Thanks for your enquiry.
Could you please give me a little more information as to why you are considering this?
Do you wish to put the property in trust as opposed to gifting the property to your children?
Can I ask if they are all married?
I look forward to hearing from you.
Hi, thanks for your reply.
I can confirm that you aren't bound to the subscription and will only be responsible for paying for this one answer if you are happy with my answer.
You can set up a Trust for your children, and this would entail a Solicitor preparing the Deed, which would be signed by you and the children. Your Solicitor will then have to change the Deeds at the Land Registry, to show that the property is held in trust. The legal costs to do this are going to be between £500-£750 us VAT and a Land Registry fee of £40.
Before the Trust Deed is drawn up, your Solicitor will need to make it clear to you that if you proceed with putting the property in Trust, it has the following drawbacks-
1. You will lose absolute power over the property, and you would not be free to sell it and use the full sale proceeds to purchase another property.
2. If any of your children were to unfortunately die prematurely/got divorced/were made bankrupt, their share in the property may pass to a third party and this would be out of your control.
You should therefore arrange to have a chat with a Solicitor about the implications of setting up a Trust, before you proceed.
I hope this assists and sets out the legal position.
If I have helped, I would be grateful if you could rate my answer.
Can I assist you any further?