Joint mortgage..do I need it

kingstreet

sam1970 wrote: »

I have just read on COOP legal services website that if I add my wife's name to the deeds (they call it transfer of equity) we will need to pay stamp duty on half of the property again. That is mad as I have already paid it. Is that true?

Is half the existing mortgage more than £125k?

If it is, yes.

If it isn't, no.

Is your life policy written in trust for your wife's benefit? If not, get it done otherwise the proceeds will end up in your estate with the property which isn't what you want to happen...

sam1970

Thank you...I meant to write my my life policy in trust for few years but never got round to do that. It will be my next step. Half the mortgage is over 125K and it is a rip off o expect me to pay stamp duty on it again. I might just ensure a water proof will and hope for the best

getmore4less

Allthough SDLT is payable on a split of equity on marriage, on divorce it will be exempt.

As long as there is the cash to clear a mortgage and the will covers the inheritance there is no rush for the wife to sort out the estate and transfer the house.

Note:

you need a will because intestate may not be sufficient to secure your intentions if you have kids.