Changing names on the mortgage deeds

Jamdown67

Hi all, 
having gone through an unexpected divorce 3 years ago, I couldn’t afford to get a mortgage by myself as I just retired, so my oldest son assisted me and became a joint owner. Allowing my 3 kids and myself to have a roof over our heads.

I had to get a job and have been doing overpayments on my mortgage and have managed to reduce it from 140,000.00 to 55,000.00

My mortgage is due for renewal in August, and I have just been accepted that I now can get the mortgage by myself, I now wish to remove my son off the deeds. 

Will I need to pay stamp duty also how much?

I can’t afford to spend anymore money on fees, what should I do please my son wants to leave home and start his life.

Mark_d

If you don't want to spend money on fees you can keep your eldest son on the deeds/mortgage but pay the entire monthly amount yourself.

Suppose your eldest son owns half your £1m property, then you should pay him £500k to buy out his share.  The solicitor handing the remortgage should be best places to handle the changes to the deeds and any stamp duty.

SDLT_Geek

Jamdown67 said:

Hi all, 
having gone through an unexpected divorce 3 years ago, I couldn’t afford to get a mortgage by myself as I just retired, so my oldest son assisted me and became a joint owner. Allowing my 3 kids and myself to have a roof over our heads.

I had to get a job and have been doing overpayments on my mortgage and have managed to reduce it from 140,000.00 to 55,000.00

My mortgage is due for renewal in August, and I have just been accepted that I now can get the mortgage by myself, I now wish to remove my son off the deeds. 

Will I need to pay stamp duty also how much?

I can’t afford to spend anymore money on fees, what should I do please my son wants to leave home and start his life.

Is the property in England, so the relevant stamp duty is stamp duty land tax (SDLT)?

It will be important to establish what "beneficial" interest your son has in the property.  It is possible that he has become a joint registered proprietor at the Land Registry without having an underlying share in the property.  Or perhaps he is a half owner with you. 

One would hope that the position was made clear in the documents three years ago when the property went into joint names at the Land Registry.  It could be spelt out in a declaration of trust, or a clause in the transfer (probably a TR1) might deal with the position.

The SDLT position will depend on the underlying ownership.