Transfer of property ownership from husband and wife to husband

Born2Save_3

Hi

I currently have joint ownership of a property with my wife and we would like to transfer ownership to me. We are going to remortagage the house at the same time. The property was bought for £79K and is now worth in the region of 200K. We currently have a 75K mortgage. The property is our main residence and has been for several years. We intend to continue living in the property.

We'd appreciate comments on the following

* As the transfer of ownership is between partners will there be the possibility of a stamp duty liability ?
* If there is stamp duty to pay, how much is it likely to be ? Is there any way this could be avoided ?
* The mortagage company we would like to remortgage with has mentioned that there is a charge of around £200 which is the legal fees for transfer of ownership. Is this reasonable ? Are there any cheaper ways of doing it ?
* Are there any other costs that may be liable, that I have not already mentioned ?

Thanks in advanvce for your help

B2S

ginger_nuts

stamp duty is not payable on your main residence.

Sorry I dont no about the legal fees

DampProof

* As the transfer of ownership is between partners will there be the possibility of a stamp duty liability ?
* If there is stamp duty to pay, how much is it likely to be ? Is there any way this could be avoided ?
* The mortagage company we would like to remortgage with has mentioned that there is a charge of around £200 which is the legal fees for transfer of ownership. Is this reasonable ? Are there any cheaper ways of doing it ?
* Are there any other costs that may be liable, that I have not already mentioned ?

No stamp duty is payable between spouses
Have recently transfered joint named property to my wife £169 + Land Registry fee through solicitor. Around £200 total
Any cheaper ways? Contact the Land Registry office, as you may be able to deal direct and its only a matter of signing a few forms.

Hope this helps

MarkyMarkD

If the solicitor is already doing the legal work for the remortgage, I can't see that it would cost an EXTRA £200 just for a transfer of ownership.

I also can't see why the mortgage lender are quoting you legal costs. Are you getting a "free legals" package from them? If so, it might be better to get them to pay towards your legals and choose someone who'll do the whole lot for not much more than the lender is rebating.

JoeK_3

A solicitor handling the conveyancing of the remortgage would normally charge around £125 plus vat for a transfer of equity.

Ring the solicitor and negotiate with them

JoeK

Born2Save_3

Thanks all for the very good advice !