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Trust of Deed
Aarnav
Posts: 6 Forumite
Hi,
I need an advise on Trust of Deed UK.
I currently live in a one bed flat with my mom and soon will be purchasing a house. Once we move into my new home, I want to rent out the one bed flat and make a deed stating that whatever the rental income the flat generates, it will go to my mom's account rather than mine. I will continue to pay mortgage on that flat.
my mom is 65 and unemployed and not on any social benefits.
do i need a deed of trust or something else?
please advise.
many thanks
Aarnav
I need an advise on Trust of Deed UK.
I currently live in a one bed flat with my mom and soon will be purchasing a house. Once we move into my new home, I want to rent out the one bed flat and make a deed stating that whatever the rental income the flat generates, it will go to my mom's account rather than mine. I will continue to pay mortgage on that flat.
my mom is 65 and unemployed and not on any social benefits.
do i need a deed of trust or something else?
please advise.
many thanks
Aarnav
0
Comments
-
What are you trying to achieve and why?
I assume the flat is yours. You are the sole registered owner, and the mortgage is in your sole name?
When you let the flat out, you will be the landlord, so please see the links below and read them.
The rent will be yours. You will need to declare it as income to HMRC.
What you do with the money is up to you - you can gift it to your mum each month. No Deed is needed.
If you are concerned about what happens to the flat if you die, write a will. You could leave the flat to your mum. Or someone else.
* New landlords (1):advice & information :see links in next post
* New landlords (2): Essential links for further information
* Letting agents: how should a landlord select or sack?0
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