Sheltered accommodation transfer to brother?
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
Victor
Comments
Have Your Say
Every day, landlords who want to influence policy and share real-world experience add their voice here. Your perspective helps keep the debate balanced.
Not a member yet? Join In Seconds
Login with
Member Since July 2013 - Comments: 1997 - Articles: 21
5:38 PM, 27th March 2019, About 7 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.
Member Since May 2019 - Comments: 24
9:45 AM, 8th May 2019, About 7 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