Stamp duty on transfer of equity??? Advice pls.

elaine2004emd

I would like to add my husbands name to my mortgage but Im unsure how much this is all going to cost? My husband is away on business so Im trying to do this by myself but to be honest Im totally out of my comfort zone and would appreciate some advice first.

My mortgage supplier (Natwest) have been as useful as a chocolate teapot. They have asked me loads of questions about our income, repayments, dependants etc. We are both natwest customers with no outstanding debts etc. Our credit score should be fine. I earn 14k, my husband earns 44k. They have told me to start the ball rolling with a solicitor then contact them afterwards.

My mortgage has 54k left on it. My house is currently worth 370k. Apart from solicitor and bank fees (I have no idea of fee prices at the moment) what else will we have to pay? I've had a brief look at stamp duty and I think we come under the threshold so shouldn't need to pay anything. Is that right?

Thank you.

antrobus

elaine2004emd wrote: »

... I've had a brief look at stamp duty and I think we come under the threshold so shouldn't need to pay anything. Is that right?...

Yes. In fact, so long as no money changes hands, no return is required, and no stamp duty is payable, no matter how much the property is worth.

elaine2004emd

antrobus wrote: »

Yes. In fact, so long as no money changes hands, no return is required, and no stamp duty is payable, no matter how much the property is worth.

Ah right thanks......that's good to hear. It's a bloody mindfield!

elaine2004emd

#minefield