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Putting house in joint names then paying off mortgage?
Comments
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Ahh, I see! So definitely best to just wait until we can pay it off then do it DIY, sounds like it will save us a few hunded pounds at least!
We'd be going for Joint Tennants - jointly owned without splitting percentages etc. We have no plans to get married so would like to know that if one of us died the other would automatically get the other half of the house.
Most people have said it's a TR1 form for putting the deeds in joint names, but the land registry says that TR1 is for 'Transfer of whole of registered title(s)', and that the TP1 is 'Transfer of part of registered title(s)'?0 -
Bumped for anyone who may know about the relevant forms!0
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If You do it yourself you will need the actual transfer deed which is a form TR1. The application form to submit your application on is a form AP1 and you will both need your identity verifying using a form ID1. The ID1 will need to be completed by a conveyancer or you will both need to attend a land registry office so they can do it. LoOk on the land registry web site for their public guides/ practice guides to help you.
The above assumes no mortgage and no restriction in the register.0 -
The HMLR website is http://www1.landregistry.gov.uk/0
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TrickyDicky101 wrote: »What's the value of your property, the outstanding mortgage and are you married? Answers to the foregoing questions are required to determine if you may have a Stamp Duty liability as a result of placing the property in joint names.
I just thought I'd point out as regards Stamp Duty Land Tax, that it is only payable when money or some other valuable consideration changes hands. No SDLT is payable on gifts or similar transfers of ownership. You don't, for example, pay SDLT on inherited property. So you wouldn't need to know the answer to those questions, as no liability to SDLT would arise simply as a result of "placing the property in joint names".0 -
Also note that no SDLT forms are required at all for a non-purchase acquisition nowadays.
There used to be a 'no SDLT to pay' form SDLT60 but it was abolished.0
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