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Thomas
Thomas, Lawyer
Category: UK Property Law
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Experience:  BA (Hons), PgDip, Practising Solicitor
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iown 8 propertys i want to give differtent amount of shares

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iown 8 propertys i want to give differtent amount of shares to my famileys and keep a major share holding that will be in no major name but in all of the family that can not be sold with out every one born in the family agree how can it be done
Submitted: 3 years ago.
Category: UK Property Law
Expert:  Thomas replied 3 years ago.
Hi,

Do.you intend to actually transfer the title in the property in to joint names of you and your family, or just to pass an interest in the equity to them?

Do you have a m.mortgage on the property?

Tom
Customer: replied 3 years ago.
i have mortages on the propertys wot way would it be best to keep it only so my imedeat family would benift and to be liable for inheirtance tax i do not want there parteneryobe able to lay claimto any in case they separate
Expert:  Thomas replied 3 years ago.
Hi

if the properties have mortgages then you will not be able to transfer the title to them without the. Mortgage lenders consent., you will have to speak to them if you wish to do this.

the alternative is that you execute declaration of trusts in respect of each property. this is a deed. where you would specify that although you own the property certain parties hold percentage of the equity. You can also specify that those parties do not have the power of sale for theory share it will be a potentially exempt transfer for iht purposes.You will need ta local solicitor to draw the. for . they will costs around £80+vat per deed
if this is useful please kindly click accept so that I may be rewarded for my. time. you will. be free to ask follow up.questions.

Tom
Customer: replied 3 years ago.
can you please explain wot you mean by [ for theory share it will be a potentially exemt transfer for int purposes] we would want to put in place a share ownership were no one exceddes the case value to be lible for iht
Customer: replied 3 years ago.
could you explain in more detail if possible thank you
Expert:  Thomas replied 3 years ago.

Hi,

 

The properties cannot be transferred to joint ownership with other persons without the consent of the lender who holds mortgages on the properties. If you wish to do this then you will need to speak with the lenders about your plans to see if they are willing to consent to the transfers. It will probably be that they require the person who are going to be named as joint owners are also jointly named on the mortgage.

 

Executing declarations of trust means that they have an interest in the equity in the properties, but it does not mean they are joint owners. Once you have executed the declarations of trust the interests that you are giving away become a potentially exempt transfer in each case. This means that if you live for 7 years from the date of the transfer then the interests that you transfer will not be included in your estate for IHT purposes. If you die within 3-7 years of the date of teh declaration of trusts the only a percentage of the interest you transfer will be included in your estate for iht purposes.


Trust this clarifies, if so please click accept.

Kind regards,


Tom

Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 6660
Experience: BA (Hons), PgDip, Practising Solicitor
Thomas and 2 other UK Property Law Specialists are ready to help you

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