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Can I have a date?
My client's parents lived in a rented council house and purchased it at a large discount in October 1988. Their daughter provided all the funds for this purchase and a trust deed was drawn up containing the following references.
* The council transferred the property to the parents as beneficial joint tenants.
* The purchase price was provided by the beneficiary.
Can I have a date?
My client's parents lived in a rented council house and purchased it at a large discount in October 1988. Their daughter provided all the funds for this purchase and a trust deed was drawn up containing the following references.
* The council transferred the property to the parents as beneficial joint tenants.
* The purchase price was provided by the beneficiary.
* The trustees (i.e. the parents) agreed to hold the property upon trust for the beneficiary.
* The beneficiary agreed that the trustees could live in the property until they died or gave notice to vacate.
* The beneficiary insures the property and the parents pay the rates, etc.
Due to the parents' deteriorating health, the property was transferred into the daughter's name in 1999 and is now being sold. The question is, when did the daughter acquire the property; was it in 1988 or in 1999?
Readers' thoughts are welcomed.
(Query T16,495)
