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JGM, Solicitor
Category: Law
Satisfied Customers: 12088
Experience:  30 years as a practising solicitor.
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my wife and me own 2 freehold mortgage free properties that

Customer Question

my wife and me own 2 freehold mortgage free properties that we rent to tenants. we wish to transfer ownership to our 2 daughters they would receive a set amount each month gauranteed we would manage the properties and be responsible for all costs. this would mean that instead of receiving the usual 10% our income would be variable and may be more. is this within the law?
Submitted: 3 years ago.
Category: Law
Expert:  JGM replied 3 years ago.
Thank you for your question.
All of that is fine. As your daughters will become the owners technically they are entitled to the rent. You may want to draw up a contract to cover what is actually going to be happening as regards ***** ***** rent et cetera
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