Should each of our properties be in both spouses names?

Hi all,

Wondering if anyone can advise me on this.

I recently got married and was diagnosed with Cancer around the same time.

My husband had bought a house (currently has outstanding mortgage on it) before he met me. That house is now rented out.

I have an investment property which is also rented out.

I own a house which we now both live in but the mortgage for both my investment property and the PPR are in my name and his own house is still in his name.

With our recent life changing events, I'm wondering now should we put all properties in both our names to ensure the other is secure should something happen (ie death).

We have both made our Will's so that end of things is sorted but I'm just now wondering what to do about our properties in both our names or whether its ok just to leave them as is.

Thanks.

Hi Paulsgirl, sorry to hear about your illness, hope you'll get through this.

There are advantages and disadvantages to putting properties in joint names.

The advantage would be that if either of you died there would be no need to extract a grant of probate to your estate in order to deal with the properties as they would automatically go into the sole name of the survivor on production of a death certificate. Therefore the cost on death is less ( and may be no need to extract a grant at all assuming all other assets are also in joint names).

The disadvantages would be that you would have a cost now of the transfer ( although I would estimate this to be much, much less than a grant of probate), legal fees and some outlay such as land registry fees on the investment property ( although none on the family home).

Also sometimes for tax reasons it is better to have investment properties in the sole name of a lower-earning spouse to take advantage of all their tax credits( something I read recently on AAM but check with your accountant who does your rental income returns).

Also in the event of a break up, tranferring property into joint names can lead to a presumption that both become equal owners despite one spouse having contributed more.

Thanks a mil Vanillla.

I'll definitely have more of a think about this now.

hi paulsgirl hope your coping well with your ilness and get threw it and dont have to worry about it after that . if there are mortgages on the propertys im sure the bank wont be to happy to add your husband on to the deeds and not the mortgage . a solicitor would have more experience with this