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Joshua
Joshua, Lawyer
Category: Law
Satisfied Customers: 30008
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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I would like to put my wife on our main home as 50%

Customer Question

I would like to put my wife on our main home as 50% ownership. Currently it is in my sole name, and also make my wife 75% owner of my btl property, again it is currently in my sole name. Both properties are mortgage free.
JA: Where are you? It matters because laws vary by location.
Customer: Epsom UK
JA: What steps have you taken so far?
Customer: None
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: Only the costing of doing this.
Submitted: 14 days ago.
Category: Law
Expert:  Joshua replied 14 days ago.

Hello and thank you for your question. My name is ***** ***** I will be very pleased to assist you. I'm a practising lawyer in England with over 15 years’ experience. Please be aware that although I will endeavour to reply to you promptly, I am also in full time private practice and so I may not be available to respond immediately and it may also take me a few minutes to prepare a reply. The site will notify you as soon as I respond. I look forward to working with you to answer your question fully.

May I confirm the reasons for you considering these actions please? Would it be correct to assume that in part at least this is for tax purposes?

Customer: replied 14 days ago.
my wife is 11 years younger than me, she will have no income shortly, so the income generated from the btl would be untaxed if it became her only income. Also in the more likely event of my death first she would already own half the main house.
Customer: replied 14 days ago.
I will arrange a telephone call later as I’m running late now for an appointment. Thank you
Expert:  Joshua replied 14 days ago.

thank you. The first thing to say is rather stating the obvious but you will need to consider that although the arrangement may be efficient for tax purposes, it is also involving you gifting sizeable assets to your wife and you would need to consider that this is what you want to do. I am certain you will have considered this point in detail already but I mention it for the sake of completeness.

in terms of tax, again, I am certain you have already considered these points but there will be no capital gains tax charges because transfers between spouses are exempt. There may be a capital gains tax charge as and when you eventually come to sell the buy to let property but nothing is triggered in respect of this particular transfer and on the basis there is no mortgage on my property, there is no SDLT to consider.

it is what is involved, you would need to complete a transfer deed in relation to each property and set out a simple declaration of trust within the transfer deed setting out your respective shares in each property as you wish to own them. You will also need to decide whether you wish to own the properties as joint tenants or tenants in common. If you are making wills, usually the latter is the appropriate choice.

You will then need to complete an AP1 application form in relation to each property as well as an ID3 to certify your respective ID to the land registry. Finally there will be a fee to pay in relation to each application.

https://www.gov.uk/government/publications/change-the-register-ap1

https://www.gov.uk/government/publications/certificate-of-identity-for-a-private-individual-id3

https://www.gov.uk/government/publications/registered-titles-whole-transfer-tr1

Customer: replied 14 days ago.
I wish to cancel my membership with immediate effect, as it was not clear I would be charged £50. I would have otherwise been happy for future charges but feel this initial charge was not clear at all. Please confirm my ID 30454636-290 has been cancelled. Regards ***** *****
Expert:  Joshua replied 14 days ago.

I am very sorry to read of the above there are pleased that you are otherwise happy with the service received. Unfortunately as I do not work directly for Justanswer I am not given any access to your account and therefore cannot see what you have been charged nor help with any billing enquiries. However customer services will be more than happy to assist you with the same. They can be contacted in a variety of ways including telephone, email and chat via the below link:

https://www.justanswer.co.uk/help/contact-us

Expert:  Joshua replied 13 days ago.

I trust the above was of assistance and that you do not have any follow up questions for now. If there is anything else I can help with please reply back to me though.

Expert:  Joshua replied 11 days ago.

Thank you again for visiting JustAnswer and see you again in the future I hope.