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Gifting Property to Spouse
Ravenna65
Posts: 1 Newbie
Hi All,
I have inherited a house from my parents, which is now the main residence of myself and my husband. We do not own any other property, save for some land, value £150k, that he solely owns.
While consulting our solicitor for Wills, he recommended that I gift 50% of the property to my husband, so that if he dies first, 50% will go into a Trust and I will only own 50% myself.
I have searched online, but all references I can find are for 'Joint Tenants', whereas I want to do this as 'Tenants in Common'.
I believe there are no tax implications, but not sure.
Please does someone know whether I can do this myself, and how?
Also, I need to register the property with Land Registry in my sole name first. My Dad's half (my parents also had 'tenants in common') is still going through Probate.
I think I need a TR1, AP1 and and ID1, countersigned by a Solicitor. I would like to do as much as I can myself. Any advice?
Thanks very much.
I have inherited a house from my parents, which is now the main residence of myself and my husband. We do not own any other property, save for some land, value £150k, that he solely owns.
While consulting our solicitor for Wills, he recommended that I gift 50% of the property to my husband, so that if he dies first, 50% will go into a Trust and I will only own 50% myself.
I have searched online, but all references I can find are for 'Joint Tenants', whereas I want to do this as 'Tenants in Common'.
I believe there are no tax implications, but not sure.
Please does someone know whether I can do this myself, and how?
Also, I need to register the property with Land Registry in my sole name first. My Dad's half (my parents also had 'tenants in common') is still going through Probate.
I think I need a TR1, AP1 and and ID1, countersigned by a Solicitor. I would like to do as much as I can myself. Any advice?
Thanks very much.
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Comments
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Ravenna65 said:Hi All,
I have inherited a house from my parents, which is now the main residence of myself and my husband. We do not own any other property, save for some land, value £150k, that he solely owns.
While consulting our solicitor for Wills, he recommended that I gift 50% of the property to my husband, so that if he dies first, 50% will go into a Trust and I will only own 50% myself.
I have searched online, but all references I can find are for 'Joint Tenants', whereas I want to do this as 'Tenants in Common'.
I believe there are no tax implications, but not sure.
Please does someone know whether I can do this myself, and how?
Also, I need to register the property with Land Registry in my sole name first. My Dad's half (my parents also had 'tenants in common') is still going through Probate.
I think I need a TR1, AP1 and and ID1, countersigned by a Solicitor. I would like to do as much as I can myself. Any advice?
Thanks very much.If it is still going through probate, then it is not yours to gift yet. I believe you need first to become the legal owner and then you need TR1 form. Regarding the tax, I have asked a similar question earlier this year https://forums.moneysavingexpert.com/discussion/6449342/sdlt-adding-partner-to-the-title-deeds
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