In 1972 I arranged to have a house built on land owned by my wife. I took out a with profits endowment policy to cover the cost and when in 1995 the policy was worth more than I had borrowed I cashed it in to clear the loan. From what I can remember the land was suposed to have been registered in our joint names before a loan/mortgage would be granted and as far as I knew my wife and I were the joint owners of the property however in 2011 we wanted to add an additonal piece of land to the property and in the process of doing this the Land Registry advised that the land on which the house was built in 1972 still remained in the sole ownership of my wife. We have been advised that my name can be added to the title at the Land Registry and fortunately my wife is willing to do this however I am wondering if there are any wider implications in respect of CGT or IHT if I assume my half interest in the title of the property. Your advices please.
State/Country relating to question: United Kingdom
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What is the approximate value of your overall estate please very roughly?
Is this to be your main residence or a second home?
Is the property to be rented out?
The overall value of my estate is approximately £200 000 excluding the house. The house is worth £225-£250 000.
The house is my main residence. It is not rented out
I have not received your answer to my question. Please arrange to let me have your advices.
Hello, I see Joshua has opted out. Maybe I can help.It seems to me that the issue is one of oversight, and that you have treated the property as jointly owned and you have both contributed to the house, its building and maintenance, even if the land itself was solely owned by your wife. That being the case, you can complete a Transfer form made by your wife as Transferor to you and your wife as Transferees. This form should be drafted by a solicitor, signed by you and your wife and then sent to Land Registry. The form can recite that the transfer is being done to recognise you as a co-owner. You can specify what proportions you will each own in the property. As there is no CGT or IHT on gifts between spouses, you need not worry abut that. If i have answered your question, please click "accept" so I am credited for my time.
I am a property solicitor specialising in English Property Law, mines and minerals, sporting rights and rural property.
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