If you are the sole owner of a property and are looking to transfer the property to a joint ownership then you may be a bit unsure of how to go about it. Many people are in the situation of owning their own property and then begin to share your home with a partner. Initially a couple will split the cost of the mortgage, utility costs, etc while the house is still only in your name. If you decide to get married or enter into a civil partnership, then it may decide that it is time to co-own your home.
First of all, you will need to have a valuation carried out on the property to find out how much your home is worth. Contact the Land Registry to add your partner’s name to the property. You will be required to pay a fee in order to do this. One of the main questions that people ask is whether they will have to pay capital gains tax. Because this is classed as a gift between spouses/civil partner, then the transfer is tax free. There is also no stamp duty to pay if the mortgage has been paid off as no money is exchanged as part of the transfer process.