Buying a share of a freehold?

eddddy

You can search by company name here: https://find-and-update.company-information.service.gov.uk/search

Then click on the company name, and then click on 'people'.


(That would lead you to the right person to talk to. But they won't have have a duty to help you - or even to talk to you. You still need to persuade all the relevant parties.)

proformance

eddddy said:

You can search by company name here: https://find-and-update.company-information.service.gov.uk/search

Then click on the company name, and then click on 'people'.


(That would lead you to the right person to talk to. But they won't have have a duty to help you - or even to talk to you. You still need to persuade all the relevant parties.)

This is the craziest thing....!

proformance

So...

There are 2 persons "with significant control" according to Companies House.

1) person from whom we bought the flat - More than 25% but not more than 50%
2) person who owns the other flat - More than 25% but not more than 50%

In conversations we've had over email, the person who owns the OTHER flat (person 2 from the list above) has been advising that the executed stock transfer must be initiated by the selling party (person 1 from the list above).

Does that sound right? If they both have the same control then why is person 2 advising that it must be initiated by person 1?

TripleH

Person 1 needs to do the form as it is them who are transferring their share to you.

Person 2 can't transfer Person 1's interest without their consent (for obvious reasons).

The company may not have a secretary (you don't necessarily need to have one these days).

You will need to find out who administers the company (files returns etc) as there is paperwork to complete and someone must have the login details.

When was the document stating people with significant control filed?

By the way I read that it is most likely Person 1 and person 2 each own 50% of the company who owns the freehold.

proformance

TripleH said:

Person 1 needs to do the form as it is them who are transferring their share to you.

Person 2 can't transfer Person 1's interest without their consent (for obvious reasons).

The company may not have a secretary (you don't necessarily need to have one these days).

You will need to find out who administers the company (files returns etc) as there is paperwork to complete and someone must have the login details.

When was the document stating people with significant control filed?

By the way I read that it is most likely Person 1 and person 2 each own 50% of the company who owns the freehold.

Yes, indeed
 50/50 split. Thanks for your reply. SO helpful!

So perosn1 (i.e. the old owners of OUR flat) need to initiate the share transfer.

My next question then is - do we need to be added to the company first before that can happen? I.e. is the sequence as so:

1) Person 2 (i.e. the other freeholder - acting as, or is indeed the secretary) removes person 2 (the old owners of OUR flat) from directorship (of course with their consent)
2) Person 2 (the other freeholder) adds us as directors to the holding company 
3) Person 1 (old owners of OUR flat) initiate they share transfer from themselves to us

Or does the order between 1&2 and 3 not matter?

proformance

So all.. 
Going to try and bump this in a bid to clear the path ahead...

With the current OTHER freeholder (of the other flat) suggesting that the owner from whom we brought from should have executed the stock transfer, can anyone confirm this would be the process?

It seems a bit odd that the old owner could exercise a share transfer to us, given we aren't even listed on the company? 

How do I find out who the company sec is? 

proformance

Guys - can anyone help?

I've been asked by the remaining freeholder sharer whether or not the the shares in the freehold have been transferred to us by the old owners (whom we bought from), but HOW can someone just transfer shares from one to another without that person being on the Limited company?

Can anyone please advise?

user1977

proformance said:

Guys - can anyone help?

I've been asked by the remaining freeholder sharer whether or not the the shares in the freehold have been transferred to us by the old owners (whom we bought from), but HOW can someone just transfer shares from one to another without that person being on the Limited company?

Can anyone please advise?

I think you're getting this the wrong way round - you're not "on the limited company" yet because you're not yet a shareholder. Because your vendor still owns "your" shares. So they transfer their shares to you, and then you become a shareholder.

GoogleMeNow

Did you ever purchase the freehold title at Land Registry to find out if the owner of the freehold was the management company or the named leaseholders?

As far as I see it, you need your solicitor to get in touch with the seller's solicitor (your vendor), so that the seller's solicitor can fill in the Stock Transfer Form, get the seller to sign it and provide the original Share Certificate and get the share transferred to you.

proformance

user1977 said:

proformance said:

Guys - can anyone help?

I've been asked by the remaining freeholder sharer whether or not the the shares in the freehold have been transferred to us by the old owners (whom we bought from), but HOW can someone just transfer shares from one to another without that person being on the Limited company?

Can anyone please advise?

I think you're getting this the wrong way round - you're not "on the limited company" yet because you're not yet a shareholder. Because your vendor still owns "your" shares. So they transfer their shares to you, and then you become a shareholder.

I've just seen that the old owners resigned from their appointments in September. Without telling us.

So, now it's just the other owners who remain as directors and shareholders of the company.

Which sounds fishy to me...