Changing the title Deeds of my property

jayn_3

Hi
I have a house which I no longer live in. (I'm looking to let the property)

I would however like to put both my sons on the title deeds to protect their interest in the property should I die. (I have made a will)

What are the long term implicatins of this, pros and cons if I eventually decide to sell the property when I retire in 10 years?

Any thoughts would be appreciated

Thanks

DVardysShadow

The will is sufficient protection. As long as you remake the will if you marry after making the present will.

If you give them a share in the house now, then under current rules, they can no longer claim a FTB stampduty exemption.

mustang1

But there is another point to think about. If you give them a share in the house now and live for 7 years, then there will be no inheritance tax to pay should you die after this time. You will need to consider that, if you want to sell the property in the future and they are on the title as joint owners with you, then you will need their consent to sell and they will need to agree that you get all of the money (sounds simple now but family deals can turn nasty).

If all you are worried about is that they get the property if you die, then your will should sufficiently cover you (although they will pay inheritance tax on this)

Senior_Paper_Monitor

Many issues including the two ones referred to by the previous contributors.

Take professional advice.

CLAPTON

how old are the sons?

obviously you can't decide to sell the property in 10 years time as it won't be owned by you
but if you do the cgt will probably be much higher as you will be able to claim previous residence bu they may not (makes lot of difference to capital gains tax)

minimike2

You dont mention if the property is mortgaged or not.

If it is, you need to have thier names on the mortgage too.