The following Tax Q&A produced in partnership with Chris Bryden of 4 King’s Bench Walk provides comprehensive and up to date legal information covering:
The process of purchasing residential property in England is broadly the same whether the purchaser is an individual or a limited company in terms of the conveyancing process. There are therefore no significant additional considerations from a conveyancing perspective.
Representatives should also note that there may be additional funding requirements by way of security that a lender requires, which may include personal guarantees or securities exercised over directors’ personal assets, as many lenders will not lend to limited companies without other assets unless they are provided with such security for their loan. It would be prudent to ensure that the opportunity to take independent legal advice is afforded so as to avoid any later contention of a lack of understanding or consent in this regard. This is particularly important if security is to be exercised over jointly owned property, which could lead to arguments over undue influence, for example, if the spouse of a director claims not to have been aware of the security.
Practitioners should also be aware of HM Land Registry’s requirements as to the execution of deeds by companies: see Precedent: Guide to executing deeds and documents in property
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