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Hello Everyone,
New to this forum, hopefully somebody can help and I can help others in return.
My problem starts with a property I purchased in 2005. I provided the funds for the property, and the property is held 'in trust' by my Sister.
I am both the 'settlor' and the 'beneficiary' of the trust whilst she is the 'trustee'. I believe we have what is called a 'Bare Trust'.
In this equation, she has the right to reside in the property, which is also written into the trust document. She pays no rental for this, although the trust doesn't touch on the matter of payment of rent at all, either to pay or that no payment is required.
As I plan out my future, I have asked her to transfer the legal title to me, whilst she would have a lease for life. It is stated clearly in the trust document, that should at any time the 'beneficiary' request the transfer of legal title, then the trustee must comply, and that such transfer would be at the cost of the beneficiary (legal fees etc).
My sister has now decided to stop taking calls or responding to any messages.
I have further learnt that she has a friend of hers living with her, who pays no rental, which as my sister has fiduciary duty to manage the estate for my benefit, I think she should be doing. I have never given her any right to allow anybody else to stay there on a permanent basis.
My question is, in order to enforce the agreement in the trust document for the transfer of the property title to me, what would the best approach be?
I'm thinking of an N1 form for a monetary claim (for the approx rental that should have been taken) and adding to that a Specific Performance for the signing of the TR1 form to transfer the property legal ownership to me.
What advice would you give me on the best approach to these matters? Thank you.
New to this forum, hopefully somebody can help and I can help others in return.
My problem starts with a property I purchased in 2005. I provided the funds for the property, and the property is held 'in trust' by my Sister.
I am both the 'settlor' and the 'beneficiary' of the trust whilst she is the 'trustee'. I believe we have what is called a 'Bare Trust'.
In this equation, she has the right to reside in the property, which is also written into the trust document. She pays no rental for this, although the trust doesn't touch on the matter of payment of rent at all, either to pay or that no payment is required.
As I plan out my future, I have asked her to transfer the legal title to me, whilst she would have a lease for life. It is stated clearly in the trust document, that should at any time the 'beneficiary' request the transfer of legal title, then the trustee must comply, and that such transfer would be at the cost of the beneficiary (legal fees etc).
My sister has now decided to stop taking calls or responding to any messages.
I have further learnt that she has a friend of hers living with her, who pays no rental, which as my sister has fiduciary duty to manage the estate for my benefit, I think she should be doing. I have never given her any right to allow anybody else to stay there on a permanent basis.
My question is, in order to enforce the agreement in the trust document for the transfer of the property title to me, what would the best approach be?
I'm thinking of an N1 form for a monetary claim (for the approx rental that should have been taken) and adding to that a Specific Performance for the signing of the TR1 form to transfer the property legal ownership to me.
What advice would you give me on the best approach to these matters? Thank you.
thank you
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