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Started by Helvie, 05-08-2018, 13:03 PM
7 responses
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Last Post jpkeates  
Started by Landlord2015, 20-08-2018, 12:26 PM
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Started by JazzApples, 17-08-2018, 16:19 PM
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Last Post Gordon999  
Started by Juliaabc, 14-08-2018, 16:03 PM
11 responses
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Last Post jpkeates  
Started by splodge2001, 17-08-2018, 13:16 PM
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Last Post Gordon999  
Started by Always Problems, 16-08-2018, 11:41 AM
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Last Post Gordon999  
Started by Tnpn, 08-08-2018, 17:13 PM
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Last Post theartfullodger  
Started by Rickster1978, 12-08-2018, 15:54 PM
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Started by Berlingogirl, 09-08-2018, 18:27 PM
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Last Post Kape65
by Kape65
 
Started by Helvie, 05-08-2018, 13:22 PM
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Last Post jpkeates  
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  • Adding wife to BTL property
    ringzer
    In 2005 I bought a BTL property in London with an outstanding mortgage of ~£150,000 and a current market value of ~ £500,000. The apartment has never been lived in by me and my name alone is on the title deeds and mortgage.

    I would like to add my wife to the property, either 1) title...
    18-02-2019, 17:37 PM
  • Reply to Adding wife to BTL property
    Kape65
    Okay I can see the image now, however that is just asking how ownership is changing, it doesn't say they will allow it!
    20-02-2019, 17:23 PM
  • Reply to Adding wife to BTL property
    Kape65
    I don't seem to be able to view the image re option 1. I'm keen to know if it is possible to split ownership with wife without adding her to the mortgage.
    20-02-2019, 17:19 PM
  • Reply to Adding wife to BTL property
    jpkeates
    Option 2
    If your wife isn't on the mortgage, the transfer is a gift and there's no consideration and no SDLT.
    The gain from the point of transfer would be split.

    If there's no saving of income tax, there's no saving other than the CGT allowance (assuming there aren't any changes...
    20-02-2019, 12:24 PM
  • Reply to Adding wife to BTL property
    Kape65
    You're right, I remember that post. I agree that it's possible to do it but I feel if HMRC did take the time to view it then it could be classed as fraudulent, evading stamp duty and income tax.
    19-02-2019, 17:00 PM
  • Reply to Adding wife to BTL property
    jpkeates
    Beneficial ownership is a can of worms and HMRC aren't in any position to dispute what a married couple assert to be how they want to split the beneficial ownership, regardless of title.

    Someone posted on here a while back, and I made pretty much the same point (which was that the deed...
    19-02-2019, 16:35 PM
  • Reply to Adding wife to BTL property
    Kape65
    I always believed that a DOT was used because normal ownership of tenant in common property was automatically registered as 50/50 split when the true ownership may have been different i.e wife has put more money in or such. Surely to transfer a percentage to your wife and then use a DOT to claim that...
    19-02-2019, 15:24 PM
  • Reply to Adding wife to BTL property
    jpkeates
    Where property is owned as tenancy in common, the default presumption is that each tenant owns the property in equal proportions.
    But that doesn't have to be the case, the ownership can be shared in specified proportions, so 1% and 99%, or 60%:40% are possible.

    That split would normally...
    19-02-2019, 13:51 PM
  • Reply to Adding wife to BTL property
    Gordon999
    I think the solicitor may arrange a sale contract of 25% share in property from H ( seller ) to W ( Buyer ) at Nil price . but the Tax Office will say the consideration is 25% of mortgage loan for calculation the sdlt to pay.

    After the property is registered under the names of H&W (...
    19-02-2019, 13:30 PM
  • Reply to Adding wife to BTL property
    Kape65
    Is this possible (genuine question)? I understand the tenants in common bit but I thought you then needed a declaration of trust in order to change the proportions....
    19-02-2019, 13:04 PM
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