Married and both own homes? Watch out for stamp duty when remortgaging

Former_MSE_Faye

If you and your spouse/civil partner both owned property before getting together and are now remortgaging, watch out...

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'Married and both own homes? Watch out for stamp duty when remortgaging'

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Tammykitty

Is it the mortgage or the house value that has to below £80,000?

Mister_E

Surely you have legally acquired an interest at the point of marriage, unless there is a pre-nup agreement in place?


Can they enforce that in a court of law?!

malc_b

How does this work when you are left a property in a will? Typically say man and wife jointly own their current home and are then left a property, i.e. to one or both jointly. Then one or both have 2 properties. Or maybe one inherits the property but they decide to transfer 50% to the other, that is put it in joint names for simplicity.

getmore4less

If there is no consideration then no SDLT.

getmore4less

Mister_E wrote: »

Surely you have legally acquired an interest at the point of marriage, unless there is a pre-nup agreement in place?


Can they enforce that in a court of law?!

The key thing is the person is taking on the debt that is what the SDLT is based on not the equity.

Alter_ego

This is patently unfair because moving in with a partner (Or marrying) where no mortgage is involved will not trigger the tax even though circumstances are identical.

Boeta777

Can someone help clarify what's best in these circumstance? Thanks

Live with GF in her house.
Own flat which rent out and part own another rented out property (no mortgage on that one)
Getting married next August
My flat fixed mortgage deal up in March (£40k), her house fixed deal up in June (£150k)

My (limited) common sense says to put both mortgages together under both our names. However, will this be more hassle/cost than it's worth?