I have been instructed to amend a trust schedule where the trust property in a Discretionary Settlement has now changed. The trustees are selling the current property held under the trust and are purchasing a new one. The conveyancing solicitors are insisting that the schedule in the trust deed is updated to reflect the new property details so that this can then be registered at the land registry.
Would a trustee resolution to sell the current property held and purchase a new one suffice or would I need to prepare an amended trust deed of some kind?
Thanks
I have never known anyone wanting to amend an executed trust deed because the initial property named in it was sold or indeed for any other reason. HMLR do not register Trust Deeds. They register the disposition of the legal estate and the acquisition of a new one. Sometimes the register has not yet been updated for a change of trustees and has to be done first. It may be appropriate to minute the trustees’ decision to sell and then to sign the contracts and execute the TR1. Most lay trustees do not bother. I would ask the conveyancing solicitors what planet they are on but you may feel constrained to be polite, unless instructed to the contrary by your client who may prefer my approach.
Jack harper
Yes, seems an odd request this.
I often draft a Trustees Resolution as way of confirming actions taken, such as purchasing a property and would include the property info, Title No etc in a schedule as with a Trust Deed. While I do that as a record of Trustee actions, maybe that will satisfy the sols.