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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Property Law
Satisfied Customers: 34484
Experience:  I have been a solicitor in High Street Practise since 1985 with a wide general experience.
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I want to structure a mechanism to purchase Uk properties that

Customer Question

I want to structure a mechanism to purchase Uk properties that can be protected from been got at by my ex partner. At the same time in the long term when my two young boys ( 9 & 6) can be passed the properties when they reach a mature age. I want to benefit from the rental income in the mean time.
Submitted: 2 years ago.
Category: Property Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question
My name is Clare
I will do my best to help you but I need some further information first.
What is the current legal relationship between you and your ex and what is the housing position of the children?
Clare
Customer: replied 2 years ago.

My position is as follows :

- I have always been married legally to my wife Khatija whom I have five adult children with and with whom I have always lived and still do

- I had a second islamic wife with whom I have never lived but have two young ( 9 & 6) boys with. We split up in 2011

She lived in a property that was owned by a Panamanian Company. She has now bought the property paying a £20 000 deposit and contacts have been exchanged, completion is January 2016. The boys live with

her. She has a new partner who ives with her. Both work

Expert:  Clare replied 2 years ago.
Hi
Was that deal agreed following court action?
Clare
Customer: replied 2 years ago.

before it got to trial she basically threw the towel as her position changed. She was ask to back to work as the youngest had reached the age of 4, meaning other she would have to contribute towards her legal fees or at worst her legal aid would have stopped completely.

Facing the prospect of not only paying her legal fees, but if she lost she would have to pay the plaintiffs legal cost too, she asked that the case be withdrawn and she would buy the house.

She has since then found it difficult to obtain a mortgage because of adverse credit history. She has managed to pay £20 000 and her new partner potentially is selling his house which she is hoping will pay the balance.

Expert:  Clare replied 2 years ago.
Hi
So in fact there is no further capital claim that she can bring against you?
Clare
Customer: replied 2 years ago.

I am a property developer and a property investor.

I have sold some rather high value properties recently.

I am now in the market to buy further properties.

I want to buy them in a vehicle that , let say remains discreet.

I do not ever want to be exposed to any claims.

Expert:  Clare replied 2 years ago.
Hi
Your ex cannot make any further capital claims against you - is there any other reason why you need discretion?
Clare
Customer: replied 2 years ago.

I still feel I need discretion as she may potentially claim in future for the boys. Although I have stipulated in my will what their inheritance will be. mM main aim , as per my initial question on JustAnswer was to set up a structure which enables that.

Please advice if you have expert knowledge in this area ?

Expert:  Clare replied 2 years ago.
Hi
The most realistic option will be to create a Company that will own the properties - and which can be transferred to the children in due course.
Given the circumstances this should give you the protections that you need
Clare
Customer: replied 2 years ago.

That is a very simple way which I am aware of having been director of a few. That is not what I want.

Expert:  Clare replied 2 years ago.
Hi
Then the other possibility is to create a Discretionary Trust with you and the children named as Beneficiaries.
There will be tax implications but this will allow you to receive the Income from the Properties whilst still benefiting the children in the longer term
Clare
Customer: replied 2 years ago.
Relist: Answer quality.
I believe the expert is not an expert in this field. I have asked the question of her experience in this area but i did not receive one.
The answer I was given was a very simple and basic one and one that can be found on google and methods I have used in the past.
Expert:  Clare replied 2 years ago.
Hi
I will agree that I am not Trust specialist - I am a Family Lawyer who also deals with Conveyancing, and Wills and Probate and will accordingly opt out.
However you are making complicated plans to avoid a risk that is no longer real - and there is simply no reason to do so
I cannot tell you anything new because there is nothing else that is relevant
Clare