jeudi 24 septembre 2020

Changing Property to Tenants in Common for business reasons

I can't say too much about my business, but due to Covid its unfortunately likely to fail over the next 6 months due to no support being available for my firm. I will have paid HMRC the taxes due.
I do have other liabilities and personal director guarantees on those. My spouse had no involvement in the business - no directorship or shareholding.

My residential property is currently owned as Joint Tenants, with both myself and spouse owning all the property.

I am thinking i should change to Tenants in Common and transfer so that i have 1% shares and my spouse 99%.
Is this easy to do? Do i do it myself with Land Registry, or will i need a solicitor to do it?
If i do this, will it keep the family home out of my assets for the director guarantees?


Thanks

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