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  • Legal FAQs

    Splitting title and pension

    I have a property transaction that I am looking to do and was hoping you could give me an idea of the cost involved.

     

    My company XXX Housing Ltd own a shop with a flat above, the flat has a separate entrance through a shared yard. We own the property outright. We have the flat rented out on a AST and the shop rented out on a twelve-month agreement.

    We would like to firstly split the title and sell the commercial element to my pension fund and I believe the best way to do this would to grant a lease of 125 years of the commercial unit to my pension fund.

    The present commercial tenant wants a more permanent arrangement and he wants a 5-year agreement to which I have no objection and understand that this agreement would then be with my pension fund. The AST with the flat would not change.

     

    Would this be possible and would i need two sets of solicitors one to act for my pension fund and one to act for my company XXX Housing and my pension fund?

    Who would normally be responsible for drawing up and the cost of the lease between the pension fund and the commercial tenant? Would the commercial tenant be liable for a contribution?

     

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    [Image: New-logo2.png] Manchester based investor. I buy, sell, renovate and rent investment property in East/North Manchester Wink email: mike@brentwoodinvestments.co.uk Call: 0161 681 3724