Setting up a limited company when sharing the freehold 50/50.

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I have just bought a 1-bed flat in a converted terrace, which I intend to rent out. I have acquired a 50% share of the freehold (the upstairs flat, which is owner occupied, has acquired the other 50% of the freehold). The other owner (upstairs flat) has suggested we might want to set up a limited company to manage the freehold. Is this worth while, given that we are only talking about 2 flats (one that is owner occupied, and the 1-bed flat that I will be renting out)? What is the best way to manage a joint freehold, given our circumstances. Any advice?
03/08/2015 20:12

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