Putting property in trust for my children
Can I put the equity in my rented property in a trust for my children for when they reach 18, 21, or some other adult age? There is a mortgage currently 30% of its value. We live in the property. Can the mortgagee legally object to me setting up this trust? Would they want any agreement that when my children reach that age I would be guaranteed to live there for the entirety of my life? How do people with mortgaged properties set up a trust so their children can take ownership at a certain age? And can that age be greater than 18? I also have a mortgage of 65% of the value on a second property which is rented out under an AST. I am aiming to keep this as a nest egg for my retirement in approximately 12 years. The equity in the properties is £330,000 and £130,000.
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