• Trasnfer Or Equity Clauses

    By Guest on 15th May 2019

    If I gift/transfer equity of 95% in a property that is currently owned 100% by me as a buy to let, to my son, as the first property whihc he will ever own; I understand I give up control and that t is essentially his, however can I insert a clause that he is not allowed to sell without my consent even though Ionly own 5% and do not live/reside in the property ?
    would it be different if I resided in the property ?

  • 1 Answers

    By Guest on 16/05/2019

    If you remain legal owner he cannot sell without your signature to the transfer deed, without an application to court.

    It is of course possible for co-owners who disagree to apply to court to force a sale. I suspect that such an application would be less likely to succeed if you resided at the property but that falls into the realms of property litigation, which is outside our area of expertise. You may wish to take advice from a property litigation specialist.

    www.notaryexpress.co.uk

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