putting DP's name on the deeds - what do I need to know?

[threeleftfeet]

When we buy our new house I want to put DP's name on the deeds as well as mine so we own it jo. (The flat we're selling is in my sole name).

Is there anything that I need to know about legally? Can you just do this or does it open up tax - or other - problems perhaps?

(Please note I don't want advice on whether it's a good idea to put my DP's name on the deeds as I'm convinced it is! Just wondering about the technicalities).

TIA :)

[threeleftfeet]

hopeful bump :)

[threeleftfeet]

Oops! That should say so we own it jointly, not jo!

[OfMiceandCats]

Are you using equity from your flat to help purchase the new house? If so, you should ask your solicitor to register you as tenants in common, with the shares apportioned so that the respective contributions to the purchase price are shown. This protects your assets. Other than that, there shouldn't be any problems.

[threeleftfeet]

Thanks for the answer.

Yes I am using equity from my flat. I should have said, it's all equity, they'll be no mortgage. I am effectively giving DP half of everything I own!

(We won't be mortgage free forever sadly! We plan to move again in about 5 years and we will need a mortgage then for what we want.)

The reason I want to do this is that we're not married, however we have a DS together. I want DP's name on the house, so it's also his in case anything happens to me. (We plan to marry, but we're not in a particular hurry).

I wondered if there were any problems with this? Like tax issues or other such strange things of which I know very little?!

[twooter]

I know it's not what you're asking, but couldn't you just leave it to him in your will? It just seems to be very one-sided and may have a knock on effect on your relationship later on.

[IvanaHumpalot]

I think even if something happened to you, your partner as DS dad would be able to remain in the family home. I think (please get some advice on this) the ownership would pass to your DS with allowance for your DP to remain whilst DS is a minor. This might be complicated later about contributing to household maintainence etc...

You would both be better writing a will, this would protect both partners and your DC. Please get some advice on this - your intended position leaves you and DC in a vulnerable position should your relationship break down. - don't want to be doom and gloom about this.

[threeleftfeet]

I definitely want to put his name on the house. DP left a very well paid career which he loved and had worked hard for, when I got pregnant (unplanned). His old career involved being away for months at a time at wasn't compatible with how either of us saw our family life. He's currently retraining and is getting into a related but much less well paid job which you can do 9-5, but it won't be nearl as well paid as his old one, well maybe in several years, but he's going to have to effectively start again. (he doesn't grumble about this btw, he's delighted to be a dad!)

I didn't want to get into justifying our relationship but here goes!

I've known DP for nearly 20 years, we were friends for a long time before we got together. I know he's an honourable, amazingly decent human being. I'm not so naive to think it's impossible we'll ever split up (although it seems unlikely at this point!) but he'd need to have a complete personality change to become the kind of person who would screw me (or anyone) over.

On an emotional level, it's important to me that our next home is ours. If I hadn't gatecrashed his life, got pregnant at the drop of a hat he'd be doing very well for himself thank you very much!

I want his (non financial) contribution to our family life to be recognised and I want our home to his too.

It doesn't have to be a 50:50 share (do you have to state an amount for joint ownership?) but I do want his name on it.

So I don't care if you think I'm mad, it's what I want to do! :)

[threeleftfeet]

My understanding of marriage (although I may be wrong here, it's not exactly my specialist subject!) is that if a couple split, it's not just the financial contribution to the family home that's taken into account, but also a SAHM for example would be seen to have contributed too, isn't that right?

[oreocrumbs]

Yes when you are married they consider all factors including SAHM, please at the very least go and speak to a solicitor before doing this.

I don't actually know if you can just give someone half a house - there may well be tax implications - it wouldn't matter if you were jointly taking a mortgage, but you are effectively giving hims tens or hundreds of thousands of pounds. So the tax man will likely want a big bit.

My parents have tenants in trust on their house. Both on the deeds, my DM owns a larger share and that is legally noted.

In our house I own this house, DP pays equally towards it but its all in my name. Its in my will that it will go to our DD but he has life long use of it.

I think you will be much safer if you keep the house in your name and amend your will to leave everything to your DP.

[threeleftfeet]

"I don't actually know if you can just give someone half a house - there may well be tax implications ... you are effectively giving hims tens or hundreds of thousands of pounds. So the tax man will likely want a big bit"

That's what I'm wondering.

How does it work when you give someone a gift then? At what point does the tax man get involved?

