Separation - How to Transfer Property to Daughter?
- Thread starter Anony
- Start date
Hi Anony,
I don't see why not. You will need the consent of both owners of the properties and, if the properties are still under mortgage, you will need the mortgagee's consent. This means, you will need to make it clear to the mortgagee (bank) that the beneficial ownership of the properties belong to the daughter, but the mortgage repayments will be born by you and your ex, and the properties will still be held as security by the bank for any missed payments or mortgage breaches.
If your daughter is not yet 18, you may need to place the property in a trust account for her benefit and arrange for trustees.
I don't see why not. You will need the consent of both owners of the properties and, if the properties are still under mortgage, you will need the mortgagee's consent. This means, you will need to make it clear to the mortgagee (bank) that the beneficial ownership of the properties belong to the daughter, but the mortgage repayments will be born by you and your ex, and the properties will still be held as security by the bank for any missed payments or mortgage breaches.
If your daughter is not yet 18, you may need to place the property in a trust account for her benefit and arrange for trustees.
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