Does help with regard to Inheritance Tax as only half the value of the house is involved.
My ex-hubbie insisted that we do this when I moved from the family house back in 2003. Even though he never actually lived in or paid anything towards all the improvements I made in this house.
So, when it was sold in 2019, I could only get half the then value towards my new property. He received the other fifty percent as cash.
Yes, it was my fault in not taking legal advice many years earlier. But, at the time, in 2003, we were joint owners of the family house (in which he had not lived for several years), and I had paid off most of the mortgage. However, he was refusing to sign papers for the sale and I panicked and agreed to him getting the Tenants in Common right inthe new house plus fifty percent of the excess between the then sale and purchase.
Consulted a Solicitor many years later and was told that undoubtedly I would be be entitled under law to a much bigger proportion than the fifty percent, BUT it would take ages to go throught the Courts, cost thousands of pounds (and cause so much family upset).
Fortunately, by moving away from London I was able to purchase a lovely flat with just that fifty percent of the sale price - but I still think of the enormous amount of cash that he now has as 'my' money.