• Transfer Of Property To Spouse

    By umeshg on 14th Nov 2023

    We have a husband who owns 100% beneficial and legal title of his main house, which has no mortgage.
    He now wishes to transfer 50% beneficial interest to his spouse by treating this as a gift of his 50% beneficial interest.

    Do we need to prepare a Deed of Gift and a declaration of Trust to show beneficial ownership ( is this good practice) or to save costs can we record their beneficial interest as Tenants in Common on the TRI

    Many Thanks

  • 1 Answers

    By Guest on 15/11/2023

    Recording in the TR1 that they own the property as tenants in common in equal shares is enough if all you want to do is record that they each are entitled to 50% of the equity (panel 10 if the TR1 IS a declaration of trust, albeit a very basic one). A separate deed is used where you want to clarify who is responsible for outgoings and what the process is if one wants to sell and the other doesn't etc

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