fisherman Posted January 5, 2011 Report Share Posted January 5, 2011 Hello My wife and I currently have 50/50 ownership of one BTL property. How do I transfer this to be solely owned by my wife. Yes this is for tax purposes. Thanks Stuart Link to comment Share on other sites More sharing options...
Chestnut Posted January 5, 2011 Report Share Posted January 5, 2011 You need to consult a solicitor to rewrite the deeds to change the ownership to how you want. But I believe that for tax purposes there may be roundabouts as well as swings in such an arrangement. Link to comment Share on other sites More sharing options...
fisherman Posted January 6, 2011 Author Report Share Posted January 6, 2011 Thank you Link to comment Share on other sites More sharing options...
Trenners Posted January 12, 2011 Report Share Posted January 12, 2011 Hi fisherman, It depends how you and your wife own the property at the moment. If you own the property as "tenants in common" (rather than jointly) then you can allocate different percentages of property income and expenditure using something called a "deed of trust". A deed of trust does not need a solicitor and many are available to download "for free" on the Internet. The deed of trust basically is an agreement between "tenants in common" agreeing which person owns what percentage. If you are moving property for tax purposes I would not suggest changing the actual deeds ..... but would create a deed of trust where your wife owns 99% of the property and you retain the remaining 1%. Then, in the future if your tax circumstances change, you could modify the deed of trust to re-balance the ownership to 50/50. Hope that helps .... Mark Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.