Buy to let mortgage dilemma- transfer of equity?Make Text Bigger
I wondered if anybody has experience of can advise on the following:
My sister and I started building a property portfolio around 15 years ago.
Two of the properties have mortgages in our joint names, the others are solely in one name. We have always recognised the properties as shared and have declared a split of the rental income/ losses on our respective tax returns over the years,
We are now realising this may cause significant problems for inheritance tax planning and are trying to seek the best way forward. We have spoken to our financial advisor and one of the simpler ways would be to add each other’s names to the properties in one name, however our mortgage lenders appear to be resistant to this idea.
Has anybody had experience of doing this and if so, any advice?
We are also looking at life assurance to enable our beneficiaries to be able to pay the ‘owed’ equity to the beneficiaries of the estate when one of us dies…. Any advice gratefully received.
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