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Helen Hill
Helen Hill, Lawyer
Category: Law
Satisfied Customers: 534
Experience:  LLB Law, Licensed Conveyancer and Probate Practitioner, Fellow of CILEx, Trust and Estates Practitioner (STEP)
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A couple of years ago my father died, he and my mum were

Customer Question

A couple of years ago my father died, he and my mum were tenants in common. In his will he leaves his estate to mum but obviously his share of the house equity passed into trust.
JA: Where are you? It matters because laws vary by location.
Customer: Mum is now talking selling and moving, does the equity held in trust transfer to the new house? Sorry, I am in England
JA: What steps have you taken so far?
Customer: None, I'm just trying to find out the legal position. I know mum owns the title, but the rest is a bit confusing
JA: Anything else you want the Lawyer to know before I connect you?
Customer: I need to know what happens to the equity if mum sells. i.e. does it transfer or do I automatically own half of the new house
Submitted: 1 year ago.
Category: Law
Expert:  Helen Hill replied 1 year ago.

Thank you for your question. I am a licensed conveyancer and private client lawyer so will be able to help.

In legal terms, 50% of the equity in the property belongs to the trust so 50% of the sale proceeds should be paid to the trustees however the trustees can then agree to use this 50% towards the purchase of the new property as your mum is likely to have a life interest in the trust.

In practical terms the trust does switch to the new property but the trust should be noted on the new property title. Your conveyancer can do this for you. The trust is likely to only terminate on your mum's death, when the ultimate beneficiaries will inherit. I would be happy to review the Will to confirm this is all correct if you would like me to and can upload a copy?

Expert:  Helen Hill replied 1 year ago.

I notice that you have not yet viewed my response. Please kindly let me know if you need any further assistance with this matter.