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Landlord's queries
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grubsters
Posts: 18 Forumite
With the help of some inheritance, my Husband and I have purchased a second property which we are currently letting out to a relative. The property was purchased and mortgaged soley in my Husband's name as I do not work.
Is it possbile and would it be beneficial for the property to be transferred soley into my name, as I am not working so not making use of my tax free allowance?
If so, could we still do this despite the mortgage being solely in my Husband's name or would we have to do it in joint names?
Would we need to advise the mortgage lender or could Husband keep on paying it and it be in my name?
Also by doing this, would it allow us to be exempt from paying CGT once we came to sell it?
If the property was in my name would I be classed as employed? I was under the impression that renting residential property was treated as a business (and thus if it was in my name it would mean I would be classed as employed) but our acountant advises that it is treated as investment income for tax purposes. Is this correct?
Many thanks in advance for anyone that can offer any help or guidance in this minefield!!
Is it possbile and would it be beneficial for the property to be transferred soley into my name, as I am not working so not making use of my tax free allowance?
If so, could we still do this despite the mortgage being solely in my Husband's name or would we have to do it in joint names?
Would we need to advise the mortgage lender or could Husband keep on paying it and it be in my name?
Also by doing this, would it allow us to be exempt from paying CGT once we came to sell it?
If the property was in my name would I be classed as employed? I was under the impression that renting residential property was treated as a business (and thus if it was in my name it would mean I would be classed as employed) but our acountant advises that it is treated as investment income for tax purposes. Is this correct?
Many thanks in advance for anyone that can offer any help or guidance in this minefield!!
0
Comments
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As far as I know, in order for it to be in your name, the ownership of this house would have to transfer over to you too. The earnings can only go to the owner of the house and if you own 40% and your OH 60%, the earnings will be split 40/60 too. Not sure about the mortgage though.0
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