land transfer to family member, can I put in a clause that it cant be sold?

damac

Registered User
Messages
22
hi everyone, is it possible when transfering land to family member to put clause in it like not to be sold ,have you ever heard this or simlar,thanks
 
Re: land transfer

i was involved in a such a transfer. legal advice i got at the time said that while such a clause could be inserted it may cause serious problems in getting a mortgage.
 
Re: land transfer

If it's a blanket ban on selling, it's a restraint on alienation, and falls foul of the law. As such it would be void, and the recipient of the property could ignore the restriction (but still take the property). More limited restrictions may be valid (e.g. if you sell within 10 years you have to give 10% of the proceeds of the sale). It's a matter of degree.

If you're thinking of inserting such a condition in a transfer, you need a competent conveyancing solicitor for advice.