Land Registry Question

Sthomas150

I'm doing a transfer of equity to add my wife to the title register to my old flat we rent out.  We have paid off the mortgage.  I intend for this to be a 99:1 ratio in order to maximise her tax allowance.  

In section 10 on the TR1 form I intend to write "Held as Tenants in Common - in unequal shares on a 99:1 basis in favour of ...... "  as has been advised .  However, in addition to writing this do I also tick one of the three boxes as none of them seem relevant  (1. they hold the property on trust for themselves as joint tenants; 2. they are to hold the property on trust for themselves as tenants in common in equal shares; 3. the are to hold the property on trust)

many thanks in advance

Scott

Land_Registry

Sthomas150 said:

I'm doing a transfer of equity to add my wife to the title register to my old flat we rent out.  We have paid off the mortgage.  I intend for this to be a 99:1 ratio in order to maximise her tax allowance.  

In section 10 on the TR1 form I intend to write "Held as Tenants in Common - in unequal shares on a 99:1 basis in favour of ...... "  as has been advised .  However, in addition to writing this do I also tick one of the three boxes as none of them seem relevant  (1. they hold the property on trust for themselves as joint tenants; 2. they are to hold the property on trust for themselves as tenants in common in equal shares; 3. the are to hold the property on trust)

many thanks in advance

Scott

You’d tick the the third box and add your own wording after the colon - do follow our online guidance though 
https://www.gov.uk/government/publications/registered-titles-whole-transfer-tr1/guidance-completing-form-tr1-for-the-transfer-of-registered-property

Sthomas150

Excellent. many thanks for getting back to me.  I must admit I thought holding a property in trust would have been used if I transferred the equity to my children for example?

Land_Registry

Sthomas150 said:

Excellent. many thanks for getting back to me.  I must admit I thought holding a property in trust would have been used if I transferred the equity to my children for example?

Unsure what you mean here - sorry 
The Transfer is the legal deed that deals with the legal ownership. The legal ownership is always dealt with as a whole and can’t be split 
The trust/the shares relate to the beneficial ownership which can be split. And whilst the Transfer allows you to make a basic choice re how it’s to be held it’s rarely the vehicle used to define such matters unless it is very very clear eg joint tenants 
See section 3.10 of our guidance on how to complete the Transfer form 
https://www.gov.uk/government/publications/registered-titles-whole-transfer-tr1/guidance-completing-form-tr1-for-the-transfer-of-registered-property#how-to-complete-panels-in-form-tr1