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PortsmouthLaw
PortsmouthLaw, Solicitor
Category: UK Property Law
Satisfied Customers: 255
Experience:  I have been a solicitor, dealing with property law issues since 1981
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I have two investment properties in the UK. Both have relatively

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I have two investment properties in the UK. Both have relatively small mortgages (approximately 50% of current asset values).
I now live in Australia and will be setting up a Family Trust, to disctribute investment income to children and optimize tax thresholds).
Ideally I would transfer both UK properties into the Trust, so that rental income can be shared.

Would HSBC / RBS entertain assignment of mortagage into trust, underwritten by Trustees (including myself)???

PortsmouthLaw :

Hi

PortsmouthLaw :

Why do you need to assign the properties and the mortgages to the Trust? If you retain ownership of the properties there is no reason why you should not execute a Declaration of Trust, saying that you no longer hold the properties as beneficial owner but as Trustee for the Family Trust. After paying the mortgages out of income received, you pass the remainder into the Trust's bank account. You would remain owner of the legal estate in the properties but the equitable interest would ahve passed to the Trust. In that way you need not involve HSBC/RBS. If you were to ask the question of either, my experience suggests that the answer would be negative.

PortsmouthLaw :

Hope this answers your question. If so, please click "accept" but do come back for more informationif you need to

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