srims

Thanks. This is the first declaration of trust since converting our property from "joint tenants" to "tenants in common". Since the property was held in join tenants, I have assumed I held 50% and transferring all to my wife. Do I need to mention this as part of declaration, or it is understandable by default. Or Do I need a initial trust signed by both which says both hold 50% ownership, and then new trust which says I transfer 50% beneficial alone to my wife.

If I have transferred beneficial interest including the debts on the property. She will be responsible for paying the interest. The joint mortgage doesn't say how much each person responsible for paying the money. However if there is a trust which declares wife is responsible for paying the interest, can't she claim the relief on the interest?. I understand moving debts to wife will trigger stamp duty. As per my understanding as far as the overall debt getting transferred for the single property is less than 250000 the SDLT will be nil even if it is a BTL property. Please clarify

Hi, My wife and I jointly own the property. I recently changed from join tenants to tenants in common as Form 17 doesn't allow me to use joint tenants property. Please can you confirm whether I can use below format to assign the benefits. I, Person A, hereby declare that I intend to create a trust to transfer my 50% of the beneficial interest in the property (property address) to my wife, Person B, without the transfer of legal ownership. By making this declaration, I acknowledge that Person B is entitled to 100% of any income derived from the rental of the property including her share. This is a bare trust, no conditions or restrictions are attached to the transfer of beneficial interest. The trust becomes enforceable from the date of this declaration. Thanks

Hi, My wife and I owns the property in joint names. I assigned 100% income benefits to her with no financial consideration. The mortgage is also in both of our names with no specification regarding who is responsible for how much. Since she gets 100% benefit of income can she claim 100%(i.e. whole 20%) relief on the mortgage interest. Thanks