DIY Declaration of trust/ Deed of trust prior to form 17

Landlord Discussion
1

Hi Everyone, found some info on here but not quite what im looking for so asking.

Married couple with rental properties (Tenants in Common) looking to change ownership percentage.
understand a form 17 is required and seems straight forward.

However looking to do a DIY deed or declaration of trust to accompany the form 17.
has anyone took this approach with success and would be willing to share an example.

Any help appreciated
Angela and Rob.

3

My understanding is that you need to get a solicitor to draft a Deed of Trust first to vary the percentages of your beneficial ownership. Then you use form 17 to declare to HMRC within a fixed period.

4

Hello @Angela28 i think I have posted on this topic before. You do not need a solicitor to draft a deed declaration for you.

I have same structure in place myself where I declared 1% beneficiary interest for myself and my Mrs 99%. The percentage structure is how you wish.

2 Likes
5

I have posted on this topic before. Here is the link

2 Likes
6

I wouldnt recommend this unless the template is from a very trusted source and you dont make any amateur alterations. Getting the deed wrong or not understanding the process of deed execution could cause problems when you come to sell or HMRC could later challenge its efficacy and force you to pay all the back-tax.

1 Like
7

Hi. Again. I have purchased a template from docs4biz (£10), i have amended it slightly to suit. my question is i want to change shared ownership from 50 50 to 80-20 for 4 of our 5 properties (1 mortgaged so happy to leave as 50-50.). Do i need to do 4 deeds of trust and 4 form 17 applications? and do you think the application will be granted prior to the new tax year? thanks.

1 Like
8

Yes you would need separate arrangements for each. Also bear in mind that if any of the properties are not held as tenants in common, but as joint tenants, then a solicitor would be required to make changes first.

1 Like
9

Thanks. all the properties are as tenants in common.

10

Just remember when you sell them there. Maybe CGT differences and allowances ( if there is any left by then?)

11

This topic was automatically closed 90 days after the last reply. New replies are no longer allowed.