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Deed of Trust between Parents & Kids
bamgbost
Posts: 483 Forumite
My Wife's dad wants us to take over ownership & management of a B2L property of his.
However, as you all advised previously, its not possible to gift a property to us without us taking out a mortgage. ( But we Still saving for our property & not got great credit rating as of yet).
Therefore FIL has explained the situation to a solicitor and has been advised to do a deed of trust between himself and US. This apparently will effectively achieve the same goal we want (joint ownership of the property - to manage, whilst he moves abroad).
Does anyone know if this is the best option? And what we should be aware of by going down this route? Any catches??
However, as you all advised previously, its not possible to gift a property to us without us taking out a mortgage. ( But we Still saving for our property & not got great credit rating as of yet).
Therefore FIL has explained the situation to a solicitor and has been advised to do a deed of trust between himself and US. This apparently will effectively achieve the same goal we want (joint ownership of the property - to manage, whilst he moves abroad).
Does anyone know if this is the best option? And what we should be aware of by going down this route? Any catches??
365 Day 1p challenge - £371.49 / 667.95
Emergency Fund £1000 / £1000 ( will enlarge once debts are cleared)
DFW - £TBC
Emergency Fund £1000 / £1000 ( will enlarge once debts are cleared)
DFW - £TBC
0
Comments
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Previous thread https://forums.moneysavingexpert.com/discussion/5279529My Wife's dad wants us to take over ownership & management of a B2L property of his.
However, as you all advised previously, its not possible to gift a property to us without us taking out a mortgage. ( But we Still saving for our property & not got great credit rating as of yet).
Therefore FIL has explained the situation to a solicitor and has been advised to do a deed of trust between himself and US. This apparently will effectively achieve the same goal we want (joint ownership of the property - to manage, whilst he moves abroad).
Does anyone know if this is the best option? And what we should be aware of by going down this route? Any catches??
Reason for requiring a mortgage is that the property is currently mortgaged.0
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