Hi all,
In 2012 my parents bought their retirement house to retire in. They bought the property the property as Tenants in Comment, with a separate Trust Deed. In this trust deed, it is stated that:
"It is agreed that the Property is owned by the parties as beneficial tenants in common in the following shares:
i) my father (50%)
ii) my mother (50%)
iii) me"
As I am named on the Trust Deed, the official copy of the Register has me as a legal owner of the property.
I am now trying to purchase my own home, and given that I am named on the property above, I cannot participate in any of the governmental schemes (e.g. help-to-buy) and I have to pay the additional stamp duty.
Is anybody able to help me out with:
i) Why my parents/their solicitor decided to add me to the Trust Deed with 0% share (i.e. is there any benefit for having me on there at all)?
ii) Is there anything I can do that is relatively simple to remove me from the property so that I do not have to pay the additional stamp duty when purchasing my own home?
Thanks in advance (and I can give further information if needed).
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