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    • gandalf
    • By gandalf 4th Apr 18, 2:12 PM
    • 25Posts
    • 5Thanks
    gandalf
    Moving a property to joint ownership
    • #1
    • 4th Apr 18, 2:12 PM
    Moving a property to joint ownership 4th Apr 18 at 2:12 PM
    My wife and I have a rental property. The bank account that the monthly rents get paid into is held jointly by me and the wife. When the property is sold the profit will move to the same account.

    We have paid off the mortgage on the property.

    Land registry records have only me as the owner.

    If /when we decide to sell the house, what do we need to do to use both our CGT allowances?

    Do I change the ownership by a transfer of equity?
    Or will the fact that the bank account is jointly held be enough to convince the taxman that the CGT should be shared between us?

    Thanks.
Page 1
    • G_M
    • By G_M 4th Apr 18, 6:33 PM
    • 43,783 Posts
    • 51,744 Thanks
    G_M
    • #2
    • 4th Apr 18, 6:33 PM
    • #2
    • 4th Apr 18, 6:33 PM
    My wife and I have a rental property.
    No. You don't.

    The bank account that the monthly rents get paid into is held jointly by me and the wife. When the property is sold the profit will move to the same account.

    We have paid off the mortgage on the property.

    Land registry records have only me as the owner.

    If /when we decide to sell the house, what do we need to do to use both our CGT allowances?
    Originally posted by gandalf
    Do I change the ownership by a transfer of equity?
    Yes
    Or will the fact that the bank account is jointly held be enough to convince the taxman that the CGT should be shared between us?
    No
    https://www.gov.uk/registering-land-or-property-with-land-registry/transfer-ownership-of-your-property
    • Miamimick
    • By Miamimick 10th Apr 18, 7:43 AM
    • 1 Posts
    • 0 Thanks
    Miamimick
    • #3
    • 10th Apr 18, 7:43 AM
    • #3
    • 10th Apr 18, 7:43 AM
    I have a similar query!
    I own a rental property (no mortgage) and want to transfer it to joint ownership with my wife.
    Do I just need to complete TP1 and ID1 on the Land Registry site or are there more forms that I/we need to complete?
  • Land Registry
    • #4
    • 10th Apr 18, 7:55 AM
    • #4
    • 10th Apr 18, 7:55 AM
    I have a similar query!
    I own a rental property (no mortgage) and want to transfer it to joint ownership with my wife.
    Do I just need to complete TP1 and ID1 on the Land Registry site or are there more forms that I/we need to complete?
    Originally posted by Miamimick
    You will need forms AP1, TR1 and ID1. A TP1 is only used where you are transferring part of a property e.g. the garden. You can't transfer part of your ownership as you have to transfer the whole and that's from your sole name to joint names
    Official Company Representative
    I am the official company representative of Land Registry. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"
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