So could the mortgage be in joint names but the property deeds just be in my wife's name? Would that make it legal for my wife to declare the rental income as her income only so I don't need to declare it? i.e. How would HMRC expect the income to be declared, based on the name(s) on the deeds or the mortgage?
Approximately how much would it cost for a solicitor to change the deeds? I guess I may need to balance that cost against potential income tax savings. The rental will likely be for 18 months.
OK so with this Trust document I could declare 1% of the rental income and my wife 99%, and this would be completely legal?
Sorry for the delay.
Yes- you can hold the property as Tenants in common, which means you can declare what percentage share you own in the property, so it is perfectly acceptable for you to hold it 99%/1%.
I hope this helps.