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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I own a property which I moved out of in Jan 2013. It is

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I own a property which I moved out of in Jan 2013. It is let. I moved into my partner's house in Jan 2013 which is subject to a mortgage in his name. We married in April 2015. We want to remortgage his property for £310,000 in joint names. How much stamp duty do I need to pay if any?
Submitted: 6 months ago.
Category: Tax
Expert:  TonyTax replied 6 months ago.

Hi.

Can you tell me how much the current mortgage is and what will be owing after you have remortgaged? I'm assuming it will be £310,000 but it's worth checking.

Customer: replied 6 months ago.
the current mortgage is £89,000.00 or thereabouts. The remortgage would be for £310,000.00 which subsumes the current balance.
Expert:  TonyTax replied 6 months ago.

Thanks.

Take a look here for information on the transfer of equity and stamp duty and here for the current rates.

Assuming you will own a 50% share and you are taking on 50% of the mortgage, the stamp duty charge will be £600 (£310,000 / 2 - £125,000 x 2%).

I hope this helps but let me know if youi have any further questions.

Expert:  TonyTax replied 6 months ago.

I am looking at the rules for increased stamp duty for second property purchases to see if the 3% additional stamp duty will apply to you. If it does that will add £4,650 to your stamp duty bill to make it £5,250 (£125,000 @ 3% + £30,000 @ 5%). Whilst you will be taking an interest in a second property, it's not a purchase in the strict sense in my view. I will get back to you on this.

Customer: replied 6 months ago.
Thanks that was my concern. I need to be on the deeds to apply for the remortgage but I don't want to incur stamp duty when putting my name on the deeds on the remaining mortgage and then again when we remortgage.
Expert:  TonyTax replied 6 months ago.

If you get your name on the deeds before you remortgage, you will be taking on £44,500 of mortgage which may incur a 3% stamp duty charge of £1,335 as the transfer is over £40,000. Once your name is ***** ***** deeds, you can remortgage and pay no stamp duty as there will be no transfer. You will both be on an equal footing as you apply for the remortgage.

Expert:  TonyTax replied 6 months ago.

I will be back in about 30 minutes.

Customer: replied 6 months ago.
Thanks. Do you know if I need to appoint a conveyancer to put my name on the deeds?
Expert:  TonyTax replied 6 months ago.

You can do it yourself if you wish. Look here for further information.

TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15753
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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