Transfer of deeds to my wife - mortgaged property

BoilerBoy

My wife and I currently own a BTL property, which we used to live in prior to the purchase of our current home.

The situation came about as we were very keen to move a few years back, and had agreed a purchase of our current home (which really ticked all the boxes). But, sadly, our sale fell through twice. We deliberated about losing the house we wanted, and decided to keep the second property on as a BTL. Despite it being on a very high LTV (this was pre summer 2007 BTW), it has always yielded - particularly with the rates being so currently low.

Despite the relative ease in managing it, we have tried to sell the property in the meantime. However, selling a tenanted property is not easy without it being vacant (which we could not afford for long) and given the current climate, which is still pretty stagnant. So we are now looking at keeping it longer term.

I would now like to restructure everything since it is no longer tax efficient to keep the property in joint names. My wife is no longer working since the birth of our daughter, so what I would like to do is transfer ownership and management of the property to her, and she would receive and declare the rental income. However I would like to do this without necessarily transferring the mortgage (I very much doubt anyone will lend to us as BTL given the current LTV).

So what I am wondering is if it is possible to simply transfer the deeds of the property solely in to my wife's name, without necessarily changing the mortgage. I would speak to the lender about this, but would like to know where I stand before I do. Or, of course, if I even need to in the eyes of the revenue!

Thanks

kingstreet

You can't alter the title without the lender's permission.

This might be better posted on HBR&S, as there are more landlords with experience of the tax issues posting on there.

jay1181

you haven't paid in full yet for the house so the house is not yours yet its the banks. so any changes you wish to make will have to passed to your lenders to approve and without changing the morgage to her i dont think they will accept as she has no income now if you know what i mean .
hope you get it sorted

BoilerBoy

Thanks guys. Will put it up in the other forum.