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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Property Law
Satisfied Customers: 34283
Experience:  I have been a solicitor in High Street Practise since 1985 with a wide general experience.
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Here is my Property Law question.Q1: I have a property

Resolved Question:

Here is my Property Law question.Q1: I have a property which is still under mortgage and the land registry is in my name as well as the mortgage. I want to change the land registry name to my son (50%) and my nephew (50%) who are both aged 6. Is this possible? My aim is to change the name on the land registry?Q2: I have another property which is still under my name. I used my name to help my cousin purchase the property. Is there any way of changing the land registry details to his name?My aim in both cases is to remove my name. Also if this is not possible can you offer me another solution. i.e. in a business name or trust where my name is removed? Please be detailed in your response, ultimately I want solutions..There's always a way :)
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Submitted: 1 year ago.
Category: Property Law
Expert:  Clare replied 1 year ago.
HIThank you for your questionMy name is***** shall do my best to help you but I need some further information first.Could you tell me why you wish to do this - it will help in finding a solution.Clare
Customer: replied 1 year ago.
I want to do this so we can establish a true ownership of property. When we first bought these properties my cousin and brother put up a deposit therefore they have a share in the property. What I want to do is give them this share in writing. Also I am having to pay tax on all these buy to let properties via self assessment and removing them from my name would enable me to save money on taxes. Hope this is clear.
Customer: replied 1 year ago.
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Customer: replied 1 year ago.
Woops, I prefer to stay in touch via messages.
Expert:  Clare replied 1 year ago.
That is fine1. No you cannot do this . You have to be 18 to hold property in the UK and you would need the permission of the Mortgage Company to change the title in any way2. Assuming that the Mortgage company will release you there is no reason why you cannot Transfer this property to your Cousin.The only way that you can achieve what you wish is by creating a Trust and transferring the property into the ownership of the Thrust - but you will need the agreement of the Mortgage company - or new mortgages to achieve thisPlease ask if you need further detailsClare
Customer: replied 1 year ago.
Hi ClareHow do I go about creating a Trust?
Are there any generic forms that can be used?
Does it need to be done by a solicitor?
Once I create the trust will I be liable for paying tax? or will the beneficiary have to pay tax on income from the property?
Do I need to contact the Bank before I create the Trust?Please can you be thorough,Thanks
Customer: replied 1 year ago.
Please can you respond?
Customer: replied 1 year ago.
Also once I have the Trust can I submit the document to Land Registry and will they have to update the details for the new owner as the beneficiary?
Expert:  Clare replied 1 year ago.
You cannot transfer the property to a Trust as there is a mortgage on it.
Expert:  Clare replied 1 year ago.
I am sorry that you feel my service was poor meaning that I get no credit for my timeI cannot give you the answer that you want as what you want is at this point impossible.You have a mortgage on the property so no dealings with it can take place without the agreement of the Mortgage Company.If you wish to set up a holding company that will own the property to reduce the tax and transfer the properties into that then you willalso have to transfer the mortgages which will need fresh mortgage applicationsPlease ask if you need further details
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