Most commonly, transferring a house from joint ownership to sole ownership will be being considered following divorce, or a separation from your long-term partner. There may be other situations of joint ownership that result in you wishing to transfer a house into sole ownership – e.g. siblings no longer wanting to jointly own a house.
There will be a lot of things to think about if you are divorcing or separating and one of these will be property. If you jointly own your home you will need to agree what you are going to with it together. You may decide to sell it and split the profits from the sale evenly between you both or you may decide to transfer the ownership of the home into the sole ownership of one of you.
Make sure you address the issue of joint ownership of your home, as it is extremely important. An individual’s legal right to their share in the house will not just simply become invalidated if they move out and stop paying contributions towards the mortgage. Ensure that you have legally transferred the house into your sole ownership if you are the individual who will be staying in the property.
There have been cases in which an ex-partner has wished to claim their share in a house years after a marriage breakdown, as the legalities of ownership had not been addressed. Although the court will fight for you, if you have stayed in the property and paid the mortgage alone for years, you are likely to lose out on some money in this situation.
Things You Should Know About Transferring A House Into Sole Ownership
Stamp Duty Land Tax (SDLT) is not payable if you are transferring a house into sole ownership as part of a divorce settlement. However, SDLT may be payable if you are transferring a home into sole ownership following a separation from a partner whom you are not married to. You may also have to pay SDLT if you are transferring a house into sole ownership from many other joint ownership situations –e.g. brother and sister.
How Do I Transfer A House Into Sole Ownership
Contact a conveyancing lawyer to help you with the legalities of transferring a house into sole ownership. You will have to register the sole owner of the property with the Land Registry.
Alternatively, if you are divorcing a lawyer can help you draft a legal document that confirms that your ex-husband or ex-wife no longer has an interest in the property once you have separated.
If you would like information on how to transfer a house into joint ownership – read our article here
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