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Old March 23rd 16, 11:37 AM posted to uk.finance
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Default House to joint ownership?

Wife and I are in mid seventies.
House (paid for) is in my name.
Is there any advantage in changing to joint ownership and if so, how
to do it.
Scotland if it makes any difference.

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Old March 23rd 16, 08:50 PM posted to uk.finance
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Default House to joint ownership?

On 23/03/2016 11:37, Geo wrote:
Wife and I are in mid seventies.
House (paid for) is in my name.
Is there any advantage in changing to joint ownership and if so, how
to do it.
Scotland if it makes any difference.


Scotland may be different - and you should see a solicitor in any case.

But, assuming that you would want your wife to inherit the house if you
die first, this is much simpler if it's in joint names because it would
be automatic, and your wife wouldn't be involved in probate etc. as far
as the property is concerned. Equally, you would again become the sole
owner were she to die first.

If you want to change it you will need a solicitor to re-register the
deeds in joint names - probably cost a few hundred quid.
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Old March 23rd 16, 10:39 PM posted to uk.finance
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Default House to joint ownership?

On 23/03/16 11:37, Geo wrote:
Scotland if it makes any difference.


I won't try to answer the main question, but Scotland has different
rules on inheritance and also has different names for the two sorts of
joint ownership, which may or may not exactly match tenants in common
and joint tenants. As such I think being in Scotland is very significant.
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Old March 24th 16, 11:33 AM posted to uk.finance
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Default House to joint ownership?

On 23/03/2016 11:37, Geo wrote:
Wife and I are in mid seventies.
House (paid for) is in my name.
Is there any advantage in changing to joint ownership and if so, how
to do it.
Scotland if it makes any difference.

It all depends on what you want to happen if you die before your wife.
And I think you definitely need to talk to someone who knows Scottish
law before deciding. But some brief points:

a. as others have said, Scotland does make a difference: its has
different laws about joint ownership and about who inherits what;

b. if you want your wife to inherit, changing to joint ownership won't
make any difference to the inheritance tax (if any) on your estate:
everything passing from one spouse to another is exempt

c. if you die without making a will what happens depends on whether you
have children but I think your wife would be entitled to inherit the
house if it is worth less than 473,000

So off the cuff - and it is *not* something I know much about - the main
difference I can see is that a form of "common ownership" means you
wouldn't be able to try to disinherit your wife by a will leaving the
house to someone else. (I say "try" as under Scottish law she'd have
some rights in any event.) And I do hope you don't find that thought
offensive: I'm just trying to cover the "what ifs?"

The details AIUI are a bit more complicated in Scotland than in E&W.
But I *think* you'd want the house to be owned in common with a
survivorship destination so that on death, the deceased spouse's share
passes automatically to the surviving spouse.

And if you'll forgive me for stating the obvious, if you don't have a
will making one would be a good idea to do whatever you decide about the
house.


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Old March 24th 16, 01:09 PM posted to uk.finance
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Default House to joint ownership?

On Thursday, March 24, 2016 at 11:33:08 AM UTC, Robin wrote:
On 23/03/2016 11:37, Geo wrote:
Wife and I are in mid seventies.
House (paid for) is in my name.
Is there any advantage in changing to joint ownership and if so, how
to do it.
Scotland if it makes any difference.

It all depends on what you want to happen if you die before your wife.
And I think you definitely need to talk to someone who knows Scottish
law before deciding. But some brief points:

a. as others have said, Scotland does make a difference: its has
different laws about joint ownership and about who inherits what;

b. if you want your wife to inherit, changing to joint ownership won't
make any difference to the inheritance tax (if any) on your estate:
everything passing from one spouse to another is exempt

c. if you die without making a will what happens depends on whether you
have children but I think your wife would be entitled to inherit the
house if it is worth less than 473,000

So off the cuff - and it is *not* something I know much about - the main
difference I can see is that a form of "common ownership" means you
wouldn't be able to try to disinherit your wife by a will leaving the
house to someone else. (I say "try" as under Scottish law she'd have
some rights in any event.) And I do hope you don't find that thought
offensive: I'm just trying to cover the "what ifs?"

The details AIUI are a bit more complicated in Scotland than in E&W.
But I *think* you'd want the house to be owned in common with a
survivorship destination so that on death, the deceased spouse's share
passes automatically to the surviving spouse.

And if you'll forgive me for stating the obvious, if you don't have a
will making one would be a good idea to do whatever you decide about the
house.


--
Robin
reply-to address is (intended to be) valid





Would there be Stamp Duty if you add a new owner to the deeds of a house?


Robert




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Old March 24th 16, 01:14 PM posted to uk.finance
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Default House to joint ownership?

