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Stamp duty, remortgage second property
buidiena3
Posts: 1 Newbie
Please help!
When my wife and I first met we had a house each, we moved in together and rented out her house. We sold my house and bought a property together 5/6 years ago (joint mortgage/both names on deeds).
We have finally got round to remortgaging/changing lender on my wife's house. It has always been in her name only (mortgage and deeds). We are changing to a buy to let and both names will be used on the new mortgage and a transfer of equity will take place to get both our names on the deeds.
I realised today that stamp duty may be applicable, but I cannot find a definitive answer as to how much?
When my wife and I first met we had a house each, we moved in together and rented out her house. We sold my house and bought a property together 5/6 years ago (joint mortgage/both names on deeds).
We have finally got round to remortgaging/changing lender on my wife's house. It has always been in her name only (mortgage and deeds). We are changing to a buy to let and both names will be used on the new mortgage and a transfer of equity will take place to get both our names on the deeds.
I realised today that stamp duty may be applicable, but I cannot find a definitive answer as to how much?
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Comments
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You'll get better answers on the house buying boards.1
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and here is the link to take you there:Deleted_User said:You'll get better answers on the house buying boards.
https://forums.moneysavingexpert.com/categories/house-buying-renting-selling
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I moved the discussion to a better place for youI’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
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The SDLT is likely to be calculated on a fraction of the mortgage debt. For example if your wife acquires a 50% share then the chargeable consideration would be 50% of the debt. So if the debt is £400,000 and she acquires a half share of the property then SDLT would be worked out on £200,000. This would come to £1,500.buidiena3 said:Please help!
When my wife and I first met we had a house each, we moved in together and rented out her house. We sold my house and bought a property together 5/6 years ago (joint mortgage/both names on deeds).
We have finally got round to remortgaging/changing lender on my wife's house. It has always been in her name only (mortgage and deeds). We are changing to a buy to let and both names will be used on the new mortgage and a transfer of equity will take place to get both our names on the deeds.
I realised today that stamp duty may be applicable, but I cannot find a definitive answer as to how much?0
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