We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Transferring Titles whilst turning it into BTL
comptp
Posts: 13 Forumite
Hi,
I’m on roll with the questions. So, my wife jointly owns a house on a rented property with her sister. We need to take her name off it as it’s affecting our ability to borrow as much as we’d like for a house we’ve put an offer on (see my other post). The house is worth C150k, was brought for 127k in 2007 and had 73k left on the mortgage. When taking out the new BTL mortgage tomorrow we’re thinking that we’ll just give my wife’s half to the sister (some risks we know around getting it back in future, but we’re cool with that)
Would her sister have to pay any stamp duty on the transfer of equity/deeds? Is it relatively simple to do it? (Her sister will easily meet lending criteria)
Any thoughts welcomed!
I’m on roll with the questions. So, my wife jointly owns a house on a rented property with her sister. We need to take her name off it as it’s affecting our ability to borrow as much as we’d like for a house we’ve put an offer on (see my other post). The house is worth C150k, was brought for 127k in 2007 and had 73k left on the mortgage. When taking out the new BTL mortgage tomorrow we’re thinking that we’ll just give my wife’s half to the sister (some risks we know around getting it back in future, but we’re cool with that)
Would her sister have to pay any stamp duty on the transfer of equity/deeds? Is it relatively simple to do it? (Her sister will easily meet lending criteria)
Any thoughts welcomed!
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.8K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards