Adding spouse to the deeds of property

Hi

After getting married recently I want to transfer the title on my current property from my own name, to that of my own and my wife

Do you know whether there is much cost involved, specifically are there any tax (CGT or stamp duty) implications that might change my thinking?

TIA.

Would you not want to keep it in your own name so if you wanted to move house in the future the new house could be put in your wife's name and you wouldn't have to pay stamp duty.....
I think that is the case......

I believe the situation there is that unless she was to have the entire loan in her name then stamp duty would still apply. Unfortunately her salary wouldnt yield the mortgage we would require.

there is no capital gains/gift taxs payable for transfers between spouses.

And no SD either. There would be legal costs though.

Provided your mortgage provider consents the legal costs including legal fee vat and outlays like searches registration fees fees to get title docs(payable to your bank) should be circa €1000 or thereabouts.
Bear in mind your wife would have to get mortgage protection ie life insurance. If you are doing all of that it would be a good time to shop around for mortgage quotes so that if you decided to switch your mortgage at same time there might be a small saving in terms of overall costs(ie some outlays) and also in time and hassle.

*(Actually if its your family home no registration fees when putting into joint names for a married couple)

Out of curiosity, why do you want to incur the expense of doing this? If it's your home, then her rights are already protected by the Family Home Protection Act.

To answer Liam's question in a very general way: Property in joint names passes automatically to survivor, potentially avoiding the cost of taking out probate\administration in the future. However, there is no big pressing reason for getting the family home into joint names.

The costs should be less than €1000. I (and many other solicitors) have a policy of charging no more than €250 plus VAT for the transfer of a family home into joint names [brief aside -this policy is under review] - and there are no registration fees. The transfer often coincides with another transaction, such as a remortgage, in which case it might effectively be thrown in for free.

With regard to your wife being able to buy your next house, as long as you are married, any house purchase is seen as the purchase of a family home and therefore is owned by both parties, i.e. cannot be owned by just one, so she would not be seen as a first time buyer because she is married to you, a non first time buyer.

as long as you are married, any house purchase is seen as the purchase of a family home and therefore is owned by both parties

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Is that true? I thought that you were still able to buy property in your own name and it was only regarding disposal of assets (e.g. for the family PPR) or inheritance of assets that the consideration of a spouse became involved. As in it is yours but they have first claim and if it is the PPR you can't simply sell it out from underneath them? What if you were separated but still married and buying an additional property for your accommodation?

Trish2006 said:

With regard to your wife being able to buy your next house, as long as you are married, any house purchase is seen as the purchase of a family home and therefore is owned by both parties, i.e. cannot be owned by just one, so she would not be seen as a first time buyer because she is married to you, a non first time buyer.

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I also believed this to be the case. It would be great if it wasn't so, but unfortunately, I don't think there is any "get out of jail free card" here. Please someone, prove me wrong.!!

My husband and I are being charged 1% of value of property to add my name although this solicitor did the original conveyancing a few years ago on our newly built house. Is this normal?

mayo artist said:

My husband and I are being charged 1% of value of property to add my name although this solicitor did the original conveyancing a few years ago on our newly built house. Is this normal?

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For me to say "seems very steep" is an understatement. The days of a solicitor charging 1% the value are long gone!!

I agree with LDFerguson above... as you are now married, you could not sell the house without her consent.. You cannot re-mortgage without her consent etc.. So why waste the money on this...(Whats yours is hers!!)

Thanks for replying. Have been away for a few days.

We got the impression that the Law Society set the rates at a minimum of 1% but that it would be much more if it were to come to probate at some stage.
We now feel we're being fleeced.
We checked with a UK solicitor friend who said it would be about £500 sterling in UK.
I realise things are different over there.

much obliged,
Mayo artist

If i already have a property in my name but a loan not a mortgage and myself and girlfriend build a house and put the title in her name but the mortgage in both our names do we qualify for TRS?