Paying off mortgage and then adding wife as tenant-in-common

daddydodo

Hi, I'm married and our house is currently in my sole name. I'm wanting to pay off my mortgage and add my wife's name to the proprty title as tenants-in-common.

I have spoken to my mortgage provider and it seems straight forward enough to pay the off the mortgage; and they will deal with the land registry to remove their interest in the property. However the next stage of adding my wife's name and having the property owned together as tenants-in-common is what I'm not too sure about. Do I need to pay a solicitor or conveyancer to deal with the lamd registry? Or is this something I can complete myself?

After some advice, thanks!

SDLT_Geek

daddydodo said:

Hi, I'm married and our house is currently in my sole name. I'm wanting to pay off my mortgage and add my wife's name to the proprty title as tenants-in-common.

I have spoken to my mortgage provider and it seems straight forward enough to pay the off the mortgage; and they will deal with the land registry to remove their interest in the property. However the next stage of adding my wife's name and having the property owned together as tenants-in-common is what I'm not too sure about. Do I need to pay a solicitor or conveyancer to deal with the lamd registry? Or is this something I can complete myself?

After some advice, thanks!

If you are paying off the mortgage with your own money then, as a gift, there should be no stamp duty and tax implications (I am assuming for now that the property is in England).  If your wife is providing the money to pay off the mortgage then, depending on the figures, you are likely to have to submit a land transaction return to HMRC, and perhaps even pay SDLT (if the figures are high enough). 

daddydodo

Thanks for the reply. I will be paying the motgage off from my account so there will be no money changing hands between myself and my wife.... so I presume I would not have to pay SDLT. REgarding the addition of my wife as a tenant in common is this something I can arrange with the land registry myself?

SDLT_Geek

daddydodo said:

Thanks for the reply. I will be paying the motgage off from my account so there will be no money changing hands between myself and my wife.... so I presume I would not have to pay SDLT. REgarding the addition of my wife as a tenant in common is this something I can arrange with the land registry myself?

So no need for a land transaction return to be filed. 

I am sure other contributors will be on to say what other documents you need.

canaldumidi

To add your wife you'll need to transfer the property from your sole name to your two joint names. Submit forms to the Land registry:

TR1

AP1

ID1

https://www.gov.uk/government/publications/registered-titles-whole-transfer-tr1

As you wish to own as TIC (not Joint Tenants) you should both write wills.