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Aston Lawyer
Aston Lawyer, Solicitor
Category: Property Law
Satisfied Customers: 10550
Experience:  LLB(HONS) 23 years of experience in dealing with Conveyancing and Property Law
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Hello my mother in law (73) wants to buy a property. She is

Resolved Question:

Hello
my mother in law (73) wants to buy a property. She is going to put in half and I am going to put in the other half. For various reason, for which I am happy with, she does not want to be put it in my name, and I do not want it to go her name. Can she put it into our kids name. All of them are under 6 years of age?
Thank you
Submitted: 3 years ago.
Category: Property Law
Expert:  Aston Lawyer replied 3 years ago.
Hello and thanks for using Just Answer.

I am Al and am happy to assist you with your enquiry.

I am afraid that you have to be an adult to legally own a property in the UK. Not that it is relevant, but furthermore, only 4 names maximum can go on the Deeds to a property. Therefore it won't be possible for the property to go into the kids names.

Please let me know if you require any further clarification.

Kind Regards
AL
Customer: replied 3 years ago.

Ok thanks


Can it be put into a family trust and how would I do this?

Expert:  Aston Lawyer replied 3 years ago.

Hi again,

Thanks for your reply.

It will be quite costly, but if this is what both you and your mother in law wish, the property could be put into a Trust. This would entail annual accounts to HMRC however and 2 Trustees (probably you and your Mother in law would have to appointed to look after and control the Trust).
I am not sure who is going to be residing in the property but I would suggest you both take specialist legal advice before proceeding with any Trust.

Kind Regards
AL
Customer: replied 3 years ago.

ok thanks. just one last thing - are you saying costly to set up or because of accounts etc?

Expert:  Aston Lawyer replied 3 years ago.

Hi, both to be honest! You will probably be charged approx.£500-£750 plus VAT in Solicitors fees and any income received from the property will be liable to tax at up to 34%!

I hope this helps.

Best Wishes
AL
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