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Transfer of Freehold.

Transfer of Freehold.

We had a client Co.which let a property on a 999 year ground rent lease but then subsequently was dissolved in 2001.The Freehold apparantly is still held in the name of the dissolved Co.
We realise that in such cases the property is vested in the Treasury Solicitors but before transferring the Title a director of the Old Co.has asked if there are any taxation or any other implications of relinquishing the title deeds.
We would think none as the Co.was dissolved and the property should have devolved to the Treasury some time ago BUT is there anything we are missing that could result from relinquishment of the Title Deeds?(excuse if a daft question!)
Thanks in anticipation.


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29th Oct 2003 16:14

Transfer possible without reinstatement ?

I'm not a lawyer, but surely you cannot effect a proper conveyance of the freehold unless the company is reinstated ?

If the company is reinstated, and it then makes a disposal of the freehold, all of the normal possible tax implications will follow. For example,if it receives no proceeds but transfers the property to a connected person, the proceeds are deemed to be market value.

Proceed with great care. It certainly isn't a daft question.

If it is possible to transfer the freehold without reinstating the company I would be very interested to know how. Presumably the company was informally struck-off ?

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