Solicitor Cost for Declaration of Beneficial Interest

ianpalmer2007

Hi - can anyone give me a rough idea of the cost of setting this up for a flat I own but want to put 99 - 1 in favour of my wife to use her allowances?

And if you know a solicitor in the Manchester / North Manchester area who does this and is familiar with the process - even better

TBagpuss

You will need a declaration of trust. The best thing to do is to ring around some local solicitors and ask for a quote.

ianpalmer2007

Thanks for your reply - I live with my wife in her property (100% owned and mortgage free) and we rent out my previous flat (100% owned and mortgage free). I will receive my pension in July 2016 and this will mean that all the income from the flat will be taxed at 20% - whereas to date it has not. So I want to make a declaration of trust 99-1 in my wife's favour as she will have no pension or income for the next 15 years so I can use her allowances to minimise tax. Does this seem logical and do I have to make her a 50/50 owner with the Land Registry before I can make a declaration of trust?

ianpalmer2007

Just to follow up - I spoke with as really helpful chap at www.deedoftrust.co.uk who gave me some very good and free advice - one piece of which was that in my circumstances (100% owned and paid for by me and wanting to take advantage of my wife's allowances) I could just complete a TR1 and tick box 10 as "They are to own the property on trust" and then write in the comments box 99 - 1 in favour of wife. A copy of this would act as proof if requested by HMRC afer sending in the Form 17. If I did this I would not need his services but he did say if I wanted to go down the Deed of Trust route which does provide a more flexible option (which he explained the rationale behind that statement) then their charges are £150 fixed and they will help you with all the associated paperwork if you need help (Land Registry etc). I think I will go with the deed of trust option.