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About 10 years ago I bought a flat on my own with a mortgage

 
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  • Answered by:INC
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About 10 years ago I bought a flat on my own with a mortgage which is still just in my name but about 8 years ago I (re-)married. We are now about to let this flat out. In order to allocate 50% of the rental income to my wife for tax purposes is it necessary to change to a joint mortgage (or add her as a joint mortgagee on the existing one, if that is possible) and/or change the deeds title to include her or in law is a spouse automatically deemed a 50% stakeholder in the property regardless of the title on the deeds/mortgage?

 

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Province/Country relating to question : England

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searching for articles by lawyers and the Inland Revenue on this specific scenario, which I would have thought extremely common nowadays, but alas to no avail.

Submitted: 290 days and 6 hours ago.
Category: UK Property Law
Value: £22
Status: CLOSED
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Expert:  INC replied 290 days and 5 hours ago.


INC : Please remember to RATE my answer by using the smiley faces OK SERVICE, GOOD SERVICE OR EXCELLENT SERVICE. If you seek clarification please ask.
INC : Hi, if you are the only person named on the title register, only you would be liable for the payment of sny income tax on any rental income.
INC : If you wish for your partner to receive half the income, she should be named on the title register. in order to do this, you will need to obtain the consent of the lender.
INC : I hope this answers your question. If so, kindly click ACCEPT. If you wish to discuss, please feel free to ask further questions. Kind regards,

 
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