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Ask Jeremy Aldermartin Your Own Question
Jeremy Aldermartin
Jeremy Aldermartin, Solicitor
Category: Property Law
Satisfied Customers: 12221
Experience:  Dual qualified Solicitor and Attorney
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I'm buying a house which will be in my name and I will live

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Hello, I'm buying a house which will be in my name and I will live in, with the money my mother is gifting to me. But for the remainder of her life, we want my mother to have the rights to all rental income from me and whoever we will rent out the other two rooms in the house to. She also lives in Spain. She needs a source of income, also for her taxes. What is the best way to do this? Can I hire her as my letting agent or property manager or something?
JA: Because laws vary from place to place, can you tell me where the property is located?
Customer: Brockworth, Gloucestershire
JA: Has anything been filed or reported?
Customer: No
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: No
Customer: replied 10 days ago.
Thank you. Let me know if there is any additional information I can provide you with to help!

Your best option is to obtain a deed of trust. This is a legally-binding document recording the financial arrangements between joint property owners, and/or anyone else with a financial interest in the property. The purpose of a Declaration of Trust is to remove any uncertainty as to what will happen to each person's financial investment in the property. What’s included in a Declaration of Trust will depend on your individual circumstances. It can include whatever you want but in this case it include that your mother gets all the rental income from renting out the property or part thereof for the rest of her life. To get a deed of trust drawn up typically costs around £200. You can see a provider of such services offering a fixed fee price of £180 here:

https://www.deedoftrust.co.uk/

I trust this assists

Hope this helps

Jeremy Aldermartin and 2 other Property Law Specialists are ready to help you
Customer: replied 10 days ago.
Perfect! Thank you so much!

Happy to help take care