I am really sorry, stamp duty again !!!!

cumbrian_blue

Hi.

My wife owns a house (before we got together) worth 80k. She bought it in 2006, mortgage and deeds in her name. She rents this house out.

I own a house, mortgage and deeds in my name. Mortgage of 98000. We are currently remortgaging (main residence) for 115000, property worth 128000 and we are adding her name to the deeds and mortgage ( cant afford remortgage in just my name)

Im pretty sure we will have to pay the higher stamp duty. Can anyone confirm this and if we do have to pay can anyone tell me how much will it be ? Is it the mortgage required or house value?

Any help would be great and sorry to ask the question

Thanks

kingstreet

I think not.

The married couple unit currently owns two properties and after the transaction you refer to will still own two properties.

You should check the HMRC site for the definitive answer as I've not done a TofE under the new rules.

Normally, the consideration is 50% of the value of the mortgage which she will be "inheriting."

cumbrian_blue

Thanks for your reply, I hope you are right. But ill only own one and technically my wife will own two after the remortgage. Its a minefield !!!!!!

kingstreet

Post this on HBR&S instead as it isn't really a mortgage issue.

They can often cut through the foliage and see to the heart of the issue.

IMHO you are a single unit as you are married and the unit already owns two properties. Examples 13 to 17 don't cover the scenario;-

https://www.gov.uk/government/consultations/consultation-on-higher-rates-of-stamp-duty-land-tax-sdlt-on-purchases-of-additional-residential-properties/higher-rates-of-stamp-duty-land-tax-sdlt-on-purchases-of-additional-residential-properties