cousin_borat
Registered User
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My brother owns the property with two other business partners. It's a red brick house in Ranelagh converted into offices. The other two parties want out free up money for other projects they have.
The property is converted into 6 office type rooms. I am considering taking over from the other two partners. Taking away the amount my brother has already paid in the mortgage and how much cash I have to put down we're talking a mortgage of at least 500,000. The rent from the offices space rent would be approx 4,500 per month after I convert part of the building into a studio for myself.
My question is what would be the most tax efficient manner for me to take over the share currently owned by remaining two. Considering I have my own ltd company, and would be operating out of the property also. My brother also owns his share under his company.
Will he have to pay stamp duty even though it is two others selling their share and he is keeping his?
What would be the best type of mortgage?
Any thoughts or feedback would be greatly appreciated!
The property is converted into 6 office type rooms. I am considering taking over from the other two partners. Taking away the amount my brother has already paid in the mortgage and how much cash I have to put down we're talking a mortgage of at least 500,000. The rent from the offices space rent would be approx 4,500 per month after I convert part of the building into a studio for myself.
My question is what would be the most tax efficient manner for me to take over the share currently owned by remaining two. Considering I have my own ltd company, and would be operating out of the property also. My brother also owns his share under his company.
Will he have to pay stamp duty even though it is two others selling their share and he is keeping his?
What would be the best type of mortgage?
Any thoughts or feedback would be greatly appreciated!