Putting my flat into joint names

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    Putting my flat into joint names

    I have a small one bed flat purchased for £37,000 about 17 years ago. It has no mortgage and I have recently upgraded the lease to 99 years. The rental achieved currently is £600 pcm. Now my husband is retired we would like to put the flat into joint names so we can split the income between us. There seem to be so many different forms on the LR website I don’t know which one I need! The forms refer to the ‘value’ of the property. Does this mean current or original value? Any guidance would be much appreciated. Sue

    #2
    I think I can help you here. If you want to DIY the transfer then you need a TR1. If you google for the official site of the Land Registry... scratch that, here's the link

    https://www.gov.uk/government/public...tered-property

    The video makes it clear, you will transfer the whole of the property into yours and your husband's name. Read up on 'joint ownership' where the property will pass to the surviving spouse and 'tenants in common' where each of you own a share that you can leave to whom you like in your respective Wills.

    There is an interesting fact about being married. You do not have to own the property in equal shares to be taxed 50/50 on the income. You can give your spouse any percentage you like - even 1% and be deemed to own the property jointly but in unequal shares. See the attachment. post up a reply after you have had a look - thanks
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      #3
      By the way, another way of doing this is a 'Deed of Trust' where you sign a deed that you are holding the property on trust for yourself and spouse, in whatever shares you nominate. If you want to be taxed any different than 50/50, then you would have to submit a Form 17. There are template DIY Deed of Trust documents to be found, but for peace of mind you may prefer a solicitor to draw up the deed, budget £200 or so, it can be a simple 1-2 page document.

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