Legal. How do you give your wife half the house?
Discussion
Boosted LS1 said:
I'm married but only I pay the mortgage. How can I transfer half the house to my wife for her security? I never want to sell it all but would let her sell the downstairs if we ever seperated.
Boosted.
For a start you would need your mortgage companys consent.
You will need to complete a Transfer (on a form TR1) from yourself (assuming the house is only in your name at the present) to yourself and your wife.
The Transfer has a section about how the property is to be held. There are 2 basic ways property can be held by more than 1 person:
1. Joint Tenants.
This is how houses are usually helb by married couples. You both own the whole together. If one of you dies the share automatically passes to the survivor.
2. Tennts in Common.
For this you can each own whatever percentage of the property you want e.g 50/50, 70/30 etc. This is more common when unrelated people are buying a house as an investment. You can then deal with your share however you want, e.g leave it to someone in a will or sell it.
Joint Tenants would probably be the most suitable for you.
Not sure what you mean about selling the downstairs. If its a normal house this would be very difficult as the property would have to be split up into flats so they could be dealt with separately. You will also still need access to get to your part of the house.
The Transfer is not particularly complicated to do but you cant do it yourself. Go and have a chat with your solicitor. It should cost you a few hundred quid plus the Land Registry fee.
Davey S1 said:
I'm married but only I pay the mortgage. How can I transfer half the house to my wife for her security? I never want to sell it all but would let her sell the downstairs if we ever seperated.
Boosted.
For a start you would need your mortgage companys consent.
You will need to complete a Transfer (on a form TR1) from yourself (assuming the house is only in your name at the present) to yourself and your wife.......
..The Transfer is not particularly complicated to do but you cant do it yourself. Go and have a chat with your solicitor. It should cost you a few hundred quid plus the Land Registry fee.
You can do it yourself, I have done this two or three time with my house. At the moment my wife owns all of it.
The problem you have is that the mortgage company will have the deeds, these will have a charge on them and it will be difficult to get it changed until you have paid the mortgage off. If you took the mortgage out after you were married I am suprised the company didn't want both your names on the deeds.
Me and Mrs Get (actually she's just me' GF) are thinking about getting hitched (after 25 years of living together). I presume this is a good idea, so that there are no problems after a death (no wait for everything to be available to the remaining partner), also for inheritance tax etc. etc??
Any advice appreciated (apart from the mother-in-law)
Steve
Any advice appreciated (apart from the mother-in-law)
Steve
Thanks for the replies thus far.
"Not sure what you mean about selling the downstairs. If its a normal house this would be very difficult as the property would have to be split up into flats so they could be dealt with separately. You will also still need access to get to your part of the house"
Well I bought this house for it's location and commercial workshops at the rear. If I got divorced I would want to keep the workshops and upstairs of the house. Access isn't a problem. Somehow I want to give the missus something ie the downstairs so she's more secure. Then she could sell it and get her own flat somewhere. I have the mortgage and she never went on it.
Boosted.
"Not sure what you mean about selling the downstairs. If its a normal house this would be very difficult as the property would have to be split up into flats so they could be dealt with separately. You will also still need access to get to your part of the house"
Well I bought this house for it's location and commercial workshops at the rear. If I got divorced I would want to keep the workshops and upstairs of the house. Access isn't a problem. Somehow I want to give the missus something ie the downstairs so she's more secure. Then she could sell it and get her own flat somewhere. I have the mortgage and she never went on it.
Boosted.
JonRB said:
Don't forget that you'll also have to pay Stamp Duty on half the consideration - see the other thread(s) on Stamp Duty that are currently running.
This one
www.pistonheads.com/gassing/topic.asp?t=150456&f=141&h=0&hw=stamp+duty
JonRB said:
Don't forget that you'll also have to pay Stamp Duty on half the consideration - see the other thread(s) on Stamp Duty that are currently running.
You won't pay stamp duty if there is no charge made for the transfer, you only pay it when money chganges hands. Last time I played musical deeds with my wife the limit for stamp duty was £40K, that was seven years ago so I don't know if that minimum has been raised since.
If you are doing it yourself the land registry are very helpful with filling the forms out unless you manage to get through to one of the few jobsworths that work there.
GetCarter said:
Me and Mrs Get (actually she's just me' GF) are thinking about getting hitched (after 25 years of living together). I presume this is a good idea, so that there are no problems after a death (no wait for everything to be available to the remaining partner), also for inheritance tax etc. etc??
Any advice appreciated (apart from the mother-in-law)
Steve
If everything is in your name and you snuff it, Mrs Get will pay death duty on the value of your estate over £275K (I think it's £275K) @ 40%. It's best to see a solicitor to find out the best way to divide your property up.
Gassing Station | The Pie & Piston Archive | Top of Page | What's New | My Stuff