Transfer of Title
It can often be beneficial to change the legal or equitable ownership of a property for estate planning purposes or to simply clarify the intended legal position in respect of a beneficial interest in the property. This can be effected by transferring the legal title of a property or producing a Declaration of Trust over the property to protect a beneficial interest.
Our highly trained and qualified team can assist with changing the legal ownership of a property. A transfer is a legal process which results in a change of the legal ownership of a property. Although this mostly occurs where a property is sold it could also be the result of the addition of an owner, or the removal of an owner; or it could be a transfer of property into, or out of, a trust.
Declaration of Trust
A declaration of trust confirms the true ownership of a property in the proportions contributed by each party regardless of the title entries at the Land Registry which show the legal ownership. It allows an individual who isn’t named on the legal title to ensure their interest is documented and protected. The declaration of trust can be registered on the property title deeds, alerting future purchasers or other third parties that the legal owner is actually holding the property on behalf of other parties.
It may also be the case that a couple buying a property are doing so by putting in unequal amounts of money. For example, Mr Smith and Miss Jones are buying a property together, but are providing different contributions to the purchase price. They wish their contributions to be reflected in a legal document. Mr Smith is to own 60% and Miss Jones is to own 40%. Upon sale they will get a respective share of the net proceeds. A declaration of trust for tenants in common records each person's contribution and therefore the proportions of the property they own.
A first registration of any unregistered property is now compulsory where there is a change of legal ownership. This can be due to a transfer, the death of the legal owner or because the property is being transferred to trustees under the terms of a trust. Whether a registration is compulsory or voluntary, we can assist in drawing up the necessary documentation and submitting the deeds to the Land Registry.
It can sometimes be prudent, especially as part of your estate planning to sever the tenancy of a jointly held property. If a couple own a property as joint tenants, then after first death, the property is owned 100% by the surviving tenant. This is not always the best outcome and you may wish to ensure your share in a property passes to someone else.
It could well be that you still own a property as joint tenants with an ex-spouse or ex-partner and it would not be your intention to pass your share of the property on to them when you die; but if you were to pass away first, then this is exactly what would happen.
By severing the tenancy you would now own a defined percentage of the property that would pass into your estate following your death and so could now be left via instructions in your Will; thus ensuring that the person or persons you want to inherit your share do so.
Our qualified and highly trained team will be able to advise you accordingly and draft the appropriate paperwork to submit to HMLR to protect your share of the property.
OTHER LEGAL SERVICES
COMMISSIONER FOR OATHS
In many applications to Court, the applicant must file evidence to support their application. In the majority of cases, for example, applications to the Probate Registry must be supported with evidence in the form of an Oath, Affidavit or a sworn Statutory Declaration.
We are pleased to be able to assist by administering Oaths. Please contact us to make an appointment.
The Planning Crowd has highly trained and qualified staff ready and available to discuss your needs
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In-house legal team
We have our own in-house legal services team that specialise in estate planning.