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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10549
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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We own our house outright. My partner of 35 years has the title

Customer Question

We own our house outright. My partner of 35 years has the title deeds in her name only. We wish to raise money (mortgage) against this property for a buy to let we wish to purchase. We need to buy this in joint names however the title deeds need to be in joint names. Is this just a simple case of changing our land registry documents? I also understand that transfer of assets between common law partners is no object to any taxes?
thanks
Justin
Submitted: 2 years ago.
Category: Law
Expert:  Aston Lawyer replied 2 years ago.

Hello and thanks for using Just Answer.

My name is ***** ***** am happy to assist you with your enquiry.

In order to transfer your property into joint names, it is a simple case of instructing a Conveyancing Solicitor to prepare a Land Registry Transfer document, which is signed by the 2 of you and then registered at the Land Registry.

The only possible tax which is payable on a Transfer is Stamp Duty, and this is only payable if you were paying more than £125,000 for your share or if you were assuming a debt (ie taking on any Mortgage already registered against the property) for £125,000, which you will not be. Hence no tax is payable if your partner is gifting you half the value of the property.

Your Solicitor is likely to charge you approx £250-£300 plus VAT for this work, and there will also be a Land Registry fee to pay, based on the value of the property and which will be anything from £40-£90.

I hope this assists and sets out the legal position.

Kind Regards

Al