Many of you may be aware of the Government’s Five Point Plan for housing which has been designed to stimulate housing supply and encourage first-time ownership. Support such as this is likely to be welcomed by many as the impact of the global financial crisis, and the critical effects this had on the property development sector, continue to be felt by first-time buyers as they battle astronomical rents and house prices, worsened by low salaries.
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We were recently introduced to husband and wife clients who, whilst in the enviable position of owning significant amounts of residential letting property (£10m+), were unhappy with the complexity of the structures in which the properties were held. For various reasons ownership of the properties was split over a number of entities including both a partnership and a limited company, with mortgages attached.