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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34490
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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Can you assist me with my problem. I am a joint owner of a

Customer Question

Can you assist me with my problem. I am a joint owner of a property with my son. For many years he has been looking after me and taking care of all expenses in looking after the property including paying for the mortgage. This is due to my financial situation and my debts few years after the purchase of the joint property. I have agreed with my son that I did not want to have any interest in the property as he deserves the rewards from it. I want to legally give my son assurance that I will have no interest in the property. I am looking for a document that we can both sign which would be legally be binding. We don't want to involve ourselves with re mortgage issues as it would be impossible because of our financial situation. As mentioned earlier I have large debts which I am currently managing but do want any some one coming after the property to satisfy the debt as this would be very unfair to my son. I don't want the extreme situation of perhaps bankruptcy in the future due to my debt resulting in selling of the property which would be very unfair for my son.
Can you please advise and arrange for such a document .
Kind regards.
Satvir
Submitted: 1 year ago.
Category: Law
Expert:  Clare replied 1 year ago.

Thank you for your question

My name is Clare

I shall do my best to help you but I need some further information first

May I ask how old you are?

Customer: replied 1 year ago.
Iam 54 years old
Customer: replied 1 year ago.
Hi Clare, Would be responding to my question today?
Expert:  Clare replied 1 year ago.

You can sign a Declaration of Trust stating that the property is held by both of you for the benefit of your son.

This can also be Registered at the Land Registry.

However if you go Bankrupt within the next five years then this will not stand as the Trustee in Bankruptcy has the power to set it aside and I am afraid that there is no way around this.

Please ask if you need further details

Customer: replied 1 year ago.
Do we need a solicitor to draw up the Declaration of trust or can we do this ourselves?
Customer: replied 1 year ago.
Also Clare, the bankruptcy, is that five years from the date registered at the Land registry?
Expert:  Clare replied 1 year ago.

A solicitor would be best - and yes five years from then

Customer: replied 1 year ago.
Hi Clare,
Can we make the Declaration of Trust ourselves and sign it?, Will it still be valid and effective if we don't register it OR does it have to be registered.
Expert:  Clare replied 1 year ago.

If you wish it to stand up in the event of a bankruptcy then yes you should get it prepared with a Solicitor and it must be registered

Customer: replied 1 year ago.
Clare, is there a standard document I can use for this purpose, I am not concerned about the bankruptcy issue. Would you be able to draft this document for me.
Customer: replied 1 year ago.
Can you reply to my question please.