I own a rental property with my husband as joint tenants. We're planning on doing a declaration of trust and Form 17 to change the beneficial ownership of the property as I am a non taxpayer + my husband is a basic rate taxpayer.
I've read up on this and am happy with most of it but have a couple of questions. We would plan on doing one declaration now and then one reverting to 50:50 beneficial ownership before selling. (In plenty of time)
1. When we come to sell the property, is any account taken of the historical proportions owned beneficially, or is it just the proportions at the time of sale?
2. As I understand it we would run into difficulties with the mortgage and stamp duty land tax if we were to change the ownership of the mortgaged portion, is that right?
I had assumed we'd leave the mortgaged portion (50%) alone. So a declaration of trust would declare that I owned 75% (half of the 50% mortgaged + all of the other 50%).
Many thanks,
Ruth
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