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Adding spouse to mortgage - STAMP DUTY!?
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Cash_Cow
Posts: 104 Forumite
Am remortgaging a BTL and extending the lease (easy as have share of freehold). Thought I'd add the wife to the docs but it looks like STAMP DUTY is payable on this? This is the advice of my IFA who has consulted solicitors.
Would just be good to confirm as I always thought you can shift stuff between man and wife with little bother? Why is SDLT payable?
It of course kills the idea, dead.
Would just be good to confirm as I always thought you can shift stuff between man and wife with little bother? Why is SDLT payable?
It of course kills the idea, dead.
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Comments
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If you owned the property outright SD would not apply, but because it is mortgaged it may be.
https://www.taxcafe.co.uk/resources/stampdutytrap.html0 -
Great link thanks - we can do it 'free' if i can get the mortgage under 250k - and its close...
Doing it will give advantage if i peg it first and in case of CGT, so worth doing really as long as its low cost.
Thanks0 -
Was just thinking further... Would it work to add spouse to new extended lease only (which gets registered with Land Registry) and omit her from the mortgage? Would I be keeping everyone happy??? :-)0
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I suspect most lenders would be uncomfortable with an owner of the security having no liability to the mortgage debt.0
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Great link thanks - we can do it 'free' if i can get the mortgage under 250k - and its close...
Doing it will give advantage if i peg it first and in case of CGT, so worth doing really as long as its low cost.
Thanks
I get the CGT, but why do you think it advantageous if you die first?0 -
Keep_pedalling wrote: »I get the CGT, but why do you think it advantageous if you die first?
Is it not far simpler to administrate - or she then has to inherit the mortgage too and who knows if they will approve that transfer?0
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