deirdre

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.