SDLT payable on Transfer of equity for mixed use

caronoel

I bought our current home (plus land) in 2010, in my sole name just before Mrs caronoel and I got married.

Bought the house as mixed used property at the time, as it has about 10 acres of woodland attached. There was a stamp duty benefit in doing this.

Current value of the property is approx. £2.5m, with an outstanding HSBC mortgage of £0.5m. The mortgage and the deeds are in my sole name, and we have both lived in the home as our PPR since 2010.

We are now looking to get my wife set up as a joint tenant on the property.

Question is how much SDLT would I pay to get effect a transfer of equity to get her set up as joint tenant, considering that it is a mixed use property?

I appreciate that I need to get HSBC’s consent, but do I need to engage a solicitor to prepare and submit the relevant forms?

One other consideration is that we also hold a number of BTL properties. Will this crystallise the 3% additional stamp duty charge for property investors?

caronoel

Can anyone advise?

agrinnall

Honestly, with the value of the main property and your ownership of other BTLs I would suggest that speaking to your accountant might be the best option.

anselld

The additional 3% does not apply to Commercial or Mixed Use.

caronoel

For the sake of completeness, I am posting an update with my solicitors advice.

Based on a mortgage outstanding is approx £476k, and we have £100k of savings and using the savings to pay down the mortgage to say £370k

This would give a TOE to my wife of £185k, which would trigger a SDLT charge of £700 as the property is mixed use.

Solicitors fee is £100 for this plus LR fee of £40.

So nowhere near as bad as I feared!