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Taking over partners share in an office property

cousin_borat · 2007-11-18 11:13:45

My brother owns the property with two other business partners. It's a red brick house in Ranelagh. The other two parties want out in order to free up money. The property is converted into 6 office type rooms. I am considering taking over the other two partners share. Taking away the amount my brother has already paid in…

18-11-2007 11:13am

#1

cousin_borat

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My brother owns the property with two other business partners. It's a red brick house in Ranelagh. The other two parties want out in order to free up money.

The property is converted into 6 office type rooms. I am considering taking over the other two partners share. 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 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?

Should I buy with the company or as myself, unfortunately although no equity in Ireland currently I purhased some property abroad so don't think I'll be categorised as 1st time buyer.

What would be the best type of mortgage for me? Should I go with the existing mortgage provider for the property (AIB)?

Any thoughts would be greatly appreciated!

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