Ownership question

[Luc]

My mother bought a house and registered it in the name of herself and me (as joint tenants) This was done so that I could deal with it if ever she became incapable. I made no contribution whatsoever to the purchase cost.

She is now thinking about letting it, and if so says she would declare the entire rent on her tax return. I would like to have some sort of formal document drawn up to show that my interest in the property is in name only and that I will receive none of the rent, and am not responsible for any CGT that may arise if she ever sells it. Is this possible?

[CDavey9501@aol.com]

This should be simple and inexpensiv(ish) for a solicitor to arrange. You should also discuss the pros and cons with him/her.

[Lee Young]

A straightforward declaration of trust to record the true position is all that is needed to give you the comfort you seek, and evidence for the Revenue.

[Luc]

Sorry to come back on this one but our solicitor believes it is not possible to draft a valid declaration of trust (to achieve the desired result) whilst the property is held as joint tenants. She says it would be necessary to first reregister the property as tenants in common with HM Land Registry, and then draft a declaration of trust. Is this additional procedure really necessary?

[Lee Young]

No.

Lee (Solicitor)