steve gilbert

Registered with Property118.com
Wednesday 15th October 2014


Latest Comments

Total Number of Property118 Comments: 18

steve gilbert

12:30 PM, 3rd January 2019
About 10 months ago

Restriction on investment property preventing remortgage

Hi seething no you are wrong there in a way. Under trust law and reflected by land reg for a DoT to be legal on a property a Form A must be registered. The beneficial interest is not noted or % just that there is a 2nd party with interest in the property. Form 17 is never required for DoT if you read HMRC manuals they are very clear on this. Form 17 is merely for varying ownership when husband and wife are both legal owners. So if you send a Form 17 to HMRC on a DoT they just ignore it. You also do not and should not send a DoT into HMRC. Again their manuals are clear on this. If you send one in their employees are instructed to not look at it but to file it.... Read More

steve gilbert

9:18 AM, 3rd January 2019
About 10 months ago

Restriction on investment property preventing remortgage

Hi Charles I had the exact same problem. You can look up my previous comments on here and PT to see. I lost the mortgage in the end and then had 6 months of work and turmoil to try and sort out. I went through word for word HMRC trusts internal manual, through land reg manuals and spoke to 10 different solicitors.
The problem boils down to this. Under Trust law and the Land Reg for a DoT to be legal a Form A restriction must be entered on the title deeds in favor of the beneficiary/ 's. Common sense really to have a beneficial interest on a property it has to be noted and stop the noted owner from being able to act against beneficiaries interest. So far so good However under trust law and therefore followed by land reg there has to be minimum 2 trustees named and in agreement for a change. Therefore land Reg will not allow a change on deeds, say for a remortgage as there is only 1 trustee. For landlords this can be a problem. Most Dot are between husband and wife. One being trustee the other beneficiary. The DoT is legal, provided a Form A restriction is entered on deeds, however that will disallow any changes in charges etc being allowed as there needs to be 2 trustees in agreement and there is only 1 trustee! I understand the reason 2 trustees need to agree is to stop fraud and make sure the trustees act in beneficiaries interest.
There is an answer. HMRC either understand this problem or are ignorant or actual trust law. I am not sure which but they re willing to accept DoT without any restrictions or interests noted on Land Reg for beneficiary. In effect HMRC for tax purposes accept non legally binding DoT. I can't remember the forms but you need to apply to land reg to nullify the restriction. It only takes about a week, then reapply for a mortgage. HMRC will still accept you have a Dot. A solicitor did 14 DoT for me with the restrictions and caused me no end of bother. They ended up refunding me and compensating me. So weirdly solicitors executing a legal DoT, mainly for tax reasons, are in the wrong and those writing them with no Form A restriction whether through ignorance of the law I don't know, are having no problems and HMRC are happy.
Hope this helps... Read More

steve gilbert

19:39 PM, 7th November 2018
About 12 months ago

steve gilbert

9:37 AM, 29th September 2018
About A year ago

steve gilbert

9:09 AM, 10th April 2017
About 3 years ago

Damp having a serious affect on our tenants

From the photo that almost certainly looks like damp caused fro high ground levels outside, also by the shape of the tide mark it only looks localized. Just a thought but have a look outside and see if some earth is piled against wall, or look up directly above to see if down pipe or gutter is leaking. I know this does not answer your question but if it is a really simple cause ( which I think it looks like it is) do it yourself or get someone to sort, cost you £30 odd quid and so much less of a problem... Read More