Rental Income

Hi I own one rental property with my son as joint tenants. We have an agreement that I would take all the rental income; I understand that joint tenants can divide the rental income on the ratio they agree upon i.e. it doesn't have to be 50/50, my question is does this agreement have to be in writing devised by a solicitor or is it something we can do ourselves and as it is joint tenants what written document would we need for example 'deed of trust' 'declaration of trust' or simply just a written signed document? Kind regards George

Hi,

Where the property is jointly owned other than by a husband and wife you can split the income on any basis that you choose without any formal agreement being required.

Thank you.