Landlord Tax Planning
5 years ago
Declaration of trust and restriction on title?
9:46 AM, 19th September 2017, 9 years ago
2
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I am in the process of trying to sell a property where I have used a DoT to move some of the economic interest into my wife’s name. When the DoT was created, there was a restriction put on the property’s title.
I am now trying to sell the property and the buyer’s solicitor wants the restriction removed before completion, which I assume would affect using my wife’s CG allowance.
My solicitor has recommended that my wife is appointed as a Trustee on the property transfer document which will overreach the sole proprietor restriction on the title and the Land Reg.
Has anyone had any experience in this?
This is the last thing we need to resolve for the sale to complete so it is pretty frustrating that both sides can’t find a solution.
Thanks
Vince
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Member Since January 2011 - Comments: 12209 - Articles: 1409
10:49 AM, 19th September 2017, About 9 years ago
The restriction is normally removed on completion in much the same way as a charge to a mortgage lender would be removed on completion.
This shouldn’t be a problem for your solicitors to deal with as it is extremely common. I suggest you request that the matter is escalated to the firms senior partner. It may well be that you have a junior working on your case who is still a bit wet behind the ears.
Member Since July 2015 - Comments: 2
9:51 AM, 20th September 2017, About 9 years ago
Thanks for the reassurance Mark!