House Ownership

[pinkjudy45]

I have a small house that has been bought and paid for before I met my second husband. Could I put my sons' name on the title deeds as well as my own, so when I die he will automatically get this house. I would like to add that my husband and I also own other properties between us, he didn't own any properties when we met, but we have worked worked hard to get into this position, but do not want to see my only son lose out when I die. Hope someone can help me with this dilemma, or make any legal suggestions.

[Buenchico]

If you add your son's name to the title register as 'tenants in common' you'll both own half of the house. When you die your son will continue to own half of the house, with the other half being disposed of according to the terms of your will (or the intestacy rules if you've not written a will). So a 'tenancy in common' would appear not to meet your needs.

If you add your son's name to the title register as 'joint tenants' it will be your 'legal partnership' that own the house. When you die (irrespective of anything you might have written in a will) your son, as the surviving partner, would automatically acquire full ownership of the house. So a 'joint tenancy' might meet your needs.

However you need to be aware that your son (as a joint tenant) could force you to sell the house before you die, so that he could get at the money. If you'd rather that didn't happen, it would make far more sense simply to write a will leaving the house to your son.

[Peter Pedant]

its hardly a dilemma
it is a question of how you want your property to go on your death

it is vital to write a will - I am surprised that BC who used to do it for a living didnt add this.

Putting the house into his name wont really solve the issue of how do I ensure my son gets his share

doing it this way means that you are in an adverse tax position and he is compared to other ways of transferring a property ( with a will)

You should write a will and make sure that he gets the house IHT free

[Peter Pedant]

oops BC did mention a will at the bottom
sozza

[Canary42]

Will it to him.

[factor-fiction]

Are you worried that your first husband might claim a share? Do you have any other children (as you said "sons' name")?
A will is definitely recommended

[Buenchico]

Anyone owning several properties would be mad not to make a will. However your first step should be to check how the other properties are jointly-owned with your husband.

If you've got 'joint tenancies' then your husband will automatically own those properties if you die before him (and vice versa, of course); you can't leave your 'share' to anyone in your will since you don't own such a share to start with.

If you've got 'tenancies in common' then you need to make it clear in your will who you want to leave your half (of each property) to. You can choose to leave it to your husband but you can leave it to another family member, to a charity or to anyone else if you want to.

[Svejk]

Interesting question, interesting answers. Sounds to me like 'what's mine is mine, what's his is ours'.
I would have thought (not that I know anything, just thinking aloud) that when you marry all property becomes joint property. Why else would rich people have to take out pre-nups. How many times have we seen a poor woman* enter into a marriage with a wealthy man and waltz out with half of everything.
*I know it happens to both sexes, but I had to pick 1 for ease of writing.

[Retrochic]

If you Will it to your son he may have to pay inheritance Tax when you die, depending on the value of the house. I would suggest putting his name on the Deeds as 'Joint Tenants' for peace of mind. This can be done quite cheaply yourself or contact a solicitor for a quote.

[New Judge]

It's not quite the same with property, svejk, as Buenchico has pointed out. In particular property owned as "joint tenants" with somebody other than the spouse will not fall to be distributed under the will (or intestacy rules) but will automatically revert in full to the surviving join tenant.

[pinkjudy45]

Thank you everyone for all the very useful information. Just for your info factor-fiction my first husband has died many years ago, and it was his wish that our son has this property when I die, because we both struggled financially to buy this house and as my second husband let his first wife have everything, when we got together he had nothing and together have built up a decent living through hard work, so his children will be financially stable when we both die.

[paul1763]

why not just transfer the property into his name now?

[SirOracle]

Paul As stated above : if the son decided sell the house he could do so if you transfer the house to him.

[pinkjudy45]

Thank you Paul and SirOracle, do you of any legal complications if I do that, I would also add that this property is rented out.

[SirOracle]

I can't think of any legal complications,only what I have already said. That is if you give the house to your son then he can sell it whenever he wishes,rented or not.

[Peter Pedant]

erm there are a few
1st you have to survive 7 y to take it out of the iht hit
and after transdfer you cant stay in it ever to avoid reservation of benefit rules
you need a valuation so that a CGT calc can be done when he sells