my father has a commercial property in his personal name and has leased it to a major business with a 'right of first refusal' clause for 20+ years. He is now almost 90 and the lease will go beyond his life. So his 3 sons are considering transferring the property into a family company (note he purphased the property pre CGT) as we dont want this in our personal names (for tax and other reasons). What would be the best way to transfer (which I assume would be considered a sale as it ownership has changed) and not trigger this clause as we are concerned when this fall into probate on his passing and not sure what that will mean as when it goes into his estate (his will states for all assets to go into a testamentary trust - so how sure how this will impact it too).
Any tips would welcomed before we formally engage a lawyer - so we have some information beforehand.
Any tips would welcomed before we formally engage a lawyer - so we have some information beforehand.
