10:27 AM, 14th May 2014, About 10 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.