New queries: 8 December 2022

Registering legal ownership transfer.

A friend bought a block of flats in the 1980s for £80 000. The original draft contract was in the name of their limited investment company but to enable keener finance rates to be obtained the purchase was completed in the names of the shareholders acting as trustees for the company ie the legal ownership is in the names of the directors but the beneficial ownership is that of the company.

The properties and net income have been shown in the company accounts since the purchase. The finance was paid off long ago and the directors now wish to regularise the title to reflect the legal and beneficial ownership by the company. The directors believe they completed a trust document at the time of purchase but this has been mislaid. They have completed a declaration of trust stating that they hold the...