Home ownership

[Fosler]

I moved 300 miles away when I divorced my ex. Adult daughter came with me, my son stayed with his dad.

I need to give my daughter some security so was considering adding her name to the deeds of my house so she is co-owner.

Is there anything that would prevent me from doing this and can anyone advise of any drawbacks please?

My ex has informed me he is leaving everything he has to our son so while I feel I am being unfair I don't think I have a choice.

Thank you for any help.

www.warnergoodman.co.uk/site/blog/news/can-i-gift-or-transfer-my-property-to-my-children

Do you have a mortgage? If not there is nothing to stop you transferring it into joint names.

Thanks for replying.

I have a small mortgage. I guess I would need the building society's approval.

I'll just ring my solicitor and ask them later.

Thanks again.

@redastherose

Do you have a mortgage? If not there is nothing to stop you transferring it into joint names.

Mortgage is different to deeds.

Mortgage company will want to do affordability checks on anyone coming into the mortgage.

How old is she? It's really not a sensible thing to do unless you have covered all bases. If she moves out and you later sell/die she's liable for capital gains tax, as well as possibly inheritance tax. She'd miss out on the first time buyer stamp duty cut. If she gets married then divorced your house becomes part of her divorce settlement. Owning part of a house could mean any benefits she claims are reduced. She could/should charge you rent on her half.

Just get your will sorted. Much easier. Are you really going to disinherit you're son because his fathers being an arsehole?

@titchy

How old is she? It's really not a sensible thing to do unless you have covered all bases. If she moves out and you later sell/die she's liable for capital gains tax, as well as possibly inheritance tax. She'd miss out on the first time buyer stamp duty cut. If she gets married then divorced your house becomes part of her divorce settlement. Owning part of a house could mean any benefits she claims are reduced. She could/should charge you rent on her half.

Just get your will sorted. Much easier. Are you really going to disinherit you're son because his fathers being an arsehole?

This just about sums up why it's not a good idea to do what OP is thinking about.