Transfer of ownership to LAQC process

Susan asks:
(updated on Friday, June 11th 2010)

We bought a house in Auckland, lived in it for a year. Moved to Christchurch for work so set it up as a LAQC. However the title of the house is still in our names not the company of the LAQC. Our bank set up a company account to direct mortgage and outgoings. We are now returning to Auckland and want to move back into it. Should the company name be on the title of the house? Have we been running it incorrectly?

Our Experts Answer:

Sounds like your lawyer didn't correctly register the transfer to the company. Certainly not an ideal situation if the company has been claiming losses on a property it never actually acquired. You may be able to argue that the company was the beneficial owner of the property despite the problem with registering the transfer but it will depend on other supporting paperwork. Go and discuss the problem with your lawyer and seek an explanation for the failure to transfer. 

Mark Withers and his team at Withers Tsang & Co specialise in advising on property related transactions, valuation and restructure services and tax planning.

 

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