Can I be added to a BTL mortgage?

throneofblood

Hi, my partner has a BTL mortgage on a property and we've been discussing adding my name to the mortgage.

Is it possible to do this and, if so, how would we go about it?

Tia.

Keep_pedalling

Are you married?

throneofblood

Keep_pedalling said:

Are you married?

No, not married but we are on other mortgages together.

kingstreet

You would need to ask the lender concerned if it has a transfer of equity process.

throneofblood

kingstreet said:

You would need to ask the lender concerned if it has a transfer of equity process.

Thank you.

kingstreet

If the lender will permit it, you will need a solicitor to handle the transfer of the ownership and you should establish if there will be a SDLT liability.

If not, a remortgage to a new lender into joint names with a transfer of equity would also work

throneofblood

kingstreet said:

If the lender will permit it, you will need a solicitor to handle the transfer of the ownership and you should establish if there will be a SDLT liability.

If not, a remortgage to a new lender into joint names with a transfer of equity would also work

We hadn't thought of remortgaging, that may be the easiest way to do it, thank you.

How would an sdlt liability arise with a transfer of equity?

MWT

throneofblood said:

kingstreet said:

If the lender will permit it, you will need a solicitor to handle the transfer of the ownership and you should establish if there will be a SDLT liability.

If not, a remortgage to a new lender into joint names with a transfer of equity would also work

We hadn't thought of remortgaging, that may be the easiest way to do it, thank you.

How would an sdlt liability arise with a transfer of equity?

It is usually based on the share of the mortgage that you are taking responsibility for...

throneofblood

MWT said:

throneofblood said:

kingstreet said:

If the lender will permit it, you will need a solicitor to handle the transfer of the ownership and you should establish if there will be a SDLT liability.

If not, a remortgage to a new lender into joint names with a transfer of equity would also work

We hadn't thought of remortgaging, that may be the easiest way to do it, thank you.

How would an sdlt liability arise with a transfer of equity?

It is usually based on the share of the mortgage that you are taking responsibility for...

I'm not sure I follow why sdlt would be due again.


If the original buyer paid, for example, £5k in sdlt, why would any more be due?

Could you explain please?

Thanks in advance 

MWT

throneofblood said:

MWT said:

throneofblood said:

kingstreet said:

If the lender will permit it, you will need a solicitor to handle the transfer of the ownership and you should establish if there will be a SDLT liability.

If not, a remortgage to a new lender into joint names with a transfer of equity would also work

We hadn't thought of remortgaging, that may be the easiest way to do it, thank you.

How would an sdlt liability arise with a transfer of equity?

It is usually based on the share of the mortgage that you are taking responsibility for...

I'm not sure I follow why sdlt would be due again.


If the original buyer paid, for example, £5k in sdlt, why would any more be due?

SDLT is assessed whenever an interest in property is transferred in exchange for anything of monetary value.

So even if there is no cash payment, by being added to the mortgage (assuming no other split is documented) you are deemed to have accepted liability for half of the value of that mortgage and so there is a monetary value for the transfer of equity.

So the size of the mortgage will determine what if any SDLT is due.

Check the examples here: https://www.gov.uk/guidance/sdlt-transferring-ownership-of-land-or-property