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Showing results for tags 'deed of trust'.
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Hi fellow Hubbers! We have just got started on our property investment adventure. We are nearing exchange on our first 2 properties which we are buying as individuals, as I currently have about 25k before I hit the higher tax bracket. My husbands income sits just below the higher level. We are purchasing both properties as tenants in common with a 99/1% split. Our solicitor (online conveyancer) has quoted an extra fee of £400 + VAT to prepare our deed of trust for each property to ensure that any benefit from the properties is split equally between us. However having looked online I have found that we can prepare one with RocketLawyer.com for a fraction of the cost (in fact first one for free!) and complete the form 17 ourselves too. My question is - are we being a bit tight trying to save £1000 by doing this ourselves and possibly missing something important and leaving ourselves open to possible future problems? Has anyone here used these online document services before or got any advice for us? We surely can’t be the only ones to have been in this situation. I’d really appreciate your thoughts. Thanks Pip
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. We currently owm our properties with the following ownership structure: 2 in higher rate tax payers name. 1 lower tax rate payers name. 1 in joint names with the intention of getting a declaration of trust and form 17 for more favourable rental income benefits. We are also looking to purchase two further properties in the next 6 month's. My intention is currently to use a DoT for the 2 properties currently held in legal ownership in my name and for the one in joint names to bring the beneficial ownership to 1:99% in favour of lower tax payer. Can anyone confirm that a deed of trust is valid for transferring beneficial ownership in these ownership circumstances? There's a lot of conflicting information online but this seems to be the best solution for us until we can incorporate using the rules of property partnership to minimise SDLT and CGT. Thanks,