How do i transfer half my house to my new husband?

fatpuppy_2

Hi

I'm recently married and own the home we live in outright (no mortgage). I would like to give half the house to my husband.

How do I go about doing this and what are the CGT implications?

Would it be owned by him automatically anyway in a certain amount of time? The deeds are solely in my name and I owned it for several years before we married.

Many thanks in advance!

hazyjo

Don't mean to be the doom and gloom merchant, but what happens if you split up? Could you afford to take on half the property's value in a mortgage (or do you have it in savings) to pay him his entitlement? Does he have any assets? Did he own a property when he met you? What sort of ages are you both?

Jx

BitterAndTwisted

It's quite straightforward to get the appropriate forms from the Land Registry to do this. CGT liability depends on whether you live in the property or not.

Before you do anything it might be wise to wait a couple of years (or even three or four) before you go ahead with this. A married couple's assets are joint-assets BUT if a couple decide separate and divorce, if the marriage had been of a "short duration" (two years or thereabouts) courts will usually seek to return each partner to the position they were in at the start. Stranger things have happened at sea.

Plus, you need to consider very carefully whether you both want to own the property as joint-tenants or tenants-in-common.

domcastro

I wouldn't do that at all.

BitterAndTwisted

No, I wouldn't either. If this marriage endures long-term this issue will resolve itself on its own but only if the OP wants it to. On the other hand self-preservation and caution can be wonderful things.

SuzieSue

Don't do it. I am in exactly the same position as you, but wouldn't dream of transferring any part of my property to anyone else. I love my OH as much, if not more, than you, but anything can happen in the future. Anyone of us could have a breakdown or have an affair.

If you want to provide for your husband then the best thing you can do is make sure you make a will as soon as possible and by all means leave him the house and anything else you own.

Your husband could have a gambling habit that you don't know about and if he becomes bankrupt you will lose your house if he part owns it.

janthemum

Simples. Dont.

SuzieSue

If your husband really cared about your interests, he would not allow you to transfer half your house over to him if he wasn't prepared to pay you for it.

Richard_Webster

Obviously it is right to understand the implications and to be wary if there is a concern that the relationship will not last, but isn't it a matter of deciding how far you trust each other.

What were you doing getting married if you didn't trust each other? The way OP started this thread suggests that they do trust each other, which is as it should be.

If you want to do it and the property is in England/Wales and has a registered title then you need to download forms TR1, ID1 and AP1 from the Land Registry (gov.uk) website and se e if you can deal with them yourselves. If not go and see a solicitor.

SuzieSue

Richard_Webster wrote: »

What were you doing getting married if you didn't trust each other? The way OP started this thread suggests that they do trust each other, which is as it should be.

.

No-one is saying that the OP doesn't trust her husband. She has married him, so I think it is fair to assume she trusts him unless she married him for some other reason that we are not aware of.

Just because she trusts him today, does not mean that he or she will never grow apart in the future or have an affair, or have mental breakdown or become a gambling addict etc etc.

UrWntr

SuzieSue wrote: »

Don't do it. I am in exactly the same position as you, but wouldn't dream of transferring any part of my property to anyone else. I love my OH as much, if not more, than you, but anything can happen in the future. Anyone of us could have a breakdown or have an affair.

If you want to provide for your husband then the best thing you can do is make sure you make a will as soon as possible and by all means leave him the house and anything else you own.

Your husband could have a gambling habit that you don't know about and if he becomes bankrupt you will lose your house if he part owns it.

Clearly the OP takes her weddings vows more seriously than you do.

"for richer for poorer, in sickness and in health" etc.