my solicitor) when buying from a limited company.

Your replies will be a greatly appreciated.

Regards,
mandhan

mandhan

anyone ?

Owain_Moneysaver

The main thing is that the seller will probably give 'not known' answers to everything on the seller information form, so you'll have to do your own checking.

Also as the occupier isn't the seller your solicitor should be checking for any tenancy agreements in place or other arrangements for ensuring you have vacant possession.

eddddy

Owain_Moneysaver wrote: »

The main thing is that the seller will probably give 'not known' answers to everything on the seller information form, so you'll have to do your own checking.

Also as the occupier isn't the seller your solicitor should be checking for any tenancy agreements in place or other arrangements for ensuring you have vacant possession.

But, obviously, that would be the same for any tenanted property - it's not specific to a purchase from a ltd company.


You may well find the seller is just an 'ordinary' BTL landlord, whose decided to own the property via a limited company for tax purposes.

G_M

Who is this widow? Wat is the basis of her occupancy? Will she leave? When?

Don't spend a penny more on this purchase to till the above is clarified - far more important than the Ltd Company!

But you might want to spend £3 finding out who is the regsistered owner.

AdrianC

Without wanting to appear off, if your solicitor needs you to tell him what to do, you should probably use a different solicitor.

Jeff_Djevdet

There is nothing to worry about, this is quite common.

There is perhaps a slightly increased chance of property fraud so get your solicitor to take out insurance against it and do some extra checks.

They’ll know what you mean if you ask!