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Thomas
Thomas, Solicitor
Category: Property Law
Satisfied Customers: 7620
Experience:  UK solicitor holding an England and Wales practising Certificate.
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My wife, my daughter and I are listed as owners of our flat.

Resolved Question:

My wife, my daughter and I are listed as owners of our flat. We wish to increase our daughter's percent ownership to 50% or 80%. Can we simply write a letter to her which we all sign and date? Is that sufficient proof for the Inland Revenue?
Submitted: 2 years ago.
Category: Property Law
Expert:  Thomas replied 2 years ago.
Hi
Thank you for your question and patience, I’m Tom and I’ll try to help you.
In order for the change in percentage ownership to be fully enforceable you should execute a declaration of trust, which is a deed (usually prepared by a solicitor) stating that your beneficial interests in the equity are held in specific percentage shares as of xx/xx/xxxx date.
This should cost in the region of £150 + VAT for a solicitor to draft the declaration for you.
A letter is unlikely to suffice for your purposes unfortunately.
My goal is to provide you with a good service. If you feel you have received anything less, please reply back as I am happy to address follow-up issues specifically relating to your question.
Kind regards,
Tom
Customer: replied 2 years ago.

Can you prepare this Declaration of Trust. I have an existing solicitor letter prepared 7 Sept 2000 which divides ownership giving 50% to our daughter. We would like to amend that to 80%% with similar provisions requiring two to agree on major decisions. The objective is to reduce inheritance tax on our property. I can scan and email you the letter.If you cannot prepare such a Declaration of Trust can you recommend a local solicitor in London?

Expert:  Thomas replied 2 years ago.
Hi,
I'm afraid I cannot accept private instructions from customers of this site, nor can I make recommendations because it's against the conditions of this site.
Any local property solicitor will be able to do it for you, it really is bread-and-butter stuff.
I would use the law society find a solicitor search engine to find some of the closeest:
solicitors.lawsociety.org.uk
Tom
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