Stamp duty on Sole to Joint Remortgage?

pcxajb

Hi,

I've been living with my partner in her flat for 2 years, and we're wanting to remortgage and add my name to the deeds.

The flat is worth £165k, so my question is will there be any stamp duty payable by adding me to the deeds?

I've seen lots of conflicting opinions on this, including one where the advice was that you only pay stamp duty if half of the value of the property is above the stamp duty threshold. I'm hoping this is correct.

Any ideas please?

UK007BullDog

There is no stamp duty to pay. She already paid it when she bought the property? Its not shared ownership? Then no worries.

Dan_Collins_2

You pay it on your share, so if you own the property on a joint basis you would own 50%. You pay stamp on this, but I believe you can offset the mortgage.

Go to the inland revenue site, they have a help line.

TighterThanTwoCoatsOfPain

UK007BullDog wrote: »

There is no stamp duty to pay. She already paid it when she bought the property? Its not shared ownership? Then no worries.

Not sure thats quite true

Dan_Collins wrote: »

You pay it on your share, so if you own the property on a joint basis you would own 50%. You pay stamp on this, but I believe you can offset the mortgage.

Go to the inland revenue site, they have a help line.

Think thats more like it..... and at a value of 165k you shouldnt have anything to worry about.

Dan_Collins_2

Its paid per transfer I think, so if he is putting land or property in his name he may be liable.

Ian_Griffiths_Halifax

Stamp Duty would only be payable if you were to receive a Transfer of Equity (be given) a share of the house worth £125001 or more. If you are going for a 50/50 split, then your share is only £82500 so no Stamp Duty to pay.

If her property were worth £400000 and you received £200000 then you would have 1% ie £2000 to pay.

Dan_Collins_2

Yep. spot on Ian!

People dont think about this, but as house prices have increased more and more people get hit by it!

Glad Ia m not the only broker who cannot sleep! LOL

Ian_Griffiths_Halifax

Dan_Collins wrote: »

Yep. spot on Ian!

People dont think about this, but as house prices have increased more and more people get hit by it!

Glad Ia m not the only broker who cannot sleep! LOL

Don't you just love this 9 to 5 job?

minimike2

Sleep is for the weak!

Im just sorting out registration for my Adv CeMAP.

Looking at going into lifetime stuff..

Oops, hijack, sorry!

Ian_Griffiths_Halifax

minimike2 wrote: »

Sleep is for the weak!

Im just sorting out registration for my Adv CeMAP.

Looking at going into lifetime stuff..

Oops, hijack, sorry!

On the basis that a Mortgage is for Life, not just for Christmas?

Dan_Collins_2

Is that sorry or did you hijack a lorry??