Property in a trust property transfer

[cbrecruit1]

I want to put a property in a trust as the mortage will not be in my name due to bad credit rating, a close friend will be taking out the mortage for me, Can some body tell me what type of trust I could use, and if after 6 years will I be able to transfer the trust or property in my name?

[Lee Young]

I should have thought a bare trust would suit you best but this situation is fraught with difficulties and therefore strongly recommmend both you and your friend take indepependent legal advice.

[cbrecruit1]

thanks now I know what type of trust I need I will seek legal advice, ot of interest how does a bare trust work?

[Lee Young]

A is the trustee, B is the beneficiary, the property is B's but in A's name.

[beno]

just to make shore i understand what your saying e.g before it was in my mothers name when the trust is set and the property is in trust for my kids a the trustee is the mother, and b the kids are the beneficiarys, the property therefore is the kids but its in the mothers name is that correct and also in this situation can the trust be set up so the prperty can be let for free until b the beneficiarys can take over that property?

[Lee Young]

Mum can be trustee for your children. Whether or not the propert can be let rent free depends on the trustees powers or (if a bare trust) the true owners view on this, as to not make any money on the rental could be a reason for litigation. Depends on the particular circumstances.