Land Registry TR1 Query

Aki123

Hi,

Can anyone help please?

I helped a relative to buy a house by putting my name on as joint owner for her mortgage last year. It was a stop gap while she was awaiting some inheritance.

The mortgage company insisted my name went on the land registry, incurring the additional SDLT, as it was classed as my second home.

Now everything is sorted we want to take my name off the land registry ASAP so she can get a refund of the SDLT.

We're trying to complete form TR1.

Can anyone tell me whether we should both be named as 'Transferor', as we're joint 'owners', or is it just me as I'm transferring my part to her?

Thanks!

SDLT_Geek

Taking your name off the title at the Land Registry will not entitle her to a refund of SDLT.

I wonder whether the extra SDLT was due in the first place. Do you have a share in the property at all, or was it a case of the two of you being registered proprietors holding on trust for her absolutely?

G_M

I assume the mortgage lender has agreed to your name being removed from either the Title and/or mortgage?


Changing the ownership today, will not affect SDT liabilit last year.

Unless you sell your own main residence within 3 years of last year's purchase and make the new property your main residence.

Tiglet2

You will need your lender's consent to you being removed from the title.

The transferors are you and the relative (because you are both named as proprietors).
The transferee is the relative.

Aki123

SDLT_Geek wrote: »

Taking your name off the title at the Land Registry will not entitle her to a refund of SDLT.

I wonder whether the extra SDLT was due in the first place. Do you have a share in the property at all, or was it a case of the two of you being registered proprietors holding on trust for her absolutely?

Hi Thank you for replying.
For the purposes of the mortgage we said we would both be living in the house and that I wanted to retain my name on the house with my husband. It just seemed the easiest way to secure the mortgage until the money came through. I didn't actually pay any money towards the mortgage, I just put up the deposit and used my salary info to help secure it.

Aki123

G_M wrote: »

I assume the mortgage lender has agreed to your name being removed from either the Title and/or mortgage?


Changing the ownership today, will not affect SDT liabilit last year.

Unless you sell your own main residence within 3 years of last year's purchase and make the new property your main residence.

Hi, thanks for replying.
Yes, the mortgage has been reduced to a figure that my relative can easily cover herself, so everything has been agreed with them for her to take it on her own.

SmashedAvacado

On the basis that you cannot transfer a "share" of a property (as the land registry deals with legal dispositions and not beneficial dispositions), you will both need to transfer the property to her. Its a sale by joint legal owners to one legal owner.

RedFraggle

Aki123 wrote: »

Hi Thank you for replying.
For the purposes of the mortgage we said we would both be living in the house and that I wanted to retain my name on the house with my husband. It just seemed the easiest way to secure the mortgage until the money came through. I didn't actually pay any money towards the mortgage, I just put up the deposit and used my salary info to help secure it.

Have you lived there? If you had no intention to move in that is mortgage fraud.