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TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15975
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?


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 1 year ago.
the current mortgage is £89,000.00 or thereabouts. The remortgage would be for £310,000.00 which subsumes the current balance.


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.

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 1 year 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.

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.

I will be back in about 30 minutes.

Customer: replied 1 year ago.
Thanks. Do you know if I need to appoint a conveyancer to put my name on the deeds?

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

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