Are there any tax implications for adding children's names to a property deed as tenants in common? | Lawhive - Solicitors & Lawyers Online
Are there any tax implications for adding children's names to a property deed as tenants in common?
#tenancy in common law Our main home we live in is mortgage Free . It is jointly owed by my husband and I . If we place our children name on our property deed as "tenants in common " and then write a "will " that we will reside in our property and upon our death the share of the property will pass onto our children . Is there any tax implications here ? And would the 7 year rule gift apply here when you add someone name to your property ? It not a transfer deed . We just adding our children name to the deeds Also if any of our children fall into debt can creditor target the house ?.

Anonymous

22nd April 2022

Top Answer
NQ - I can't help with the questions sorry, but i do know if your children married and then divorced their partner could claim a share of your house in the divorce settlement. Also it may be worth looking to see if it would impact them with stamp duty if they bought their own property, I'm pretty sure it would be charged at the second home rate.

Opal Simpson

22nd April 2022

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