Gifting property to my partner

daniellejwilson

I 'think' i have a straightforward gifting question - i would like to gift my partner my mortgage free property where we both live.

I would eventually like to buy another property and avoid owning 2.

I understand the information here: Registering land or property with HM Land Registry: Change the registered owner name - GOV.UK

I also understand that I would have to draft a 'deed of gift'.

Has anyone else done this without a solicitor? Any pit falls? Things to keep in mind?

Thanks so much.

NoMore

Are you married or in a civil partnership ? If not you will probably have to pay CGT. Depending on the gain and how much private residence relief you have, it might not be much.

Capital Gains Tax: what you pay it on, rates and allowances: Gifts to your spouse or charity - GOV.UK

Report and pay your Capital Gains Tax: If you sold a property in the UK - GOV.UK

daniellejwilson

https://forums.moneysavingexpert.com/discussion/comment/81978793#Comment_81978793

We aren't, that's interesting thank you - we have about 60k gain on the property. It is both of our main (only) residences.

NoMore

If you have always lived in the property, the PRR will cover you.

Keep_pedalling

CGT is not an issue but IHT will be if you have more than £325k in assets. The house would also not fall out of your estate in 7 years if you are planning on this still being your main residence. If you are happy to gift your partner your home why on Earth would you not want to formalise your relationship with your partner?

Andy_L

• If you split up with your partner the house is theirs.

• If they die before you the house may not go to you

What is the problem you are trying to avoid by gifting the house? There may be better ways of solving it

Land_Registry

If the property is registered any change of legal ownership would be done by way of a Transfer (form TR1) as the linked guidance explains. Form TR1 is the prescribed for you must use to transfer the legal ownership of a registered title.

You refer to a 'deed of gift' but are perhaps thinking that the transfer is a 'gift', which is fine but you would not draft your own deed in this scenario as it would not be acceptable

Keep_pedalling

https://forums.moneysavingexpert.com/discussion/comment/81978926#Comment_81978926

Possibly to avoid the additional SDLT on the second property.

daniellejwilson

https://forums.moneysavingexpert.com/discussion/comment/81978953#Comment_81978953

That's exactly it

daniellejwilson

https://forums.moneysavingexpert.com/discussion/comment/81978941#Comment_81978941

Thank you, re 'you would not draft your own deed' - do you mean a solicitor would have to do this?

sheramber

Will you both continue to Live in the current property?

What is the purpose of the second property?