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Adding partner to deeds of property
Rowanmoon
Posts: 8 Forumite
When I met my husband we each owned our own house.
The house that my husband owns is rented out and has been for 11 years (he lived in it for 5 before that).
We now want to put that house in joint names. We have no mortgage on the property.
We now want to put that house in joint names. We have no mortgage on the property.
Is this something we can do ourselves (if so, how?) or do we need to pay a solicitor to do it?
Thanks
Thanks
0
Comments
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No mortgage so yes, DIY.
https://www.gov.uk/government/publications/registered-titles-whole-transfer-tr1
Purpose? Saving Income tax? Capital Gains Tax? In case of death?........?1 -
Purpose is that we are both retired now and I only have a very small pension so don’t use my tax allowance. We actually share the rental income anyway and have done for a while so it makes sense to share the tax. Also thinking of ease of sorting out when one of us dies.propertyrental said:No mortgage so yes, DIY.
https://www.gov.uk/government/publications/registered-titles-whole-transfer-tr1
Purpose? Saving Income tax? Capital Gains Tax? In case of death?........?0 -
Joint names, but as joint tenants, or tenants in common? The latter is probably more suitable in your circumstances, if you want him to inherit your share, or vice versa.No free lunch, and no free laptop
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We were thinking as joint tenants, we would each want the whole of the property to go to each other as inheritance. Can you explain why tenants in common would be more suitable please?macman said:Joint names, but as joint tenants, or tenants in common? The latter is probably more suitable in your circumstances, if you want him to inherit your share, or vice versa.0 -
Apologies, I mean to write that the former would be more suitable if you want the survivor to inherit the whole property.No free lunch, and no free laptop1
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Tenants in common
You own say 90% and your husband owns 10%
So 90% of the Rental income is in your name
I take it your husband has a bigger pension or earns more than you !0
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