Transfer of Equity and stamp duty

JonMitchell

Hi folks 

Just a quick question,

I have a remaining residential mortgage of £250K on my main residential property and planning to add my wife to the Title Deed (Transfer of Equity), which has been solely under my name. No monetary change. So splitting the mortgage of £125K each, there should not be further stamp duty incurred, trust this is correct?

Received an email from solicitor asking if we have any additional properties to enable them to calculate stamp duty payable. We have few BTL properties, so not sure why the solicitor enquire about additional properties as our BTL properties (additional stamp duty already paid for when we purchase those properties) should have nothing to do with stamp duty for transfer of equity for residential property? Am I missing something here? 

SDLT_Geek

It will help you to refer to this guidance https://www.gov.uk/hmrc-internal-manuals/stamp-duty-land-tax-manual/sdltm09820 explaining that the 3% surcharge to stamp duty land tax does not apply to transactions between spouses who are living together.

You need to ignore the unpromising heading to the guidance and keep reading!

JonMitchell

SDLT_Geek said:

It will help you to refer to this guidance https://www.gov.uk/hmrc-internal-manuals/stamp-duty-land-tax-manual/sdltm09820 explaining that the 3% surcharge to stamp duty land tax does not apply to transactions between spouses who are living together.

You need to ignore the unpromising heading to the guidance and keep reading!

Thanks!

What I am a bit bemused is the current transfer of equity to include my wife into the title deed is ONLY for our main residential property. It has nothing to do with our other additional BTL properties, which are hold jointly by both of us and have already paid the additional 3% on top of the rest of the stamp duty.

JonMitchell

Just a quick update, the solicitor doing our transfer of equity had muddled up the process. But glad it has been sorted, turns out that I know just a little bit more (the wonder of google) than my solicitor with regard to stamp duty......

Thanks all