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
2 comments on this article
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Member Since July 2013 - Comments: 2058 - 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