Wife name in the Land Reg.

mane1034

I am sole owner of a shared ownership property as I own 25% share

I am thinking to buy rest of shares in my property.

How much will it cost me to include my wife in the land register?

I am planning to rent this flat out in a year or so wanted to include her as well.

mane1034

Any help ?

RAS

Before you go an further you might want to check your mortgage and whether you will be allowed to rent the property out.

mane1034

I have already checked that I can do it for 12 months.

kingstreet

If the property will remain leasehold after you staircase up to 100% ownership, you still need consent to sublet from the freeholder, the Housing Association. Will they grant this?

You cannot simply add someone to the deeds of a property if it is mortgaged. You need to carry out a transfer of equity during the staircasing process to add her to the mortgage, then the matter is passed to a solicitor to complete the legal work, including the land registry title amendments.

mane1034

Housing association has no issues as long as I/We are 100% owner.It looks like there is extra cost here? Any idea how much will it cost?

kingstreet

A transfer of equity typically costs between £400 and £600 assuming a lender charge on top of the solicitor costs. As there will be costs involved in staircasing, some of the costs may be spread across both jobs, so less will be apportioned to the TofE.

You need to consult HA, lender and solicitor to check.

mane1034

There is no outstanding mortgage on my share. I paid all outstanding mortgage in my 25% share.

Still it will cost 400

kingstreet

What about the share you are aiming to purchase now? Will you need a mortgage for that? If so, you need to apply jointly and still carry out the transfer of equity during the staircasing process.

You also need to consider the stamp duty implications. Did you make a market value election when you purchased the initial share?

mane1034

The remaining 75% share so I/We become 100% owner.

I need mortgage for that.

No stamp duty to be paid.

It seems adding my Mrs name will cost me at least 500.

I wanted to add my Mrs name to split the income tax on rent

kingstreet

mane1034 wrote: »

It seems adding my Mrs name will cost me at least 500

Not necessarily. Like I said, you are applying for a mortgage and need legal work anyway, so the additional cost of the TofE may not be as much as doing a TofE on its own may have been. Up to you to check with parties mentioned earlier to see the difference.