Beneficial Interest-Equity

[BlueShoes]

Could one of our children purchase the beneficial interest in our property? (Under 18) or does it have to be an adult?
(They would have the money to do this)
Blue

[iva experts]

Hi Blue,

I havn't come across this question before, so im willing to be corrected by other forum members but I believe that your children could purchase the beneficial interest in your property.

Your OR would have to be made aware that your children are lending you the money and that you will be paying them back.

If you could continue to post your outcome this would be great.

Best Regards. IVA Experts

[catullus]

A minor (-18) cannot own land or property in the UK and has to be put in to trust.

I'm not clear why you would want to do this, however.

[MelanieGiles]

Presumably to acquire the interest from a Trustee and thus retain the property post-bankruptcy? As Catallus says this is legally possible using a trust, but you would need to take legal advice on the transaction in order to protect all parties into the future. And you would have to show that the children's money was given to them independently, and not by yourselves.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk