Land Registry- removing names

Mi55moppett

My daughter owns 2 houses outright. She rents one out but has had a baby since this was set up. I have advised her to write a will asap and to put the rented house in a trust for the child. Would this affect her tax codes? She is part time employed, so under the minimum tax level. We would like to go about this but without any solicitor involvement, as there is no sale involved. I am aware of the Land Register but can we remove the council from that and any other names that are not hers?

user1977

Why have you advised her to put it in a trust? Are you involved in the property? Do either of you have experience in setting up trusts?

Where does the council come into it and who else is involved in the property? Are you maybe misinterpreting what the title deeds say?

silvercar

I can’t see this working. The trust would get the income from the property. Does she need the income to live off?

Nearlyold

Do you mean for her to put the rental property in Trust now or are you thinking of the situation should your daughter pass away.

user1977

https://forums.moneysavingexpert.com/discussion/comment/81875701#Comment_81875701

I presume they mean now, otherwise where would her tax codes come into it?

poseidon1

Your daughter should certainly not be putting a property into trust for her daughter during her lifetime , unless:

1. She is a multi millionaire with no need of the rental income herself
2. Will be employing ( at some cost) a specialist solicitor to draw up the trust deed and handle the land registry process ( you are clearly unqualified for either job).
3. Will be employing ( at some cost) a specialist accountant to handle registration of the trust with HMRC, potential IHT reporting if property above £260k in value and annual trust income tax compliance ( again, tasks way outside your own competency).

The only sensible advice is for her to draw up a will, but using a solicitor and certainly not a DIY effort, since she will have to consider important issues such as guardianship/ trusteeship on behalf of daughter whilst a minor, as well as potential IHT if properties and remaining estate exceeds £500k. Again such matters presumably way outside your own competency.

Really cannot understand your resistance against using a solicitor ( and other appropriate professionals) for clearly complex matters.

Keep_pedalling

Agree with everyone else, good advice on the will, terrible advice on the trust and not using a solicitor for the will.

If your daughter does want advice on inheritance planning you would be better advising that she use a professional rather than advise from a well meaning but clueless parent.

Emmia

https://forums.moneysavingexpert.com/discussion/6654435/land-registry-removing-names

Given the complexity and pitfalls of what you/your daughter want to do, it would be extremely foolhardy for you to proceed with any of this without the advice from properly qualified specialists

DigForVictory

A Will ASAP - definitely. Powers of Attorney likewise (the solicitor may well do a bundle for a single fee - ask!).
Shifting property ownership without the full paper trail - please do not. If only as it does your grandchild out of all first time buyer perks. (Then all the legal knees up when it comes to accounting for it on death, or on sale - the point of all the irritating professionals is to keep your family out of the hands of HMRC thinking there has been deliberate fraudulent activity.)

Please consider admitting a solicitor into this equation just for clarity and professional security in another two-, three-, four- decades time.