Buying a share of a freehold?

proformance

Hi,

If buying a share of freehold, would one not expect to sign any documents from Companies House or anything to sign to say you are becoming a Director of a company?

We've had little instruction from our solicitor and I wondered why there hasn't been any document that clearly asks us to sign, effectively becoming a Director of an existing ltd company.

I'm assuming there should be, but could be totally wrong..

Thanks,

Z

davidmcn

Has the transaction completed yet? Have you spoken to your solicitor about it?

proformance

Not completed yet; not even exchanged et, but have assigned all the contracts that were given us and completed "pre-completion checks" etc. So I had assumed we were at the final hurdle. I haven't asked the solicitor yet.

SaintJudy

Exactly this has just happened to me, nothing will happen until you have completed. Then the management company registered me as a director, I've had confirmation from Companies House and show up as listed on the companies house website. I didn't have to sign anything

proformance

SaintJudy said:

Exactly this has just happened to me, nothing will happen until you have completed. Then the management company registered me as a director, I've had confirmation from Companies House and show up as listed on the companies house website. I didn't have to sign anything

Just what I needed to know, thank you!! So difficult to find this on the Internet. 

AdrianC

Owning a share in a company is not the same as being a director of it.

princeofpounds

AdrianC said:

Owning a share in a company is not the same as being a director of it.

This. What you should get on completion is some kind of share certificate (I'm not sure how these are actually recorded for small residential freehold companies, but there will be a record of your shareholding). 

To become a Director you need to be nominated and approved by a resolution at a General Meeting of the Company.

pretamang

not every share of freehold is necessarily a company - your solicitor should be checking this out to see what the set up is. Who is the company secretary that will be handling this paperwork post-completion?

proformance

So.. Completion has passed and I asked the conveyancer if we need to do anything with Companies House and he said "he wasn't aware it was a share of freehold" and explained if this was agreed that it would be a separate process and separate instruction, for which he cannot help with (as he's not qualified).

Does this sound like normal practice? Is this another thing we have to pay for The owner has told us that they do want to transfer the co-directorship but think that it is up to us to initiate. 

proformance

Anyone had this experience when buying or selling a share of freehold? 

proformance

Can anyone shed any light?