Leasing Personal property to Limited Company

Other

A family member has inherited an HMO, it's licensed and tenanted and we are helping with sorting out the rest of the legal stuff to ensure it fully complies with legislation. The family member is not really in a position to run the HMO so it has been suggested it might be best to lease it to our limited company that already has some property in it.

We want to get a contract drawn up to avoid doubt but really don't know what it would be called or what sort of professional we want to use. Tried the family solicitor but not his thing so hoped someone on here might have a suggestion.

Then there is the issue of money - we think that it should generate a good return, it's been well maintained, so what level of "Lease" payment should we work on from the Limited company?

We were working on paying 50% of Gross Rent to the owner and settling up at year end. There are obviously Tax implications but does this seem a fair starting point?

Any suggestions gratefully received