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Changing Proportional House Ownership
AndyD_OHD
Posts: 369 Forumite
HI All,
The wife and I would ike to change percentage ownership of a property which we own and rent out in England, although we live in Scotland. What we wondered was whether anyone could advise on changing percentage ownership? At the moment we are 50/50 but would like to change ownership to 90/10 and have the main breadwinner having the 10% ownership. The property is still under mortgage. Is this possible, and if so could anyone advise on recommended courses of action? Any ideas on what kind of costs this would involve, assuming anyone has undertaken this sort of thing.
Cheers
Andy
The wife and I would ike to change percentage ownership of a property which we own and rent out in England, although we live in Scotland. What we wondered was whether anyone could advise on changing percentage ownership? At the moment we are 50/50 but would like to change ownership to 90/10 and have the main breadwinner having the 10% ownership. The property is still under mortgage. Is this possible, and if so could anyone advise on recommended courses of action? Any ideas on what kind of costs this would involve, assuming anyone has undertaken this sort of thing.
Cheers
Andy
0
Comments
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It is called "Transfer of Part" of Title - HMLR form TP1.
A conveyancer/solicitor can do this for you. Will cost some though. You could ask HMLR if you can do it yourself. Is there a mortgage attached to the property?
As you are relinquishing some of your assets (including portion of the mortgage) Stamp Duty may be due.0 -
YEs there is a mortgage attached to the property. Payments come from our joint account.0
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It's not a transfer of part of title which is needed, or even a transfer of title at all - the Land Registry does not record the percentages in which the registered proprietors own property. All you need is a simple declaration of trust which any English solicitor could draw up for you.0
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We were trying to come to this from a tax point of view, trying to reduce the proportion of profit from property made by the major earner would keep us below the new tax bracket; one of us is salaried, the other earns on an irregular basis. Does this make a solution any easier...?0
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purple_haze wrote: »It's not a transfer of part of title which is needed, or even a transfer of title at all - the Land Registry does not record the percentages in which the registered proprietors own property. All you need is a simple declaration of trust which any English solicitor could draw up for you.
On the TP1 form there are three options:
Joint (50:50)
Tenants in Common (50:50)
Tenants in Common (unequal share - quoted)
This information is not published on the copies purchased online, but HMLR do know the share.
Doing a Deed of Trust can quantify the share as well as dealing with any unequal deposit paid.
John0
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