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Remortgage/SDLT Question
sjoh1271
Posts: 17 Forumite
Am about to remortgage and want to add my partner to the mortgage.
Going to add them on a Tenants in Common basis, with them owning a 33% share.
The total mortgage is £340k. On the basis they will own a 33% share when the Land Registry is updated I see the equity transfer being £113k and as such below the £125k threshold for Stamp Duty...
Is that the case?
Thanks
Going to add them on a Tenants in Common basis, with them owning a 33% share.
The total mortgage is £340k. On the basis they will own a 33% share when the Land Registry is updated I see the equity transfer being £113k and as such below the £125k threshold for Stamp Duty...
Is that the case?
Thanks
0
Comments
-
Nope.
The consideration is 50% of the mortgage liability transferred.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
As KS says, this does not work the way you might expect it to.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Yep. The mortgage is a joint and several liability where each borrower is 100% liable and the equity in the property has no relevance.
Otherwise everyone would do a 99:1 transfer of equity to avoid paying anything.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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