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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11135
Experience:  30 years as a practising solicitor.
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Our house is worth in excess of two million pounds today.

Resolved Question:

Our house is worth in excess of two million pounds today. Would it be legal to put the house in to a trust and for the trust to borrow £150,000. This sum would eventually be distributed between our children. I am 87 and my wife is 86.
Thank you
Bernard jelley
Submitted: 2 years ago.
Category: Law
Expert:  JGM replied 2 years ago.
Thank you for your question.
There is nothing illegal about transferring a house from individual ownership to a trust. Similarly there is nothing to stop a trust borrowing money, assuming the trust satisfied the lender's borrowing criteria.
Happy to discuss further if I can.
Please leave a positive response so that I am credited for my time.
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