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should I own the property outright for renting?
niagara1
Posts: 3 Newbie
Hi
My husband and I bought a 2nd house outright (by re mortgaging on our first property) and have both our names on the deeds. I have lived in the property since Dec 2010. My husband stayed in the 1st property. I am now moving back to our original house that is mortgaged. Both our names are on the deeds to this house as well.
We have two small children and I am thinking of giving up work to be a stay at home mum, and rent out the 2nd house.
I'd like some advice on whether it is worth me putting the 2nd house solely in my name for tax purposes?
If so, what should we do with the first property? Keep it in both our names? Or just my husband's (obviously we will ask the mortgage co. if they are happy to do this, but I think it is feasible as the mortgage should be covered by my husband's salary)? Or reduce the portion of property ownership by one of us?
Any advice would be gratefully received. We will book an appointment with our solicitor, but due to their hefty fees, I just wanted to go in with some ideas so we don't have to use too much of their time! Thanks!
My husband and I bought a 2nd house outright (by re mortgaging on our first property) and have both our names on the deeds. I have lived in the property since Dec 2010. My husband stayed in the 1st property. I am now moving back to our original house that is mortgaged. Both our names are on the deeds to this house as well.
We have two small children and I am thinking of giving up work to be a stay at home mum, and rent out the 2nd house.
I'd like some advice on whether it is worth me putting the 2nd house solely in my name for tax purposes?
If so, what should we do with the first property? Keep it in both our names? Or just my husband's (obviously we will ask the mortgage co. if they are happy to do this, but I think it is feasible as the mortgage should be covered by my husband's salary)? Or reduce the portion of property ownership by one of us?
Any advice would be gratefully received. We will book an appointment with our solicitor, but due to their hefty fees, I just wanted to go in with some ideas so we don't have to use too much of their time! Thanks!
0
Comments
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Hi, just forgot to add...does anyone have any advice on how we can reduce our exposure to Capital Gains Tax as well?
Thanks!0
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