Transfer of ownership in joint tenancy

Hello My wife, another individual and I purchased a property as joint tenants. My wife and I no longer wish to own the property and would like the other individual to be the sole legal title holder / owner. My understanding is that, in order to do that, we must sever our joint tenancy by converting it into a tenancy in common. When expressing the percentage of each of our shares in the property as tenants in common, can we do it as 100%, 0% and 0%, or is a further step required to transfer our ownership to the other individual? I would also be grateful if you could explain the tax consequences of this. Thank you in advance.

Hi,

The percentage will be based on the original ownership so if bought in equal shares it will be 33.33/33.33/33.33. There may also be capital gains due as you are disposing of your share in a property. 

Guidance is at:

Joint property ownership

Capital Gains Tax: what you pay it on, rates and allowances

Thank you.