Re: Putting Deeds of a House into Trustee's Names


"peterwn" <peterwn@xxxxxxxxxxxxxxx> wrote in message
news:50190a54-c997-4953-bfb2-ced75a071eff@xxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
On Mar 22, 3:17 am, "Newbie" <skint4s...@xxxxxxxxxxxxxxxxxxxxxxx>
wrote:
Hi

I need to change the name on the deeds of a house to two trustee's names.
These trustee's will not own the house but just look after it until such
time as a beneficiary in a will decides to purchase the property or it
gets
left to other beneficiaries if said such person does not buy the property
and dies.
I have the AS1 for from the Land Registry but they say they are not
bothered
about wills at all and I can't see on the AS1 form anywhere to indicate
that
the trustee's are NOT the owners of the house and that the clauses in a
will
dictate the ownership of the property.
Surely somewhere on the AS1 form this information should be recorded or is
this something for a solicitor to set up?
Thanks

The registry is concerned only with the legal ownership of the house.
The trustees legally own the house and their names appear on the
deeds / registration. Beneficial ownership is acknowledged through a
separate deed. The trustees have a fiduciary duty to the beneficiary
with respect to the property. Problems between the trustees and the
beneficiaries are sorted out in the Court of Chancery (nowadays many
courts can exercise a chancery function) - this was the whole reason
Chancery courts were set up. Knights off to the Crusades wiold leave
their propery in trust with friends, and upon return found their
'friends' would not return the proprtry (as well as 'taking' the
wives). The ordinary courts would not help as the matters did not
fall within one of the standard 'writs', so they asked the King for
help. The King then asked his Lord Chancellor to see what he could do
which he did and in due course he set up Chancery courts to handle
this sort of thing.

---------------------------------------------------------

Beneficial ownership is acknowledged through a
separate deed. The trustees have a fiduciary duty to the beneficiary
with respect to the property.

Could you enlighten me on who makes this seperate deed, is it a solicitor or
can I sort it myself?
I hate paying out cash for something I can do myself.


.

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