On Thu, 24 Mar 2016 13:09:37 -0000, RobertL wrote:

On Thursday, March 24, 2016 at 11:33:08 AM UTC, Robin wrote:
On 23/03/2016 11:37, Geo wrote:
Wife and I are in mid seventies.
House (paid for) is in my name.
Is there any advantage in changing to joint ownership and if so, how
to do it.
Scotland if it makes any difference.

It all depends on what you want to happen if you die before your wife..
And I think you definitely need to talk to someone who knows Scottish
law before deciding. But some brief points:

a. as others have said, Scotland does make a difference: its has
different laws about joint ownership and about who inherits what;

b. if you want your wife to inherit, changing to joint ownership won't
make any difference to the inheritance tax (if any) on your estate:
everything passing from one spouse to another is exempt

c. if you die without making a will what happens depends on whether you
have children but I think your wife would be entitled to inherit the
house if it is worth less than 473,000

So off the cuff - and it is *not* something I know much about - the main
difference I can see is that a form of "common ownership" means you
wouldn't be able to try to disinherit your wife by a will leaving the
house to someone else. (I say "try" as under Scottish law she'd have
some rights in any event.) And I do hope you don't find that thought
offensive: I'm just trying to cover the "what ifs?"

The details AIUI are a bit more complicated in Scotland than in E&W.
But I *think* you'd want the house to be owned in common with a
survivorship destination so that on death, the deceased spouse's share
passes automatically to the surviving spouse.

And if you'll forgive me for stating the obvious, if you don't have a
will making one would be a good idea to do whatever you decide about the
house.

Would there be Stamp Duty if you add a new owner to the deeds of a house?


"Land and Buildings Transaction Tax" in Scotland. Not sure if it differs much.

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When she got to Sammy, whose father ran a local toy store, she said, "Sammy, since you're Jewish, I guess your family didn't celebrate Christmas.."
Sammy replied, "Oh yes, we did. We all held hands and danced around the cash register singing, 'What A Friend We Have In Jesus.'
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Old March 24th 16, 01:25 PM posted to uk.finance
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Default House to joint ownership?

On 24/03/2016 13:09, RobertL wrote:
On Thursday, March 24, 2016 at 11:33:08 AM UTC, Robin wrote:



Would there be Stamp Duty if you add a new owner to the deeds of a house?


Both Stamp Duty Land Tax and Land and Buildings Transaction Tax have
exemptions for straightforward transfers where there is no chargeable
consideration.

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Old March 24th 16, 04:01 PM posted to uk.finance
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Default House to joint ownership?

On Thursday, March 24, 2016 at 1:25:40 PM UTC, Robin wrote:
On 24/03/2016 13:09, RobertL wrote:
On Thursday, March 24, 2016 at 11:33:08 AM UTC, Robin wrote:



Would there be Stamp Duty if you add a new owner to the deeds of a house?


Both Stamp Duty Land Tax and Land and Buildings Transaction Tax have
exemptions for straightforward transfers where there is no chargeable
consideration.



That is interesting thank you.

I remember, long ago, I was selling my house and ended up swapping it with the buyer's house. We paid stamp duty only on the difference in values (the money that actually changed hands). I think that is not longer possible.

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Old March 24th 16, 07:25 PM posted to uk.finance
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Default House to joint ownership?

On 24/03/2016 16:01, RobertL wrote:

I remember, long ago, I was selling my house and ended up swapping it with the buyer's house. We paid stamp duty only on the difference in values (the money that actually changed hands). I think that is not longer possible.


Yes, that quirk[1] of Stamp Duty was *not* carried over the SDLT in 2003

[1] some might say avoidance opportunity
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Old March 25th 16, 04:46 PM posted to uk.finance
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Default House to joint ownership?

On Wednesday, March 23, 2016 at 11:37:14 AM UTC, Geo wrote:
Wife and I are in mid seventies.
House (paid for) is in my name.
Is there any advantage in changing to joint ownership and if so, how
to do it.
Scotland if it makes any difference.


There are two forms of joint ownership - tenants in common and joint tenancy (the word tenant doesn't mean what we all think it means here). If you are joint tenants then you both own all the house and when one of you dies the survivor will simply now be the sole owner. If you are tenants in common then you each own only a share of the house (in money terms, not on a brick by brick basis). This means that you can, if you so desire, leave your share of the house to anyone at all, not necessarily your spouse. I own my house on a tenants in common basis but most people will be joint tenants by default unless they do something about it. And I don't think deeds come into it because they are now irrelevant (I think). It depends on what's on the Land Registry.
But I'm referring to England not Scotland, where it may be different.


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