I have one more question I would like to ask you please.
My father wishes to purchase a property as a gift , and that it has been agreed that the the purchase will be made in his name, but the beneficial interest of the property will be held upon trust by my father for myself.
The Declaration of Trust includes the following:
(i) A provision that my father will be entitled to all income arising from the property until such time as the legal interest to the property is transferred to myself: and
(ii) A provision which allows me, after 5 years, to give written notice to my father that I wish the legal interest of the property to be transferred to my sole name.
The question I had was:
Based on the above arrangement, would I still be eligible tested benefits (e.g. housing benefit)? - Given that the legal ownership would be under his name ( years) and all the income (from the proceeds of renting out the property) will be going to him?
Thanks a lot response.
Thank you Clare. You have been very helpful.