Shared Ownership Question

[PintoPotts]

I have been offered a 25% share in a 'shared ownership' house in Spain, I am very interested but a bit worried about the legal side of things.

The seller has told me that the property is currently owned by a UK Limited company and the shareholding is split 4 ways into blocks of 25%.

They said that transferring the 25% share is a very simple process, which I am sure it is.

But my worry is how do I go about checking that I am getting exactly what I think I am and that I am not being ripped off into buying a share in a totally worthless company?

How do I check that the company really owns the property and what rights I get as a 25% shareholder? What about searches, surveys and other checks that are normally undertaken when buying a property?

Any advice would be much appreciated!

 

[Janoulaki]

if it is UK company... check if it is registered with companies house and whether it is a cash rich company and what are the assets

it is always advisable before you put your money into the shares to review the accounts and simply ask for it

more info...you have got my email and telephone already

Jana

 

[Breyer]

Do not even thing about it! The legal ramifications are difficult to predict. If you want to invest and lack adequate funds do so in a cheaper market like Turkey, North Cyprus, Israel or Panama.

However, always be careful to take a soliciter of your own and check the land titles with a fine tooth comb.

 

[Breyer]

Bad advice -- should have steered him away from the deal altogether.

 

[Tim10]

Breyer is right....Shared ownership is a very bad idea

Many people have walked that plank only to drown in sorrow.

Solid investments with single ownership and sound title are the best way to go!