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Transfer title to trust fund ?

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mugged


Joined: 27/03/2009
Posts: 83

Message Posted:
25/05/2011 10:29

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Message 1 of 17 in Discussion

Can anyone advise on the transfer of title into a Law Firms Trust Fund until PTP is granted including the Tax liabilities? .



Zoots


Joined: 05/02/2011
Posts: 669

Message Posted:
25/05/2011 11:12

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Message 2 of 17 in Discussion

I think the previous debate on this subject concluded the law firms could end up doing what they liked with the property.



mugged


Joined: 27/03/2009
Posts: 83

Message Posted:
25/05/2011 15:22

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Message 3 of 17 in Discussion

can elko2 advise thanks?



elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
25/05/2011 15:38

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Message 4 of 17 in Discussion

Msg. 3

Simply I do not trust the Trust companies. Full Stop.

ismet



walkerscott


Joined: 13/08/2009
Posts: 901

Message Posted:
25/05/2011 16:11

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Message 5 of 17 in Discussion

http://no-deeds-no-money.moonfruit.com/#/trusts/4547650393



mugged


Joined: 27/03/2009
Posts: 83

Message Posted:
25/05/2011 17:33

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Message 6 of 17 in Discussion

Thanks walkerscott, elko2 ,

I'm going to give it a go as the builder has many court cases on the horizon and I'm trying to protect my investment before he goes bust ,

if I had my PTP I would steer well clear .



suehowlittle


Joined: 31/10/2010
Posts: 1202

Message Posted:
26/05/2011 06:13

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Message 7 of 17 in Discussion

Can someone please tell me how you can transfer something into a trust fund which you do not, actually own until you have the Kocan.



I am not skitting here, I am genuinely interested, I would consider the same route for similar reasons, just very doubtful that you could actually do it with something which still belongs to the builder in law.



Elko?



mugged


Joined: 27/03/2009
Posts: 83

Message Posted:
26/05/2011 10:39

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Message 8 of 17 in Discussion

Suehowlittle ,The point is the Kocan is available for transfer to my name , PTP is the problem, I will give an update if all goes well .

Is there a member already using this option ? .



madethemove


Joined: 19/05/2009
Posts: 24

Message Posted:
26/05/2011 13:51

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Message 9 of 17 in Discussion

You could get a memorandum and lift it when you get ptp, at least you protect your investment stopping mortgages etc.



mugged


Joined: 27/03/2009
Posts: 83

Message Posted:
26/05/2011 14:00

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Message 10 of 17 in Discussion

madethemove , I have thought about this , do you need to win judgement in court to get a memorandum ?



skurry


Joined: 04/02/2009
Posts: 81

Message Posted:
26/05/2011 15:57

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Message 11 of 17 in Discussion

IS IT POSSIBLE TO PUT A "CHARGE" ON THE PROPERTY SAY THE AMOUNT OF MONEY YOU CAN PROVE YOU HAVE SPENT OR COST YOU TO STOP ANY OR FURTHER CHARGES A BANK OR BUILDER MIGHT PUT ON IT.

I AM ONLY PUTTING THIS FORWARD AS A GUESS ? BUT COULD IT WORK ??????????



mugged


Joined: 27/03/2009
Posts: 83

Message Posted:
26/05/2011 17:04

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Message 12 of 17 in Discussion

just been advised of fees to transfer 5% vat of contract price

6% transfer fee

1000 legal fees

if / when PTP ( back to me ) 5% vat of contract price ( again )

3% transfer fee ( 50% again )

400 legal fees



somthing must be wrong , not charging me stamp duty again ?

I'll just have to wait for the builder / developer / lawyer to ask for ( guess who ? ) CGT @ 6.25%

Now you know how I got my user name , (MUG) was not acepted .



gillken


Joined: 25/05/2008
Posts: 521

Message Posted:
26/05/2011 20:20

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Message 13 of 17 in Discussion

Do not trust anyone.



No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
26/05/2011 20:37

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Message 14 of 17 in Discussion

Be careful who you put your trust in. As Ismet said these trusts are not to be trusted. Trust no one. Trust me.



mugged


Joined: 27/03/2009
Posts: 83

Message Posted:
26/05/2011 22:16

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Message 15 of 17 in Discussion

ok I give in , who wants a cheap villa , Kocan is ready , any TC want it ? .



elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
26/05/2011 22:36

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Message 16 of 17 in Discussion

ok folkes, you can all trust me. Just let me have your properties and when the time comes I will invent 1001 reasons to keep it to myslef



It is my contention that "Registration" of your Sale Agreement is the best protection. I know all the troubles with the memorandums but I would like the memorandums to be challenged in court by an able advocate and not one of those "copy & paste" types.



Just FYI, a "memorandum" is put on the property after a judgement is obtained. An "injunction" is put on a property by a plaintiff usually at the start of a case if the court sees fit. Order of memorandums dedetmines priority. Not clear if same applies to a mixture of memorandums and injunctions. Those at the end of the queue should consider bankrupcy but will find it impossible to find an advocate or judge to handle it This method shares out assets at equal percentages.

ismet



No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
26/05/2011 22:38

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Message 17 of 17 in Discussion

The only person you can trust here is Ismet.



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