Sheltered accommodation transfer to brother?

Sheltered accommodation transfer to brother?

11:29 AM, 27th March 2019, About 5 years ago 2

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I bought a sheltered accommodation property for my mum to live in some years ago and is unencumbered. I now wish to transfer part of it to my brother each year to use up my capital gains and will do this by declaration of trust.

I could register it at land registry, but with these properties if there is an assignment of ownership there is a fee to pay of 1% of the value of the property and I do not want to risk paying this.

I therefore do not intend to register the DOT, but wanted to check that it will still be good enough for HMRC when working out gains when selling?

Many thanks


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Ian Narbeth

17:38 PM, 27th March 2019, About 5 years ago

Hi Victor
The transfer of a beneficial interest in a property does not need to be registered at the Land Registry.
You will need to keep the declarations of trust each year and I suggest you send copies of them to your accountant as soon as they are made. You might want to get a solicitor to draw up the first one so that you get it right.


9:45 AM, 8th May 2019, About 4 years ago

Reply to the comment left by Ian Narbeth at 27/03/2019 - 17:38
Our Declaration of Trust was not registered at Land Registry.

The property has been sold, by a family thief because of this.

Why don’t they have to registered at Kand Registry?

Thank you

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