Hi,
First time of posting so please be gentle!
To set the scene myself and my partner have been together for just short of 13yrs and have lived in our current residence together since Feb 2010. We're lucky in that it was a self build and there is no mortgage on it. We have a 6yr old son & 3yr old daughter of which we are both the biological parents.
Land registry has the land the house is on registered in my name for 10yrs+ as this was given to me by my Mum & Dad. Our presumption (could be a bad move!!) is that the house on that land must therefore belong to me. No other 'person' would challenge that. The house at this time probably has a market value of £650,000+.
We don't currently have wills but we are about to address that, but if I leave the house to her in my will would she have to pay any tax at all? It is her sole residence and has been for over 8yrs, she's registered to vote there etc.
Why ask the question now? Well my Mum has cancer and has taken a dramatic turn for the worse with very limited time left, days in fact. Our whole family need to get our financial matters in order as my parents have property of around £2m mortgage free and we're looking to get everything tied down to limit the amount we would have to hand over in tax, but perhaps i'll address that in another post as that's a different subject.
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