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Is there any restrictions on using a monetary gift from my…

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Is there any restrictions on...
Is there any restrictions on using a monetary gift from my parents? I'd like to invest in a property with the funds. Also, I'd like the property to be owned in unequal shares between me and my husband. We'll need a mortgage, and that's why I need my husband to be a joint applicant for the mortgage. I intend to make the split 90:10. Is there any issues with that?
I believe there is a Form 17 which I can use to declare this. Does the title need to be tenants in common?
Are there any legal matters to be considered?
Submitted: 3 years ago.Category: UK Law
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Answered in 12 minutes by:
6/4/2015
Solicitor: Alex J., Litigator replied 3 years ago
Alex J.
Alex J., Litigator
Category: UK Law
Satisfied Customers: 3,891
Experience: LLB, LPC, DELF
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Hi,
Thank you for your question and welcome.
My name is ***** ***** I will assist you.
There is no restriction on monetary gifts from your parents - you do not pay tax on gifts per say as long as your parents have the means to give you the gift without affecting their life style.
The two different types of property ownership are:
- Joint Tenants - you each jointly own 100% of the property - if one party dies the other automatically inherits the property (i.e the other persons share). You can have an underlying deed of trust to split the equity in the property in different shares if this is what you want to do?
- Tenants in common - you own the property together in two distinct share (assumed at 50/50 unless you agree otherwise) - the other party does not automatically inherit your share if you die, your share can be bequeathed to someone else in a will.
I look forward to hearing from you.
Kind regards
AJ
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Customer reply replied 3 years ago

Well, for us the key factor is tax. I'm working, and my wife is not. The gift is being received by my wife from her parents.

As I'm working, I need to be on the buy to let mortgage. However, I want to use the Form 17 process to ensure that the profits are taxed in my wife name predominantly. So I'm open to advice as to how to achieve that. And have the ownership and deed to that effect.

Solicitor: Alex J., Litigator replied 3 years ago
Hi,
Thank you.
Do you need to be listed as a legal owner of the property?
Kind regards
AJ
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Customer reply replied 3 years ago

I would think so, as I am on the mortgage. Most lenders will not give a loan on a property, if I'm not an owner too

Solicitor: Alex J., Litigator replied 3 years ago
Hi,
Thank you.
To ensure your wife is entitled to any income you could agree in your declaration of trust that your wife is entitled to all rental income in the property.
The form 17 is used as a declaration of joint interests in property - you will need to file this at HMRC to ensure that you are taxed other than equally if you are going to seek to have your wife obtain all the rental income. You will have to have a declaration of trust in support of this.
Kind regards
AJ
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