Is stamp duty payable?

[thebestever]

Hi there
I wonder if a conveyancer could help me because Google is proving ambiguous!

I am married and my husband and I bought a house after marriage a few years ago with the proceeds of my previous house. For various reasons the mortgage and ownership of the house are in my name only but the intention has always been to add my husband to the deeds and the mortgage as tenants in common, with my proportion being larger.

In the meantime we have recently purchased a rental property which is mortgaged and owned to us both as 50/50 tenants in common.

My question is, when we remortgage on our marital home later this year, with the intention of both of us being on the mortgage and the deeds as tenants in common (in differing proportions), do we have to pay stamp duty on the portion of the property that my husband will be "given".

Many thanks for any help.

I'm an accountant rather than a solicitor so take this with a pinch of salt but I believe when a couple is married if EITHER of them own a second residential property they pay the extra charge. I believe a married couple counts as one individual for stamp duty purposes.

If there was no mortgage, there would be no stamp duty.

If your mortgage is less than £1M there will be no stamp duty payable provided you complete the transfer by 30th June. If your mortgage is less than £500k there will be no stamp duty payable provided you complete the transfer by 30th September. If your mortgage is less than £250k there will be no stamp duty payable regardless of when you complete the transfer.

If there is stamp duty payable, it will be based on 50% of the mortgage, NOT 50% of the value of the house.

Thank you, that is very helpful.

Very much appreciated.