Restriction

Dear Sir

We have a parent who wishes to gift her children 50% of her share in her primary residence. The property has a mortgage, and banks have a charge.

We are going to prepare a declaration of trust showing the beneficial ownership.

What forms do we have to submit at the Land Registry to protect the interest of all parties. Is it Form RX1, and is this an issue if the banks have also registered a charge 

Many Thanks

Umesh - the bank will most likely need to consent to the transfer so check both the register and the T&Cs of the mortgage itself.
If they consent then she can transfer the whole of the legal ownership to herself and her children as appropriate. The online guidance explains how the joint ownership/shares can then be handled and protected. 
See also joint property ownership and PG 24 for guidance to help understand how such interests can be protected