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Thomas
Thomas, Lawyer
Category: UK Property Law
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Experience:  BA (Hons), PgDip, Practising Solicitor
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Can I give my partner a 50% share in my house and are there

Resolved Question:

Can I give my partner a 50% share in my house and are there any tax implications?
Submitted: 4 years ago.
Category: UK Property Law
Expert:  Thomas replied 4 years ago.

Hi,

 

Is there a mortgage on the property?


Tom

Customer: replied 4 years ago.
yes, but intend to keep mortgage in my name
Expert:  Thomas replied 4 years ago.

Hi,


The lender will not allow your partner to be registered as joint registered propretior without him being added to the mortgage I'm afraid. No change of registration can be affected without the lender's consent.

 

An alternative would be to draft get a solicitor to draft a declaration of trust which would be exercuted by you both. This is a deed which would be exercuted by you and your partner which would state that upon sale the equity is to be divided in to percentage shares. You would choose the percentage (ie. 50% each). It would cost around £150.00 for a solicitor to prepare and £50 to have it registered against the legal title of the property in the form of a notice.

 

 

If this is useful please kindly click accept so that I may be rewarded for my time. It will be gratefully received and you will be free to ask follow up questions;.

 

Kind regards,


Tom

Customer: replied 4 years ago.
would this mean there are no tax implications until the sale?
Expert:  Thomas replied 4 years ago.

It would be a potentially exempt transfer for the purposes of inheritance tax. It would be for HMRC to decide if you retained a benefit in the assets following the making of the declaration, if their view was that you did reserve benefit then they would attempt to include your partner's 50% share in the property in your estate. If they did not consider you retained a benefit (ie. because your partner was living there) then it would be a potentially exempt transfer for IHT purposes, meaning that if you survived 7 years there would be no charge to your estate.

 

It would also be a disposal for capital gains tax purposes, but if it is your main private residence then this would mean it was exempt.

 

Sorry for the delay in replying.

Hope this clarifies, if so please click accept.


Kind regards


Tom

Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 6660
Experience: BA (Hons), PgDip, Practising Solicitor
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