House title in the name of minors

[diannescruffy]

Does anybody know if a title can be transferred into the names of children? I've looked on the website but can't find any information regarding this. Any help would be greatly appreciated.

Regards,
Dianne

[LionsandBears]

That's something I'd contact a lawyer/accountant about. It may be you can set up a family trust and put the house there. I don't know if you can just transfer ownership to anyone, without paying stamp duty. If you have a mortgage, I don't see a bank allowing minors to hold that, either.

[Netix]

As above. I think it would need to be in a family trust. A ft can be responsible for all monies in and out, assets, etc. There can be conditions on it etc, and is run rather like a company. Well worth the cost to set up, I just wish we would get around to doing the same!

[diannescruffy]

There is no mortgage and paying stamp duty would be fine. It is the family home so no income is being produced, how does a family trust work?

Regards,
Dianne

[Sopdet]

You will need to speak to both a solicitor and an accountant as to setting up and managing a family trust.

How they run will be specific to your individual situation and you will need to get proper advice.