Gift to spouse

[pebblepebble]

My rental property is owned with my spouse as tenants in common. I own 90%, spouse 10% - HMRC were informed on Form 17 and this split included on TR1 in the DOT section when purchased

I want to gift 20% so split is 70% : 30%.

I have a DOT drawn up by a solicitor from when it was purchased - would it be silly for me to just copy that noting the gift and showing the new ownership percentage? I would get it signed as a deed and witnessed as the initial one was.

I have had one solicitor telling me I need a DOT and another saying it is better to use a deed of assignment as a DOT could be challenged in court in isn't as water tight.

[theartfullodger]

Obviously marriages never fail, relationships never breakdown.
.
Artful:. On 3rd marriage

[pebblepebble]

Obviously marriages never fail, relationships never breakdown.
.
Artful:. On 3rd marriage

When we bought the property 7 years ago the solicitor said a similar sort of thing then followed it up saying as we had been married so long with no dependants our assets would be split anyway.

[Gordon999]

As the first DOT has worked for last 7 years and no problem, it should be OK to copy the wording for second DOT.

[Madmax86]

When you say DOT do you mean 'declaration of trust' or 'deed of trust'? (Or is it the same thing?)

[Gordon999]

Here is Land Registry - Practice Guide no. 8 for executing a deed :

https://www.gov.uk/government/public...ution-of-deeds

[Gordon999]

Here is the website explaining Declaration of Trust v. Deed of Trust

https://www.samconveyancing.co.uk/ne...definition-294

[pebblepebble]

Thanks everyone. The document drawn up originally says Declaration of Trust but has been executed as a deed (clearly states that with the correct wording and signatures are witnessed) so I think I will be fine using that as a basis.

[Lawcruncher]

You already have a declaration of trust so you do not need another one. A deed of assignment is the way to proceed.

[pebblepebble]

You already have a declaration of trust so you do not need another one. A deed of assignment is the way to proceed.

Thank you. Confusing when two solicitors tell you different things!

[pebblepebble]

I am wondering if I am overthinking this - what we are trying to achieve is for the change for tax reasons both for rental income and CGT when we come to sell. Can I just draw up a new Declaration of Trust with the new percentages without a deed of assignment. Maybe that is why one solicitor suggested doing it this way.

[Gordon999]

On new DOT , you have to state the "previous DOT is terminated"