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Declaration of trust.

(3 Posts)
SarahBumBarer Tue 06-Sep-11 16:38:39

Hi, I own a property with another person J. We own it is tenants in common 50:50. There is no trust deed that I am aware of (between J and myself) although it might be sensible to draw something up setting out the position between us.

The property is subject to a mortgage and is let to a third party.

I still have a lot of things to think about (stamp duty if DH takes on responsibility for the mortgage, income tax implications etc) but the main question I need to resolve in order to know if it is even worth thinking about this any further is:

Is there anything to stop me from making a declaration of trust over the property such that I hold my share on trust for my husband?

Collaborate Tue 06-Sep-11 16:56:07

In short, no. Get a solicitor to draw it up though. Think about tax treatment too. If you are a higher rate taxpayer and husband isn't then it's a good idea, but if the boot is on the other foot then it's a bad one.

SarahBumBarer Tue 06-Sep-11 20:18:14

Thanks collaborate. The shoe is on exactly that foot (or will be if/when he quits his job in a few months). Plus he is non dom'd so we don't get the same level of tax free transfers on death between spouses. Lots to think about.

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