Adding Wife to Deeds & Mortgage

sanjay2409

Hi All,

Just a query, wife and I married last year. I own a property since 2014 (4+ years) with the mortgage and house under my name.

I am looking to add my wife onto the mortgage and property deeds. Are we faced with Stamp Duty? As we are in the process of completing a BTL already. Or can I just add my wife's name onto the deeds and remortgage with her on?

Many thanks
Sanjay

kingstreet

SDLT may apply if you do the transfer of equity before you buy another/a second property.

This will depend on the size of the mortgage.

SDLT will apply if you buy another/a second property before you do the transfer of equity.

This will only be avoided if the share transferred is worth less than £40k.

sanjay2409

Thanks for the response.

As it stands at the moment I got the property in 2014 for £116k (off plan).
Value today due to conservatory approximately £200k.

The plan is the remortgage to pay off the Gov 20% equity, leave 25% equity in the property and the remaining to come out (approximately 20%) for future BTL investments.

Gov 20% - £40k
Equity to remain - £50k (approx)
Remaining to come out (approx minus current outstanding mortgage) - £34k.

The first BTL investment has exchanged - and we have paid 3% stamp duty (below the 100k)

Thanks in advance