Trusts of Property

There are a growing number of cases where property is subject to a Trust or to be placed in a Trust.

Overview of Trusts and Property

A Trust is legal arrangement whereby one party transfers assets to another party to be held and managed on behalf of a third party. There are different types of Trusts, and we do not intend to list all of these for the purpose of this information, but some examples of property trusts are set out below:

where an express Trust is created by the property owner placing the property in trust during their lifetime which provision for various beneficiaries;
where someone dies and places their interest in a property in trust, for example, providing a partner with a right to occupy for their lifetime but then ultimately passing the property to other beneficiaries;
Trusts arising as a result of intestacy (where the deceased dies without leaving a Will); or
where the property is held by Trustees for the benefit of minors (persons under the age of 18).

Transfer of Property into the Names of Trustees

In cases where a property is held in Trust, it is necessary for the title to the property to be in the names of at least two of the Trustees of the Trust (up to a maximum of four). Where applicable, the property will be transferred to the Trustees of the Trust by a transfer deed signed by the property owner (or the property owner’s Personal Representatives if the property is part of a deceased’s Estate).

If the property is registered, then there will need to be an application to the Land Registry to update the registered title. If the property is an unregistered title, this will mean that the property has to be dealt with as a First Registration (see our section on First Registration).

Independent Legal Advice for Trustees

However, it is possible that the Trustees will have independent legal advice. If this is the case, it may be that their legal advisors deal with the subsequent updating of the title/First Registration and any Trust Registration Service requirements (see below).

If this is the case, we will consider with you whether the work we will be required to carry out will result in different fees to those set out below.

Our Fees for Trust Property Work

As Trust arrangements can be complex, our fees will depend upon the circumstances of the case. These start at £850 plus VAT (which on £850 is £170) for the most basic Trust property work and, where relevant, with the applicable Land Registry fee payable on registration of the updated ownership.

It may also be necessary to obtain up to date copies of the title at £7 plus VAT of £1.40. We will consider the position fully with you and provide you with a full breakdown of costs prior to commencing work on the file.

Trust Registration Service (TRS)

It is also likely to be the case that the Trust will need to be registered with the Trust Registration Service. This is an online service provided by the government which keeps a record of the basic Trust details. Please note that we charge a separate fee for dealing with the Trust Registration Service and this is payable in addition to any fees for dealing with the transfer and ownership of the property.

Our fees for an application for the registration of a Trust with the Trust Registration Service are £350 plus VAT (being £70). We will advise you at an early stage if we take the view that the registration of the Trust will be necessary and we will provide you with further information in this regard.

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