Partner buy in to my house!

kateboots21

Hello all, need a bit of help here!

I bought my house X years ago and am currently the sole owner. My partner now lives with me and we love our little house but I want to get them on the mortgage/title deed etc.

We want to be 50/50 so the plan is for them to pay me half to 'buy in'.

So half my deposit and half what I've paid into the mortgage until now. 

Will I have to pay any tax on the money they give me for buying in?

Brie

essentially you are selling half the house but as you have been living there I wouldn't expect there to be any CGT for you to pay.  I'm not so sure what tax your partner would need to pay for their purchase though.  I suspect there will be stamp duty.  There will also be solicitor's fees and the bank may want a valuation as well.  Who will pay for those?  I would suggest it should be your partner as you had paid those sort of things originally when you purchased the place X years back.  

Might be simpler to wait until you have a renewal of your mortgage?  Just a thought.

And just to be thorough - do be sure you have wills in place as it sounds like you aren't married in any sense so you'll want to decide what happens to the house (& everything else) should the worst happen to one of you.  Solicitor might be the best place to get a will done as it may not be as simple as "I leave everything to kate" and vice versa.  To be tidy you might get POAs done too but those are simple enough to do yourselves if you follow the instructions and will be a heck of a lot cheaper than paying some legal eagle to charge you loads.