Getting name on title deeds.

R

ROSSYGIRL

Guest
Hi.

Looking for some advice. Boyfriend and I decided to build a house on a site left to him by his father with a view to getting married sometime down the line. Got the mortgage in his name only so I could retain my ftb status, (since found out i can't use it anyway). So basically even though I'm paying half mortgage, half bills etc. my name isn't on anything. Can I now get my name on the title deeds? Will I have to pay capital gains tax and if so how much? Any suggestions or should I leave well enough alone. Have no trust issues but who can tell the future and I presume I should get some security.

Thanks for any advice.
 
I would think it's best to get your name on the deeds and the mortgage if you are going to pay half the costs of the house, otherwise if you split (not saying you will, but to be safe) you won't be in a very good position. If his father gifts a site to his son and you there may be some gift tax or stamp duty involved but I'm not sure enough to say. Best ask a solicitor for advice. I wouldn't be happy though to be paying half the costs of a new house without my name on the mortgage and deeds though.
 
Thanks Marg. Think I do need a solicitors advice. As far as I know all the gift tax has been sorted between father and son but I don't know if I have to pay any to get my name on it.
 
AFAIK if you get your name on the deeds you will have to pay gift tax on half the value of the site. You may also be liable for gift tax on half the value of the house as it is being given to you by your boyfriend. If you get married first then there should not be a problem with gift tax.
 
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