orraloon wrote:Can anyone point me in the direction of a useful synopsis of the implications of a married couple holding primary residence registered in only one name, not in joint or common tenancy, on such things as wills structuring, IHT, etc? Been trawling the internet to little result so far.
The probable reason you've not been able to find anything is that the question is too wide in its scope. There is no `one size fits all' solution, and the ideal outcome is dependent on individual circumstances.
However, in very simple terms it doesn't usually matter very much whether property is in one name or two. If you split up and get divorced the courts aren't generally bothered one way or the other, and assuming you've been married more than a couple of years they will tend to treat property as jointly owned irrespective of whose name it's registered in.
Likewise, on death transfers between husband and wife are exempt from inheritance tax, so it makes little difference from that point of view.
Due to the timings of various property transactions and 2nd time around marriage, we have ended up with our current sole property listed with the Land Registry in a single name. Can of course add the 2nd partner, at a fee, but do we need to? Is it better to?
Again, it depends on what criteria you're applying to the question. As I said, it probably wouldn't make much difference if you were to divorce, neither would there be any inheritance tax benefits from putting it in joint names.
However, one aspect that you do very much need to consider is whether you've made Wills. If you haven't then whether or not the property is in one or joint names could make a massive difference.
If you die without a Will then the devolution of your property is governed by the Intestacy Rules. These are complicated but there's a simple guide here -
https://www.citizensadvice.org.uk/famil ... intestacy/The main point is that if the house is in your sole name its whole value will be included in your estate. As you can see, this could cause huge complications for the surviving spouse, who may even be forced to sell the house, as if there are children she is only entitled to £250k in cash.
However, if the house is in joint names and owned (as most houses owned by married couples are) as joint tenants it will pass automatically into the sole name of the surviving spouse, and the Intestacy Rules won't affect it.
Of course if you've made a Will leaving everything to your spouse the problem wouldn't arise anyway.
One minor advantage of owning property jointly is that it may be possible to avoid having to apply for probate on the first death, as jointly owned assets normally pass automatically without the need for any paperwork. However, these days most people have ISA's and so on which must by law be in their own names so that probate will be needed anyway.
You say it's a second marriage. This can sometimes complicate matters, as there may be children from the former marriage that you wish to benefit from your estate rather than just leaving everything to the surviving spouse. However, it's not realistic to give general advice about specific circumstances, so you should really take individual advice from a solicitor.