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JGM
JGM, Solicitor
Category: Property Law
Satisfied Customers: 12375
Experience:  30 years experience in property law.
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I would like to place my husband on the deeds of my

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I would like to place my husband on the deeds of my residential property which I rent out to a tenant. I am trying to remortgage my property and told that I can only do this if he becomes a tenancy in common which will allow us to avoid the stamp duty tax.
He has a residential property (I am not on the deeds) in which we live.
Please confirm that this is legal

If your husband is going onto the title and the mortgage, even if that is for no consideration there could be stamp duty to pay. The amount of the mortgage he is taking on is deemed to be the consideration. So it would be calculated on one half of the amount of the remortgage sum. If that is less than the exempt amount for stamp duty then it won’t apply. How much is the remortgage?

Customer: replied 7 months ago.
I owe £120,812.46 on the mortgage still. Unsure at the moment how much the remortgage would be.

Provided that one half of the mortgage is less than the current stamp duty threshold there is nothing in law to stop you transferring half the title to your husband’s name and taking a remortgage in joint names. I hope that helps. Please leave a positive rating so that I am credited for my time.

Customer: replied 7 months ago.
I am hoping him to be a tenancy in common, transferring the smallest amount of ownership possible to my husband avoiding the stamp duty tax.

There isn’t going to be stamp duty of half of the value of the remortgage is less than the stamp duty threshhold, currently £125000.

Customer: replied 7 months ago.
Sorry, your last message was a bit confusing. Just to clarify; the above is still the case even if my husband is on the deeds for our residential property and the rented one in question

As long as you give him a very small share, ie, £40000 or less.

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