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  • Sorry - didn't mean my first post to make you panic.

    In practice maybe not much (as there isn't much you can do to deal with the property), but by operation of law you do technically owe them a duty to act in their best interests.

    It doesn't mean they will / can ask for money from you - just that you technically own the property for them on trust so are bound to be careful with it, give them any proceeds you receive in respect of it, etc. Simplest thing you can do is execute any transfer to make the legal title to the property move to them, and then any duty you owed to them would disappear.

    It would be more in point if e.g. the property had a tenant now and someone was paying rent. They might need to pay that to the legal owner (you) but the point is that you owe a duty to the beneficial owner so you couldn't trouser it for yourself just because the legal title is still in your name.

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