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Add Name to Property Deed
Hello
I would like to add my spouse's name to the property deed of a house I currently own solely. The mortgage is paid up on the house. So I would like us to be Joint Owners/Tenants. I've heard I can go to the Land Registry. I've been on their website but there's nothing about what I want to do on there. Please can someone advise. Thanks so much.
I would like to add my spouse's name to the property deed of a house I currently own solely. The mortgage is paid up on the house. So I would like us to be Joint Owners/Tenants. I've heard I can go to the Land Registry. I've been on their website but there's nothing about what I want to do on there. Please can someone advise. Thanks so much.
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For inheritance tax(IT) purposes it's generally better for you and your spouse to own the house as "Tenants in common" rather than "Joint tenants".
That way, on the death of one of you, your share can be willed to whomever you wish. As joint tenants the entire house would pass to the surviving person. If the house was worth more than the inheritance tax threshold then there could be IT tax to pay on the death of the surviving owner.
We changed our deeds via a solicitor recently for the cost of £100.00
That way, on the death of one of you, your share can be willed to whomever you wish. As joint tenants the entire house would pass to the surviving person. If the house was worth more than the inheritance tax threshold then there could be IT tax to pay on the death of the surviving owner.
We changed our deeds via a solicitor recently for the cost of £100.00
You do realise, don't you, that by adding the name of your spouse to the title deeds, that you are gifting to him half of what you currently own solely. Should the marriage breakdown next year, he could walk away with whatever percentage (presumably half) of the property you wish to be shared between you? I would seek independent professional advice before proceeding with any changes to the deeds.
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