Changing ownership percentage?

Cigarist

When the property was purchased, I believed my father instructed the conveyancing lawyers we would purchase it as tenants in common with him holding 80% and me 20%. We have recently been discussing the inheritance tax implications.

I have looked through the title deed but it dosen't specify the percentage at all. It just states his and my name as the joint owners.

Does HMRC look at the deed when determining percentages?

How can we go about changing the percentages?

Any help would be appreciated.

Kynthia

Did the solicitor draw up a 'trust deed' that specified the percentages? I signed one after the purchase of my property went through which specified the ownership of the property.

G_M

The Title at the Land Registry should show you as 'Tenants in Common', as opposed to 'Beneficial Joint Tenants'.

The precise share you each hold will not be shown on the Title, but should be recorded in the Deed drawn up between you when you bought.

You can change this at any time.

Land_Registry

As G_M rightly states the land register would indicate, check for a restriction in the Proprietorship Register after your names, that you held the property as Tenants in common - you can check for the wording of the restriction as per our online Public Guide 18

It is rare for any actual Deed of Trust to be lodged with Land Registry at the time of registration of ownership. IF the 80/20 split was agreed then this may have been reflected within the legal Transfer (form TR1 and panel 10 specifically) although a separate deed of trust outlining the shares and other matters may be drawn up as well.

If you wish to change the ownership percentages then I would recommend confirming what is registered, check what records you have to demonstrate the original 80/20 split and then seek legal advice as to what to do next.

NB - if the registered title does not refer to the form A restriction as mentioned in the PG18 then you may want to contact our Customer Support with details of the property and title number to check whether the 80/20 split and/or restriction were referred to and applied for when the ownership was registered. This may not now matter if you are trying to change the percentages but if an error has been made then this may have some bearing re future actions both re registration and where you go for any further advice.