property change names

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    property change names

    Hi me and my wife are planning on be coming landlords. We are on the verge of buying our first BTL. My question is as my wife has a lower tax threshold how do i go about putting the house into her name. The property will be mortgaged as joint names. Is it best to increase her majority to 99% so we will still be ok for a joint mortgage.
    We are in the process of finalising the mortgage, so if we can get it right first time it will save in any extra solicitor fees.
    Hope this sound ok, my first thread!!!!!

    You buy as tenants in common (not joint tenants).

    You can then vary the percentage owned by a simple declaration of trust, which doesn't affect the title but does define the beneficial ownership.
    You send a specific form to HMRC to notify them of the change - which would be to the percentage ownership you want (Form 17).
    Your solicitor will be able to do that for you.

    You can vary the percentages if circumstances change by the same process.

    It's quite a common process, but check that it doesn't cause an issue with the mortgage lenders Ts and Cs - it shouldn't if the mortgage is a joint mortgage.
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).


      Thanks for the info, ;-)


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