Joint Names on Deeds

[PMI]

I come from an era when it was normal to take out a mortgage and have the title deeds in just one name.
I subsequebtly remortgaged and set up the new mortgage in joint names. However the title deeds are still in the one name.
Is it advisable that I should change and how can I do it at minimum cost

 

[Stifster]

If it is a transfer to a spouse then it is a straight forward transaction with minimal costs (actually doing the same for an investment property at the moment). Contact a solicitor.

 

[ClubMan]

I don't think that there is any tangible benefit to adding both names to the mortgage or the deeds. In which case why bother?

 

[juke]

The most obvious benefit in transferring the deeds into joint names, IMO, is that in the event of the OP's death, the house would pass automatically by "survivorship" to his spouse without the need to take out a Grant of Probate - which means one less thing to worry about at a very stressful time.
There's no Land Registry fees payable in transferring the deeds into joint names (provided it's your family home), and no taxes payable - so why not?

 

[MOB]

"I don't think that there is any tangible benefit to adding both names to the mortgage or the deeds. In which case why bother?"

There is the benefit of ensuring that the property will pass to the spouse\partner by survivorship (automatically) on death. If the intention is that the spouse\partner should instead get the house through a will, the following should be borne in mind:

1. Where property goes through probate\administration, the process could mean potential claims from others - such as your children, including (this happened with a client of mine) children the family did not know about.

2. Apart from the potential risk to the asset, the cost of probate\administration is not insignificant. If everything else is in joint names, then putting the house into joint names is perhaps justified on potential cost saving grounds alone. (actually, mathematically it probably isn't, but knowing the costs have been saved is probably worth something in peace of mind terms).

I started this post before seeing that juke had already covered the point more succinctly.

 

[PMI]

Thank you all very much.