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MVP Properties

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  1. Hi Vaithy, PM'd you. Let me know how you get on. Just something I've spotted in your post, Just because your joint tenants does not mean you are tenants in common. They are two separate things. This might help: https://www.gov.uk/joint-property-ownership Apologies if I've read your post wrong and you already understand the different between joint tenants and tenants in common but they are treated differently (in mamy way and for your purposes and for what you need to achieve you need to be in tenants in common. Happy to discuss further if n
  2. Hi how did you get on with this? Did you end up doing a rent to rent type structure with your properties and the Ltd Company?
  3. I've done exactly this and all approved by HMRC. SEV form to change to tenants in common. Form 17 and a deed of trust to declare unequal income. If the share is given as a gift between spouses then SDLT doesnt apply, however if your partner is giving cash to take on that share (of mortgage debt) or the transfer is not a gift then SDLT return required above £40k but not paid until the threshold of £125k. So remember that for a change from 50:50 to 99:1 a share of 49% of the mortgage debt is been transfered and it's this consideration that is used for SDLT calculations. The additiona
  4. Dean, I also want to share my thanks for the information on accountants and all the assistance on DoT and the rest! I recently had a consultation with The Property Hub Tax. Whilst I won't go into detail here I was not impressed (as you know from our phone calls Dean) and subsequently requested and received a refund. If you are looking to book one you may wish to PM me for more details. At present there's no real place to review the service but this should really be setup (trustpilot?) so they receive a wide spread of views.
  5. From property118 website: Where property is owned by one person a Declaration of Trust can also be used to split the beneficial ownership. In that case Form 17 would not be applicable but HMRC would need to be informed of the arrangement and you would each need to complete tax returns for your share of rental profits in future years. Yet I keep getting told this is not possible! I've now booked a Propertyhub Tax consultation.
  6. Hi Debbie, Thanks, I haven't seen that stated anywhere. Is there a time frame for which the transactions will be linked? I.e could I do one now and one in say 30/60/90 days? Or are all transactions linked per financial year?
  7. Hi Dean, I've been in comms with deedoftruat and they've been very useful. I th I k there are a few things that you've misunderstood. The currently jointly held property will be changed to tenants in common and then a DoT used to divide the beneficial ownership to 99:1. The ones that the legal title is in my name only will not have this changed or the mortgage. It will be the beneficial ownership not the legal title and therefore no requirement to change the mortgage. I could place a restriction on the title however this is not mandatory and for
  8. From Property118 I believe the following applies: From: https://www.property118.com/declaration-of-trust/93073/ "Note that SDLT is only payable on transfers over £40,000 and that you also have an annual CGT exemption allowance to utilise. As of the Autumn Budget 2017 the additional 3% Stamp Duty rate is not applicable to transfers between spouses. Accordingly, spouses can transfer up to £125,000 between them without incurring CGT. Furthermore, the transfer value is calculated on the mortgage liability transferred between spouses and not the property value."
  9. Thank you Debbie. Getting into the details now, I'm content that the jointly owned one is easy (sever joint tenancy to tenant in common, DoT and form17 to HMRC). The ones that I'm still wanting to clarify are the two owned by me in legal title. With reference to SDLT, do the following rules still apply even though it's a BTL? Property held in the sole name of A. There is a mortgage secured on the property. A transfers a share of the property to B in consideration of a payment by B and they enter into Deed of Trust to record that the property is now held jointly. If the paym
  10. Hi good afternoon everyone, Name is Paul and I've been in property since 2011. I started by renting out and managing my property myself, becoming NLA accredited and have moved to a more passive strategy using a managing agent. I've enjoyed all aspects and have now built up 4 properties. I still manage one of them but as I live 300miles away the remainder are fully managed by a local letting agent. We are a married couple and my wife is no longer a 40% tax payer for the foreseeable future (actually her earnings will be less then 3k) but I will remain a higher rate tax payer.
  11. I havent got into this forum fully yet so I haven't even posted my introduction! However I saw this post and just though I would add my thoughts. The above comments are valid and should help to make your decision less relevant on location, however it's worth noting that we don't know your full situation so specific advice like the above might not quite you especially where dino mentioned you won't need to go in to see your solicitor. It will depend on how experienced you are and how much you want to deal with these people face to face or over email and calls. If your i
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