[oreocrumbs]

After £7000 you have to declare for tax if it is a cash gift, (or thereabouts, it might have changed recently).

[AThingInYourLife]

"he'd need to have a complete personality change to become the kind of person who would screw me (or anyone) over."

Read the Relationship boards. It happens.

A lot.

[financialwizard]

You really really need to see a financial advisor and speak with a solicitor. When it comes to property/money/death/IHT it is vital to do this if you are cohabiting but not married. Far too many potential pot holes to go into here.

[OfMiceandCats]

Is there any reason why you don't marry? It would solve a lot of issues.

[cestlavielife]

you should get married then - if you not planning to get married (i dont mean big wedding just the paper bit) then all kinds of tax implications etc you need proper legal advice .
and write wills . both of you.

depends on value of house but if you will it go to him thn he may have to pay tax if you not married.

[threeleftfeet]

We plan to get married but we've got too much going on right now to plan a wedding! (moving house, study etc) not to mention we're not exactly flush right now.

I'm no bridezilla, I don't need to spend a fortune to get married! But I would like to do it in front of family and friends who mean a lot to us. I really don't want to marry just for the piece of paper.

[stabiliser15]

I think you should take some independent legal advice on the benefits and disadvantages of doing this, and then get appropriate wills/trust deeds etc drawn up.

It is a short term cost to do this now, but could save you thousands of pounds in the long term. No one plans for these things to go wrong, and you should ensure that you have received advice on how best to protect yourself in the event of a split, and your DP in the event of your death.

Please see a solicitor to discuss.

[lovechoc]

DH owned our previous house - I was fine with this, as we planned to move to a bigger place and have our current house in joint names. He still owns the other house (we have tenants in it) and because he worked hard to earn it, I do not have a problem with him keeping it in his name. However, in the event of his death, the house will automatically pass on to myself (we have Wills drawn up). Not the same situation as yours, OP. But just to let you know that it wasn't a big deal, the solicitor sorts this out for you both :)

[lovechoc]

P.s. we are married. If you are not married, you are really complicating matters for you and your partner.

[threeleftfeet]

We are going to get married, sometime in the next few years.

But we are going to buy a house in a matter of weeks! Good time to look at wills, I agree.

I think it looks like a possible option is that I give DP some money less than the tax man cares about). He then uses that to buy a share of the house.

[threeleftfeet]

The share doesn't matter so much, it's a gesture, I want to put DP's name on the deeds.

[lovechoc]

Again, whilst you are buying your house, the solicitor is likely to ask if you'd also like Wills drawn up at the same time. We were asked this as a matter of course.

[lovechoc]

As others have already mentioned, is there no way you can marry, even just the registry office part and then have a large reception later on? It would really ease things for you both, and give you peace of mind with regards to financial matters. It takes the pressure of you both.

[tricot39]

we looked into all of these things before dc. we ended up getting married as it was much simpler. there are lots of things affected and not just the title/ring.
i should say it was a while ago i did my research so beware - which do a good book on wills which explain what is automatic and what are choices....

someone suggested buying the house as tenants in common. be aware that this means that you each own half the property independently. if either of you died the house could be left to anyone named in their will. if no will it is next of kin. while your dc is a minor i think that defaults to parents/siblings (????? do check).

my dh's mum died leaving her share of a house to her sons. her partner chose to move quicker than the 2 years in the will but i was shocked at how aggressively dh's bros wanted their money out. it was an eye opener and i didnt want them having access to my life & paperwork if (then dp) dh died.

i think if you own as joint tenants then if one dies that share passes to the other automatically. (do check that)

the disadvantage with passing property to a partner rather than spouse is that if your whole estate is more than a certain amount it could mean inheritance tax is payable on the total amount. if neither of you had much free cash the the remaining partner would have to sell the property to pay the bill. i cant remember all the details but i think that there are better tax allowances for married couples just to prevent this sort of problem arising.

then there is the issue of your son. your dp has very few rights (but lots of responsibilities) as an unmarried father.

see more here
www.direct.gov.uk/en/governmentcitizensandrights/yourrightsandresponsibilities/dg_10026937

it is amazing how marriage affects so many legal issuez. it really is an institution!

i think if you do want the protection/rights/responsibilites of marriage you should do it sooner rather than later. you can always do a small ceremony now then a stonking party to renew your vows etc when it's more convenient/you have saved up!