We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Gifting Property to Spouse
Options
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.
0
Comments
-
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
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.8K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.8K Work, Benefits & Business
- 598.6K Mortgages, Homes & Bills
- 176.8K Life & Family
- 257.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards