Giving up a share of home?

abbiekeira

Hello,

Not sure if this is the right section but I have purchased a house recently for £137,000 using £26,500 deposit and £110,500 on a halifax morgage.

As I have 26,500 equity in the house can I gift this to my wife so that she owns a share of the house?

Thanks

holly_hobby

I assume you have a single name mortgage.

I am unsure as to your reasons for wanting to "gift", the estimated free equity on the property (as the true amount of free equity would depend upon the price actually realised on disposal). If its in connection with your death, then you simply effect a will, or if you don't your wife will inherit the bulk of your estate in any event, through the laws of intestacy (bulk being a generallised term & not discussing provision for issue or others, to keep the post simple and to avoid going through figs at this point), .

If its to do with consideration of tax on disposal, beneficial ownership test may be used in consideration of CGT liability, if she is not party to the deeds.

You could of course look to add her to the mortgage (subject to status), referred to as a Transfer of Equity, and hold the property as joint tenants (equal shares) or tenants in common (in dictated unequal shares) NB - if permitted by the mortgage lender, this exercise may incur fees .

Hope this helps

Holly

hillcats

Wife = 50% ownership

Also you need to remember:

What is hers is hers, what is yours is hers ..... (and dont you forget it...)

holly_hobby

hillcats wrote: »

Also you need to remember:

What is hers is hers, what is yours is hers ..... (and dont you forget it...)

Yes I keep reminding my Husband of this simple fact of life ... !!

H

PasturesNew

I know the phrase as:

What's yours is ours ... and what's mine's staying mine.