Joint Ownership

Syndicate Ownership

It is possible for a syndicate of Yorsipp members to purchase a property.  The proportion of the property held against the members records will be in direct proportion to the amount provided for the purchase.  These proportions may alter where, for example, there are insufficient funds in the property account to meet expenses and funds are taken from the member’s personal account.

Unconnected/Connected Party

It is possible to jointly own commercial property with either a connected or unconnected party.  Where the party is connected the transaction must be at “arms length” or a tax charge may apply.

Yorsipp will require certain conditions to be met when considering joint ownership in cases where there is bank borrowing the lender may also require additional agreements.

Yorsipp must have the ability to sell its share of property held on behalf of the scheme member(s) for the provision of benefits.  This will require a legal agreement with the joint owner to allow Yorsipp to sell the property; this may be to a connected person.