I was wondering if i could get some guidance on the following issue. I have a client who wants to leave her property to her 5 children. I have spoken to the land registry and they have advised you can only have 4 legal owners.
what can be done?
any advise will be appreciated
Leaving property to the five children means leaving the beneficial interest in the property to each of the five eg 20% each.
LR are only interested in the legal title to the property, not the beneficial interests.
So, when the legal title is registered at LR only 4 of the 5 can be named on the legal title. However, on registering this legal title with 4 names means that they are effectively trustees and the documentation lodged will contain a reference to the 4 of them holding the legal title on trust for the 5 of them.
All 5 are then protected.
Thank you so much for the Clarification Malcolm