Transfer husband's flat to my name- help?

Splash81

Hi,

Wondering if you can help! Husband owns a flat which we wish to put in my name as the income off renting the flat pushes my husband over the upcoming 30 hours free childcare threshold. I, on the other hand, work part time and earn very little, therefore makes sense to put in my name.

The flat is worth 425,000 and has a 250k mortgage. I think I would be liable for stamp duty- do you know if that would be on full value if flat or on mortgage amount? Also, would I have to apply for the mortgage? I think my wages are so low that I wouldn't be approved for i t if I had to (20k per annum). The flat is rented out for almost double the mortgage payment amount monthly (£1300 - repayments £700).


Thanks in advance!

A

assimilate_2

To have the flat transferred to your name means a new application thereby costing thousands of pounds.

Number75

You don't earn "very little" if you earn £20K when you don't even work full time.

You can still get the 30 hours if your husband earns up to £100K. So your household income is over £120K. You will get the 15 hours regardless.

I think your husband's high income of over £100K has somewhat skewed your perception of what £20K is, and I find it quite rude to call that "very little".

I'm not sure it would be worth it financially anyway. If you have 2 children and have the extra for 2 years each, that's 2 children x 2 years x 15 hours x 38 weeks x £4 (that's the pilot scheme amount) = £9120

By the time you look at the stamp duty and BTL mortgage arrangement fee, is there really enough saving?