Join Name toProperty Title

[gentleman]

A friend would like to add a joint name to a Property he owns. The Mortgage is Interest payment only. The payment is made by the person he wish to add the name on the Title Deed. I would expect a Lawyer would be involved. Can any one please provide an answer.
Is this possible as the name to be added is not employed but have savings?
What would be the person's Inheritance Tax liability before the seven years term?
If Inheritance tax is deductable what would be the sum in percentage liable on the value of the property after deduction?
Or can it be that if there is a joint name the person who is liable for I.Tax is 50% only on profit after deductions?

[buildersmate]

Are you implying that the person who your friend wants to gift 50% of his/her property asset to will being paying off this mortgage as a lump sum? - and hence the mortgage will cease to exist. That is probably the only way in which such a transaction could work since the mortgage company won't want it any other way.
IT is payable on any Potentially Exempt Transfer (PET) if the doner dies within 7 years of the gift. The tax is payable on the value of the total estate - so it is impossible to know the impact of the gift of 50% of his/her house on the total value of your friend's estate, for IT purposes.
The value of the gift is probably going to be assessable as 50% of the current value of the property, less the sum paid by your friend's friend to pay the mortgage off - since that it is net value of your friend's gift.
You are going to have to seek the advice of a tax advisor to be sure of getting this one correctly set-up.

[Wak]

I don't know about the Property Tax or the legal implications of this kind of transaction but you can get a copy of the Title deeds from the Land Registry website for �3.00.
You can also download PDF files explaining how and when to complete the various Land Registry forms to amend the relative property owners.
The forms, when completed, have to be returned to the Land Registry Office covering your particular area.
Check out the Land Registry web site.
They are also very good at answering questions.

[gentleman]

The house is on an Interest Payment only. In essence, he just wants to name his friend as a non paying partner as the joint owner. I realise the implication of inheritance tax if the payee dies before 7 years after the date of joint venture. I also realise if this happens the payee's liability will only be 50% for I.H. tax purposes.
buildermate: Thank you for your advice and you said:
'That is probably the only way in which such a transaction could work since the mortgage company won't want it any other way.'
Surely if the payments are made regularly, is it not in simile to a person who is a common half person permanently in residence and sharing a house, in this case for the finance company to accept this arrangement? After all the payments are met anyways.
Thanks again,