How to give my wife half of my house?

pc1271

Hello, I'm looking for a little advice from some experienced folk!

Before meeting my now wife, I bought a house on my own with a 90% mortgage through Natwest.

Since getting married and our finances became joint (last year), she has effectively been paying half of the mortgage. We are now expecting our first child, and I want to formalise the arrangement and transfer the house from 100% mine, to a 60/40 split. There is still about 80% of the mortgage outstanding.

Can anyone advise on how to go about doing this? Do I start with a solicitor and change the deed? How much should that cost? Do I speak to Natwest first? Are Natwest likely to just add her name without any hassle, or would we have to start with a new mortgage product?

I'm just a little lost as to where to start and how much hassle/expense it's likely to be. Both of our finances are good, and the only other debt we have is car finance.

Caroline_a

As you are married, your wife now owns half of everything you own, as well as you owning half of everything she owns. No need for solicitor, etc, that came into being once you both said 'I do'.

Gloomendoom

If you have been married for more than two years, you don't have to formally do anything. The family home is no longer 100% yours.

BitterAndTwisted

You're married, so she already has 50% of ownership.

If you want to formalise it, you'll need to remortgage the house and get a joint-mortgage. Then you can choose whether to be joint-owners or owners-in-common. I would favour the former in case of death as the latter can make for unwanted complications depending on your wills. Mortgage-lenders won't allow someone to put their name on the deeds when they're not legally responsible for paying the mortgage.

Goldiegirl

Or you could keep your present mortgage, and apply for a 'Transfer of Mortgaged Property' to transfer your wife onto the mortgage and Deeds

pc1271

So can this be done via Natwest only, with no separate solicitor required?

I realise that in effect everything is joint, but would like to have it formalised. I guess it may also help with 'affordability' in getting a new mortgage if it's a joint application.

caeler

I'm curious about your original post suggesting a 60/40 split rather than equality?

pc1271

It's not point of contention, it will probably end up being 50/50 anyway. 60/40 just reflects the actual contribution I made before we got married, and then the remainder split 50/50.

pc1271

As an aside, how does the law work with assets own before marriage?

I didn't have enough to worry about anyway, but if one partner has say £100k in the bank before marriage, then divorces two years later, does that £100k automatically go into the pot, even though it was earned before the marriage? As I said, that's not me; just curious.

Kayalana99

Yes, and wife may even be better off if she is looking after the child full time basis.

If thier wasnt a child involved it would be differnert.

Mojisola

pc1271 wrote: »

As an aside, how does the law work with assets own before marriage?

I didn't have enough to worry about anyway, but if one partner has say £100k in the bank before marriage, then divorces two years later, does that £100k automatically go into the pot, even though it was earned before the marriage? As I said, that's not me; just curious.

After a short marriage, things will usually be put back as they were before the marriage.

After a longer marriage and particularly if there are children on the scene, it gets more complicated.