Hello People,
Is there anyone who might be able to gve some advice on what seems a too good to be true off ..
In short here is my situation.. I have just been made a company director in the company I work and have 1/3 of a share holding but not 1/3 in the business premises that's in my bosses name...
Now as a perk / loyalty bonus.. My boss wants me to have 1/3 of the business property , but at a price.
The premises is valued at conservatively 360K.. All he wants is 20K from me and I can have 1/3 of the property....
Now there's 10 years of a mortgage left on the premises but that doesn't really concern me cos the outstanding balance is not very much....
I will not have to make any mortgage payments only this once off one and just draw up a legal document to say that I own a portion of the property which he says he most gladly will sign.
This is quite new water for me.. Does anyone have any info on the legal / tax implications of doing this..
Is it hard to draw up a legal document to say that he is handing over the portion of the property to me ?
Any advice would be greatly appreciated.
I have worked with this man for nearly 20 years .. He has never wronged me... He's a decent fella also ..
Conor P
Is there anyone who might be able to gve some advice on what seems a too good to be true off ..
In short here is my situation.. I have just been made a company director in the company I work and have 1/3 of a share holding but not 1/3 in the business premises that's in my bosses name...
Now as a perk / loyalty bonus.. My boss wants me to have 1/3 of the business property , but at a price.
The premises is valued at conservatively 360K.. All he wants is 20K from me and I can have 1/3 of the property....
Now there's 10 years of a mortgage left on the premises but that doesn't really concern me cos the outstanding balance is not very much....
I will not have to make any mortgage payments only this once off one and just draw up a legal document to say that I own a portion of the property which he says he most gladly will sign.
This is quite new water for me.. Does anyone have any info on the legal / tax implications of doing this..
Is it hard to draw up a legal document to say that he is handing over the portion of the property to me ?
Any advice would be greatly appreciated.
I have worked with this man for nearly 20 years .. He has never wronged me... He's a decent fella also ..
Conor P