Buying An Investment Property For Your Company
Tollers deal with a wide range of conveyancing work however we are increasingly being asked to act for investment buyers who are buying in the name of their company rather than in their individual names.
Tollers can deal with such purchases and are on the panel for most mortgage companies who lend in these circumstances. If Tollers are on a Lender’s panel it means that Tollers can act for the Company and also the Lender, like in most residential conveyancing transactions. If Tollers are not on a certain mortgage lender’s panel, we can arrange to get on the panel quickly. If a buyer was to instruct a solicitor that was not on the panel for the Lender which you intended to use, this would mean that your solicitor would be able to act for you, as the Buyer but the Lender would instruct their own solicitor to act for them. The Lender would normally require the Buyer to be responsible for the legal costs that the Lender incurs in obtaining separate representation. Mortgage offers where the Borrower is a Company may have complicated conditions attached. These conditions need to be complied with before exchange of contracts take place. Such conditions could include checking that your intended Assured Shorthold Tenancy Agreement complies with the Lender’s requirements. Tollers are a full service firm and can offer you this conveyancing service.
The Residential Conveyancing Team at Tollers are familiar with these requirements and are able to comply with the conditions swiftly and efficiently in order that the purchase is not delayed by these additional requirements.
Buying an investment property as a company
We will also check that the title to the property fits your lettings requirements and check that there are no covenants or onerous provisions in the title that would restrict you letting the property out. If there are any covenants we can arrange for the Landlord to enter into a Deed of Release or Variation to either release the covenant from the property in full or vary it so that it fits your letting requirements and those of your Lender.
Tollers understand the stamp duty implications on transactions purchased in the name of Companies.
All mortgages that are taken out by a company also need to be registered with Companies House as well as the Land Registry. Tollers are again familiar with this process which must be carried out within strict timescales.
Tollers have a dedicated conveyancing team based in Corby who are able to deal with purchases in the name of your company and can provide you with a competitive quotation and advice on the process. With our expertise and knowledge of the property market, process and commercial awareness we can deal with your transactions efficiently and in accordance with your timescales.