Advice Please for child named on title register

Robin500

Browntoa said:

What does the land registry title say , are there any restrictions Listed on the title ?

Hiya Browntoa, i’v added that to the thread now, thanks very much 🙂

Robin500

EachPenny said:

If there is a disagreement between parents over you having the property, is it right to assume that they are no longer together and/or divorced? (assuming they were married)

If so, was ownership of the property not dealt with as part of the financial settlement between them on divorcing/separating?

But otherwise I agree with 00ec25, apart from some very basic advice people here cannot really answer your questions and you (probably with the parent who wants you to have the property) need to seek advice from a solicitor.

Hi, EachPenny I have put the divorce agreement in the thread, I agree about solicitor but want to understand as much as I can on my own first, thanks very much 🙂 

Robin500

Thrugelmir said:

Robin500 wrote: »

One of my parents is refusing to give me the property when I turn 18, does anyone have any advice on setting this, so that by the time I turn 18 the situation shall be sorted. The other parent wants me to have it at 18.

Then that's a personal decision on the part of both of your parents. Until they are in agreement nothing will happen.

Any tax implications by any chance?

Hi, probably about that the tax, not sure though, thanks very much 🙂 

Robin500

xylophone said:

Are your parents holding the property in "bare trust" for you?

https://www.taxcafe.co.uk/resources/buying_property_for_children.html

Hiya xylophone, I don’t believe so, is it possible to tell from the thread I have added above, 
thank you  

xylophone

Hiya xylophone, I don’t believe so, is it possible to tell from the thread I have added above, 

It seems to me (but I am no expert) that below is what is important.

Your parents have acknowledged that you are the sole beneficial owner of the property and that their interest is purely "nominal".

You were a minor and so could not be registered as the owner of the property.

Your parents were the registered proprietors but they were your "nominees" - this seems to me to be the equivalent of bare trustees.

You and the parent who supports you should take qualified legal advice.

In my parents divorce agreement it says that both parents have a *nominal* Interest in the property and which both parties are to retain their nominal interests In the property which the parties acknowledge to be the sole property of *myself*

princeofpounds

I agree with a lot of what has been said already.

The important part is that you appear to be the full beneficial owner of the property, and your parents are nominal owners. The stuff about disposition is a secondary issue (unless someone tries to sell the property of course!). This would indicate that the property is being held for you in trust by your parents as trustees.

What matters next is whether it is a 'bare trust' or a 'discretionary trust'. The former means that you have an absolute right to the assets in the trust now you are an adult, whereas the latter means that the trustees have some discretion over how they handle the assets in the trust. In the absence of any further information, it is likely to be a bare trust, but a full legal review of all the facts would need to be done to be sure about that. If it turns out to be a discretionary trust, the assets still need to be managed in your best interests, but 'best interests' does not necessarily mean 'what you want to happen'.

A lawyer who specialises in trusts should easily be able to examine and explain your position, and suggest a route ahead. Legal action might be a hassle but it seems somewhat straightforward and it may be possible to reach agreement before court as long as the reluctant parent receives good advice themselves.

You are obviously holding plenty of information back here, so there could always be something that pops up that makes the situation murkier, but that's how it looks at the moment.

xylophone

If it turns out to be a discretionary trust,

I am no expert but given the information provided so far, it seems to me that it cannot be a discretionary trust if a) the OP is the beneficial owner of the property, and b) the property cannot be sold without his consent.