Future of house in two names be secured other than will?

Nancydrew

Hi all,

My partner and I want to buy my daughter a house outright. I want to put it in either her or my name. My partner doesn’t want this. He’d like to have both his and and my name on the house and is saying that at he will leave his half to my daughter in his will.

This concerns me as he is very likely to outlive me and could always change his mind and the will down the line. This would leave my daughter vulnerable in the future.

Is there any way we could fill in some sort of form or deed with the solicitor that can not be changed at a later date?

We cannot share a will as our finances are separate and would be very very complicated so that is not an option.

Many thanks

davidmcn

Before you start looking at more complicated solutions - why is it not just going into your daughter's name?

sal_III

If you are financing the purchase with 100% your funds, why would you put your partner on the deed?

Not much details, but smells like gold digging move on his part.

getmore4less

Who is providing the cash?
Will there be a mortgage?

What about the tax complications of you owning something you don't live in?

Nancydrew

Hi,

I have no idea. He just seems to feel that his name should be on it. I’ve asked him if it’s because he’s like his share of the money back after my days and to be honest but he says that’s not the case and that he’s willing to leave his share to my daughter as would I. He has a very large estate that is all sorted in his will and I wouldn’t want this house getting tied up in all that.

Nancydrew

We will be paying half each, no mortgage.
Are there tax complications?

Nancydrew

The house we’d like to purchase is £100,000

AnotherJoe

Is he aware there will be extra SDLT to pay if its partly in his name?
It will also complicate things badly if daughter wishes to move.
Is he a controlling type of person?

xylophone

Why not give your daughter your £50,000 and have him lend her the balance (interest free if he wishes) against a charge on the house?

He could have the loan agreement on a "repayable on sale basis" and if he wished "forgive" any balance remaining in his will.

He could take a first charge on the property to secure the loan.

Sea_Shell

Do you both want to gift the property or not? (By gift I mean, that's it, it hers, you/he don't want it back, ever!)

If so just do it, give her the money whatever and let her have it solely in her name.

Otherwise it's a gift with just a whole bunch of strings attached, which may come back to bite you...or cause upset down the road.

davidmcn

AnotherJoe wrote: »

Is he aware there will be extra SDLT to pay if its partly in his name?

The same applies if the OP owns other property.

Also there's the potential CGT liability, which wouldn't apply if daughter owned it and it remained her principal residence.