We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
If a property is owned in trust does this show up on the land registry
Woolington
Posts: 126 Forumite
Hi all,
my parents transferred their property into a trust fund owned by the 4 children of them both in order to avoid inheritance tax.
Would the property have to be re-registered with the land registry? It has since been returned to the ownership of my stepdad. Should these transactions show up on the land register?
my parents transferred their property into a trust fund owned by the 4 children of them both in order to avoid inheritance tax.
Would the property have to be re-registered with the land registry? It has since been returned to the ownership of my stepdad. Should these transactions show up on the land register?
0
Comments
-
the removal of the property from the trust could have had tax implications if step dad was not a beneficiary of the trust to start with - which it sounds like he wasn't
the return of the property into ?(sole?) ownership of step dad should be recorded at the land registry since that is what they are there to do - list the legal owners of a property
sounds like you may need to speak to whoever dealt with the trust0 -
The register will only show the current ownership details - you can search and check those online for a small fee (£3 for the register)
Trusts can be reflected on the register, usually through the means of what is known as a restriction
If the legal ownership has been returned/transferred to the stepdad then any mention may have been removed unless the trust itself remained in place.
If you wanted to check the prior registered details, for example when it was in the names of the 4 children, you could apply for an historical edition of the register instead using form HC1 and paying a £7 fee - see the guidance entitled get historical title registers. You'd need to request a date prior to the date it was changed back to stepdad.“Official Company Representative
I am the official company representative of Land Registry. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"0 -
thank u both so much! Ive got a new angle to explore now!0
-
Your parents, while living, transferred the property into the names of A,B,C, and D, Trustees of the XYZ Trust?
The Trustees were recorded as the legal owners at the Land Registry?
Did your parents continue to live in the house after it was transferred into Trust?
Was the Trust registered with HMRC?
Who were the beneficiaries of the Trust?
Did the property increase in value while it was in the Trust?0 -
http://www.howellslegal.co.uk/news/post/Gifting-The-Family-Home-Options-To-Consider.aspx
might be worth a read.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 349.9K Banking & Borrowing
- 252.7K Reduce Debt & Boost Income
- 453.1K Spending & Discounts
- 242.9K Work, Benefits & Business
- 619.7K Mortgages, Homes & Bills
- 176.4K Life & Family
- 255.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 15.1K Coronavirus Support Boards