Tenants in Common Unequal Percentage - help please!

suitcase_of_dreams

fair points mojisola

can we jointly instruct one solicitor to draw up a deed of trust as a separate action to the transfer of deeds?

we need the transfer of deeds to happen asap because we need the mortgage funds available early next year to pay for the building works

however, it seems there are other things we must consider, so I am thinking that we could get my name on the deeds with a % share (probably calculated as suggested earlier in the thread) now but then instruct a solicitor (not necessarily the conveyancing solicitor we are using for the mortgage) to do the deed of trust in the New Year, when we can take our time to get all the considerations right

silvercar - have already had the conversations with siblings (we are a very close family) and they are of similar mind to my mother - as long as it works out 'fairly', they are happy and don't want to get too involved in the deliberations
- and whilst it is true I am currently living rent free here, both my siblings have at other times in their adult lives lived here rent free for long periods of time so it all works out evenly more or less in the end....

TBagpuss

The trust deed would normally be done by a solicitor and provided that you user a real solicitor \(not a cheap conveyancer) this should be done at the same time as the mortgage. IHT planning-your mum should talk to a solicitor who is a member of STEP. Ideallly look for a firm which deal with both areas so that they can coordinate if necessary.

As PPs have said, you and your mum do need to consider different scenarios (e.g. Mum needing care, you wanting to move out etc) Also be aware that in terms of planning, your mum will need to make choices about what is most important to her - steps which reduce the likely inheritance tax liability may also mean she has less control over assets during her lifetime, and a good solicitor will be able to help her to make choices about what is best for her.