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LondonlawyerJ
LondonlawyerJ, Advocate
Category: Law
Satisfied Customers: 803
Experience:  Solicitor with over 15 years experience.
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Is there any advantage in transferring property ownership from

Resolved Question:

Is there any advantage in transferring property ownership from single to joint?
Submitted: 2 years ago.
Category: Law
Expert:  LondonlawyerJ replied 2 years ago.
LondonlawyerJ :

Hello, I am a solicitor with 20 years experience. I will try to help you with this.

LondonlawyerJ :

Can you tell me a bit more about the circumstances of the possible transfer please?

Customer:

I am the husband. Is there any advantage in transferring the home ownership from my name ( sole ownership) to joint ownership ( my wife and me).

LondonlawyerJ :

Is this your home?

Customer:

Yes. No mortgage.

LondonlawyerJ :

If the property is held as joint owners then there are 2 types of joint ownership. The 1st is where you hold as joint tenants ie: you both own the whole property jointly. Under this the whole property will pass to your wife on her death and vice versa. You cannot dispose of it otherwise under a will. You can not sell without her permission. Under a joint tenancy you both own equal shares in the property and you can only sell and dispose of your own half as you wish any dealings of the whole property require consent.

LondonlawyerJ :

Due to tax reliefs for married couples under IHT rules the tax benefits may be fairly limited but that is a matter for specialist face to face advice from a tax expert and not really suited to this site.

Customer:

Thank you for your advice, but should the property remain purely in my name, on my death, would all of the property transfer to my wife? By the way, my will states that on my death everything I own transfers to my wife.

LondonlawyerJ :

Yes, in the absence of any reason to doubt the validity of the will or of anyone you financially support not being provided for in the will adn therefore potentially able to challenge it's provisions then yes yo can pass it to her in it's entirety on your death.

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