STRAIGHTFORWARD CHANGE OF OWNER'S DETAILS FOR FREEHOLD PROPERTY IN ENGLAND

Amsler123

Having thought a little further on this, we are now considering transferring the property into the joint names of my wife and our daughter, who will be living there. She's a first-time buyer, so might that reduce the SDLT payable?   And also, for Council Tax purposes, would my wife's half share of the property mean she's a Second Home Owner, which might well incur double the standard Council Tax rate?

poseidon1

Amsler123 said:

Having thought a little further on this, we are now considering transferring the property into the joint names of my wife and our daughter, who will be living there. She's a first-time buyer, so might that reduce the SDLT payable?   And also, for Council Tax purposes, would my wife's half share of the property mean she's a Second Home Owner, which might well incur double the standard Council Tax rate?

Seems to me unless you are gifting monies to daughter to purchase with your wife ( so daughter is a co-purchaser  for value in her own right), no scope for SDLT savings using her FTB status.

Merely transferring an interest in land to your daughter does not make her a purchaser for SDLT purposes.

Once acquired, and your daughter moves in as an owner occupier she becomes wholly responsible for all property outgoings in that capacity including council tax.  If she is going to live there alone, daughter will even qualify for single persons discount. No impact on your wife as the other Co owner  notwithstanding  she will own a majority share. 

Depending on amount to be gifted to daughter, you may want to consider IHT implications of death of you and/or wife in the ensuing 7 years.

Grey_Critic

You require a  Solicitor to guide you through it and ensure whatever you finally settle on IS LEGAL and does not come back to bite you.

Some years ago I got involved in a will where the executor thought they could offer to let the beneficiaries  sort it out amongst themselves. I rather upset people when I insisted that it be put in the hands of a solicitor. Turned out there was a Trust Fund to untangle - HMRC wanted a chunk and the beneficiaries (of which there were four) received in excess of £250k. Nothing is ever as simple as you may think and an internet forum is not the way to do it.