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property in one name
74jax
Posts: 7,930 Forumite
I purchased a house in my name only, hubby purchased an apartment in his name only.
We then got married, moved into my house and rent out the apartment.
Do we need to let land registry know of both names, or do the properties remain in the current owners name but are classed as owned by both, thus saving us money in putting the properties in joint names?
We then got married, moved into my house and rent out the apartment.
Do we need to let land registry know of both names, or do the properties remain in the current owners name but are classed as owned by both, thus saving us money in putting the properties in joint names?
Forty and fabulous, well that's what my cards say....
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Comments
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As far as LR is concerned the ownership has not changed.
As far as HMRC is concerned you own the rental so all that income is yours.
If you ever end up in divorce, however, everything is in the same pot as marital assets.
You can change ownership, e.g. by gifting each other half shares of each property, but depending on the value and mortgage status there may be SDLT issues. There may also be CGT implications as you would be giving up 50% PPR relief on the rental.0 -
As far as LR is concerned the ownership has not changed.
As far as HMRC is concerned you own the rental so all that income is yours.
If you ever end up in divorce, however, everything is in the same pot as marital assets.
You can change ownership, e.g. by gifting each other half shares of each property, but depending on the value and mortgage status there may be SDLT issues. There may also be CGT implications as you would be giving up 50% PPR relief on the rental.
Thank you so much. No mortgage involved.
Well just leave as it is.
Thanks againForty and fabulous, well that's what my cards say....0
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