10:27 AM, 14th May 2014, About 8 years ago 3
I’m looking for some guidance as per the above. My wife and I are in the process of buying a 2nd property. The 1st property is owned as tenants in common. We are both lower rate tax payers. My wife has the potential to become a higher rate payer at some point (not sure when) so I started to look into this. Would anyone be able to confirm I am on the right track if we proceed as follows:
1) 2nd Property purchased as Tenants in common but with a note on the land registry file regarding an uneven split of ownership (conveyancer has advised this is the only info needed, ie no further detail on the % split)
2) “Trust Deed” (conveyancers term) is then drawn up by the conveyancer and signed by my wife & myself to state actual % split
3) Suggested split relates to the beneficial interest in the property so if 75% me & 25% my wife, expenses and income are split the same way
4) How do we change the ownership % for property 1? (is Land Registry involved?)
Are there any other points to consider or anything overlooked that could affect this?
Thanks in advance for any info.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|