Adding partner to mortgage and deeds

It should be straightforward to transfer the property into joint names, without paying any stamp duty, and you will have to consult your lender and if necessary obtain a fresh mortgage offer and both sign the mortgage deed. You can't have a joint owner who doesn't also sign the mortgage deed.

Since the building society/bank will undoubtedly require the involvement of a solicitor, there is no point discussing how this can be done on a do-it-yourself basis.

Don't do it is my advice ;-)

In message , The Todal writes

Yes, but for banks (not building societies) they may be party to the legal charge (i.e. be a joint mortgagor) but necessarily also be a debtor as the loan could remain in a sole name.

What does "adding a partner to the mortgage and the deeds" mean?

If you wish to add your partner's name to the deeds by means of a re-registration then it is straightforward given that you and your partner are legally wedded or in benefit of the new single sex stuff.

As I understand it transactions between spouses (&legal recognised single sex couples) will be free of CGT. But it you give away half your property to another then this must be a disposal which may result in a CGT liability if the sums are large enough.

No comment about the mortgage.

well said

dont do it - she'll steal it all in court . . .

"As I understand it transactions between spouses (&legal recognised single sex couples) will be free of CGT. "

And also free of inheritance tax. Generally, gifts made during the last 7 years of your life form part of your estate and are subject to inheritence tax. However, gifts to your spouse, provided you were married at the time of the gift, are exempt.

Robert IANAL

My advice would be that the incoming partner should *buy* the share in the property.

Otherwise, why do it?

In a marriage it makes little difference because, after a few years anyway, everything is a matrimonial asset. But in a cohabitation situation one needs to think hard why one is doing this.

Agreed, or rent it.

Not necessarily. You can't just marry someone, then divorce them, and expect to walk away with half their pre-existing assets. That might apply to assets acquired for joint purposes once married, but premarital assets remain each individual's sole property unless explicit provision is made to the contrary.

Now there's a good question! Does a rent/tenancy agreement have any legal standing if it is between a "couple"?

The answer to this question could be relevant in two ways: one is between a genuine couple (where, frankly, I doubt many Western women would be willing to sign a tenancy agreement!), and the other is between two people of opposite sex who may wish to appear as a "non couple" for the claiming of benefits for example.

It's a bit like the civil partnerships bill - nobody is going to see what you do in bed, so it's easy for one man to pass his assets IHT-free to another completely unrelated man. Or a woman to a woman. The Revenue isn't permitted to look behind the civil marriage to see if it is a sham.

You must live in Scotland.

It's different in England. After a few years, all goes into the same pot. The Scots aren't known as tight bastards for no reason :)

Indeed. Well spotted.

That's a totally unjustified criticism. This is one matter which the English have got as wrong as imaginable.

The interesting question is, which law applies when circumstances, country-wise, are mixed? Is it where the wedding took place, is it where the divorce takes place, or is it where they live during those key "few years", and if so is it conditional upon the wedding having been celebrated under English law?

I remember reading a post from a Dutch bloke once - said he'd sold his old PC to his wife.

In message , Postman Pat writes

I hadn't thought of that, does that mean we can use these civil partnership things to bring back bed and breakfasting of assets of CGT purposes, or some such?

Maybe Mr Nicholson can incorporate it into his next attempt at interpreting VAT regulations in his own favour!

In message , " snipped-for-privacy@privacy.net" writes

No. B&B would only work if the transferor and transferee were not spouse or civil partners.