transfer of ownership, change of deeds query?

A

Aine H

Guest
Hi i was wondering if anyone could point me in the right direction as regards this query.

My fiancee purchased a house 2 years ago and at the time i was in college so he purchased the house alone- we have now decided to transfer the house into both of our names as we are both paying the mortgage.I have been told that new deeds will have to be drawn up, but i am unsure what else is involved and i would like to know before going to a solicitor-because as you can imagine I do not want to be ripped off since we already paid him 2 years ago a substantial amount in fees when the house was first purchased. Id be very grateful for any help with this issue
 
In short you would be better off to wait until you are married to effect this transfer. In the interim your fiance should make a will to safeguard your position. There are otherwise potential liabilities to gift tax, stamp duty and land registry fees if you transfer now.
 
i knew it wouldnt be as simple as i had hoped-we are not getting married until june 2009 so had hoped to do it sooner but looks like i will have to have a rethink thanks
 
Well if it is that far off then post the value of the property, mortgage outstanding, whether you are/were both first time buyers etc and the posters here can advise further- oh and also if you continuously paid into mortgage and who provided deposit if any.
 
i am a first time buyer and he was at the time. The mortgage is 220,000 over 35 years-with 2 years repayments already. We have both always paid 1/2 the mortgage each. The deposit of 22,000 was paid by my fiancee at the time but i have since given him 1/2 of this. So basically we are completely equal-its just a matter of changing the name on the deeds
 
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