Hello and thanks for using Just Answer.
I am Al and am happy to assist you with your enquiry.
Could you clarify if the property is currently in your sole name or do you hold it jointly as tenants in common?
I look forward to hearing from you.
Property is in my sole name
Thanks for your reply.
Well, it would be easier if you were to transfer the property into joint names as joint tenants, as the property would pass automatically through survivorship to your wife if you were to go first. Probate therefore would not be needed to transfer the property into your wife's name.
Obviously, if the property remains in your sole name, your wife would need to apply for Probate, being being then be able to transfer the property into her name.
Free advice- On a side point, if you have savings over £5,000 in your sole name, your wife would need to apply for Probate to deal with these monies. If all your monies are in joint accounts, they will pass automatically to the survivor.
You perhaps therefore have to weigh up whether your wife will need to apply for Probate anyway (to deal with your Bank accounts etc) aas to whether you feel it will be beneficial to get the property transferred into joint names during your lifetime.
I hope this assists you.