The bank of mum & dad keep your contribution safe As house prices rise, being able to afford getting a foot on the property ladder becomes increasingly difficult, especially for first time buyers. In need of supplementary funds to put towards a deposit, many have sought the help of friends or relatives; most notably, the infamous Bank of Mum & Dad.
If you have already put forward funds to help out your child and their partner with a home deposit or are considering doing so, it is important that your interest is protected with a declaration of trust. Why protect a contribution? In case anything goes wrong. For example: Your child and their partner wish to
Parents helping their children cover the cost of a home is not rare. If this is the case, they will usually wish to hold a beneficial interest in the property. Should their child’s relationship break down and the home need to be sold, a beneficial interest will mean their contribution is protected.
buy
a property for £260,000
You
contribute £40,000 as a deposit
They
separate 2 years later
Without any kind of declaration, you and your child do not have an automatic right to your money. Usually, the proceeds of the
property sale are split equally between the couple. In order to stop your contribution being lost, a declaration of trust ensures it is safeguarded, and in the event of relationship breakdown, you will get your money back. What will a declaration of trust ensure? In regards to the sale proceeds of a home: Mortgage fully redeemed Child
and their partner receiving their
respective You
contributions
receive your £40,000
If your child and partner are married and subsequently divorce, the outcome may vary. Following a split, it will initially be left to the divorce courts to decide how any sale proceeds are divided. However, this does not dilute the importance of a declaration of trust. Rather, it would provide a significant advantage and could form the basis of a strong argument in your favour thus increasing the likelihood of your contribution being eing refunded.
Post Brexit General Data Protection Regulations is your Business compliant? The General Data Protection Regulations (GDPR) are set to come into force in the UK on 25 May 2018, before the UK will have been able to leave the EU. It is therefore important for UK businesses to understand what GDPR is and how they will need to prepare for and start to comply with GDPR notwithstanding Brexit – particularly as new research shows many businesses seriously mishandle customer data and consequently are at a high risk of failing to comply with these new regulations.
2) Security breaches 3) Consent 4) Data Protection Officer Who does it apply to? The Regulations are intended to apply to any and all data held in respect of EU citizens. If you are a UK business that processes or stores EU citizen data then these regulations will apply to you. What do you need to do to be compliant? With only two years to implement any procedures, forward planning is key! Issues within your business to consider are:
Some of the key changes include: Review your privacy policies – are
1) Enhanced data subjects’ rights
TopicUK_Wakefield_jan17_68pp.indd 39
they clear and easily accessible?
Prepare for data security
breaches do you have policies es in place that enable you to react eact promptly to any breaches within ithin specified timeframes? What are the consequencess for non-compliance? Penalties for breach include fines of up to 4% of annual global obal turnover. For more information contactt Richard Dean in Ramsdens Corporate team on 01484 519519 or email richard.dean@ @ ramsdens.co.uk. You can also o follow Ramsdens Corporate team eam on Twitter @RamsdensCorp to keep up to date with all thingss #corporate.
22/12/16 03:45