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Hi.It means that your children move in with you, they have the run of the house and you give them beneficial ownership of 50% of the property such that if it was sold, they are entitled to half the disposal proceeds. You would need to have a document drawn up by a solicitor to be signed by all parties and it should be witnessed. You would need to share the bills jointly.
Should you survive for at least seven years after making the gift, its value will not form part of your estate for Inheritance Tax purposes. There may be Capital Gains tax implications if the house has not been your main home for the entire period of ownership. It does not mean that you have to physically split the house in two by building dividing walls etc. I hope this helps but let em know if you have any further questions.