How do I transfer ownership of my rental house into my wife’s name?
10:01 AM, 27th October 2020, 6 years ago
12
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I own a rental property which is now mortgage free. I would like to find out the easiest way to transfer ownership to my wife as she is a low rate taxpayer and I am not.
Do I need to instruct and pay a conveyancer, or can I do it all myself? I’ve noticed there’s a portal for doing this, but it seems to be only for businesses.
We are not businesses and simply rent out our old property and report such on our tax returns.
Thanks in advance for your help.
Best regards to all
Neville
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Member Since February 2015 - Comments: 30
10:56 AM, 31st October 2020, About 5 years ago
Neville,
Please think carefully before doing this, and seek professional advice either using Property118 team or your own solicitor/accountant. From your post, what you seem to want to achieve is to limit your tax liability on the income from the BTL?
I believe that you can do this by keeping ownership of the property to yourself, and then making your wife a beneficiary of the income.
I did exactly what you are proposing about 10 years ago, and I’m now going through a divorce. At the time, I was warned about this, and like many others thought it will never happen to me.
Can’t recommend enough getting proper advice from someone like property118 team as they have access to professionals that really understand property law and taxation – not all advisors are equal.
Best wishes
Member Since April 2017 - Comments: 3
12:19 PM, 2nd November 2020, About 5 years ago
Reply to the comment left by Paul Hawkins at 31/10/2020 – 10:56
Dear Paul
Crikey – I am so sorry to hear that…
Sorry to pry but is your wife angling to keep ‘your’ flat in the divorce?
I presume you remained the LEGAL owner but completed the necessary paperwork to make her the BENEFICIAL owner (to keep your taxes low)?
Good luck!