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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3496
Experience:  Solicitors 2 years plus PQE
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Hello. I own a property in the UK together with my husband

Customer Question

Hello. I own a property in the UK together with my husband as joint tenants. We are now looking to rent this property and I would like to be the 100 per cent recipient of the rental income. We have been advised to execute a Deed of Trust and the HMRC Form 17 for these purposes. I understand that by doing so we will be severing the joint tenancy in favour of tenancy in common, which is not our intention as we would like to continue to enjoy our respective rights of survivorship on the property. Please can you advise on whether my assessment of the implications is correct and also let me know whether you have a precedent for a trust deed. Many thanks. Natalia
Submitted: 3 years ago.
Category: Law
Expert:  Alex J. replied 3 years ago.
Hi,

Thank you for your question and welcome my name is AJ and I will assist you.

Your assessment of entering into a deed of trust is correct. However if you want to retain rights of survivorship, you can just make provision in your will for your husband for your share of the property and vice versa.

I am afraid we cannot give out precedents on this site, the document itself is very straight forward and a local solicitor would be able to draft it for a couple of hundred pounds.

Do you have any particular need for the right of survivorship to exist outside of a will?

I look forward to hearing from you.

Kind regards

AJ
Customer: replied 3 years ago.
Hi AJ,

Thanks for your answer, very helpful.

We really only want to maintain the survivorship rights in order to avoid any difficulty in a situation where something say happens to me and my husband has to purchase my shae of the house out of my estate. We would like my share to automatically transfer to my husband in this case. It might be difficult for us to create a will as we are currently living outside the UK. Is there any other way to have the income assigned without disturbing the ownership structure?

Thanks.
Natalia
Expert:  Alex J. replied 3 years ago.
Hi,

Thank you.

You could enter into a deed of assignment, where by your husband assigns all rental income to you and gives up any rights to the same.

The only issue with this would be that if your husband went bankrupt within 5 years of that happening a trustee in bankruptcy maybe able to set it aside as a preference. Therefore there should also be a valid reason for doing it if possible, for example you are assigned the rental income on the basis that you take responsibility for all management and maintenance of the property.

I look forward to hearing from you.

Kind regards

AJ


Customer: replied 3 years ago.
Thank Alex, I will look into the deed of assignment route as it seems to be a better way forward for us now. I will see if I can obtain a precedent from the PLC. Many thanks for your help. Natalia
Expert:  Alex J. replied 3 years ago.
Hi,

No problem.

PLC is the best place to look. Probably the best thing to look for is a deed of assignment of a contract but it will have to be adapted.

Because of the insolvency reason I have mentioned above I would strongly recommend you ask a solicitor to do this, it will cost £250 plus VAT at most if you ask one outside of London. The reason for this is you need to make sure that the assignment does not amount to a preference which could cause problems later on.

Speak to the Law Society and they should be able to recommend someone who act for you even though you are based outside England. WWW.lawsociety.org.uk

Kind regards

AJ

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