Hi, thanks for your reply.
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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.
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