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Harris
Harris, Law Specialist
Category: Law
Satisfied Customers: 2723
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
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I own a flat with my mother (joint tenants). I recently got

Resolved Question:

Hi,
I own a flat with my mother (joint tenants). I recently got married and my wife earns below the income tax threshold and I am considering transferring my equity in the flat to her to manage our tax effectively.
My understanding is that this is perfectly legal but I wanted to get professional advice to make sure.
Thanks you.
Luke
Submitted: 11 months ago.
Category: Law
Expert:  Harris replied 11 months ago.

Hi, thank you for your question. Spouses are free to transfer and gift property and assets between them without restriction, however you should be aware that you will no longer hold a legal interest in the property. In the event of a divorce the share that she holds will be taken into account.

Furthermore, you will need to review how the title is held between her and your mother if it is transferred to her. If it is as joint tenants, upon the death of either of them, the whole title automatically transfers to the other even if there is different provision in a will. However, if it is held as tenants in common, each of them will hold their own separate share of the property which can be passed on in a will or under intestacy rules.

I hope this assists you. If you found this information helpful please provide a positive rating using the stars at the top of this page. I will not be credited for your question without a positive rating. Thank you.

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