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Adding spouse to the mortgage and deeds
Kam_2
Posts: 60 Forumite
Hi,
I currently own a 2 bedroom flat and have £135,000 mortgage.
When I bought the property, my wife did not meet the necessary residency requirements to be on the mortgage, thus I had to make an single application.
As my wife now holds a UK passport, I would very much like to add her to both the mortgage and the deeds, but am not sure how.
Does anybody know how I could go about doing this?
Many thanks,
Kam
I currently own a 2 bedroom flat and have £135,000 mortgage.
When I bought the property, my wife did not meet the necessary residency requirements to be on the mortgage, thus I had to make an single application.
As my wife now holds a UK passport, I would very much like to add her to both the mortgage and the deeds, but am not sure how.
Does anybody know how I could go about doing this?
Many thanks,
Kam
0
Comments
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Hi,
This shouldn't be a problem. The best thing to do is contact your existing lender and tell them you would like to add a party to the mortgage, this usually carries an admin fee typically £100/£200 however you will also have to appoint a solicitor to deal with the legal work. I'm not sure how much solicitors charge but when it's done as part of a remortgage it's usually about £200.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks for the help.
Do you know if I need to pay any Stamp Duty?0 -
Why would you need to pay stamp duty, you're not buying a new property just adding your wife to the existing one, so no.0
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R u sure?
I just spoke to the Inland Revenue and they r ademant that Stamp Duty must be paid!0 -
Umm interesting.
What is the value of the flat? As I am sure we asked about this and we where warned about it.
And I am sure that we where told that as I am getting half the value of the property as long as the half fell below the stamp duty threshold I would pay no stamp duty to be added.
But obviously get legal help before you go ahead with it.
Yours
CalleyHope for everything and expect nothing!!!
Good enough is almost always good enough -Prof Barry Schwartz
If it scares you, it might be a good thing to try -Seth Godin0 -
I was also told that there would be stamp duty to pay when I enquired about being added to the deeds for my husband's flat. In the end we didn't bother as we decided to sell.
Cheeky though eh?0 -
Here's an explanation of the position http://www.enact-online.co.uk/Press/270
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OMG I was right about something
. But is not the figure of 60K wrong as stamp duty threshold 120K now.
Yours
CarolineHope for everything and expect nothing!!!
Good enough is almost always good enough -Prof Barry Schwartz
If it scares you, it might be a good thing to try -Seth Godin0 -
Yes, it appears not to have been updated with the new figures but I think the article is correct in all other aspects.0
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