Transfer of equity to me

[adriennewillfly]

My DH insisted on buying the house in his name. Fair enough - it was his deposit, he was paying for 80percent of bills on top of the mortgage and there were complications with the paperwork. Now we're renewing the mortgage (plus we are having a second child together and.combining finances more and more), he is happy to put my name on the deeds and mortgage. Anyone know how complex this is likely to be?

We are going to talk to a solicitor soon, but will we have to pay stamp duty? The property is around £600k with 25 percent equity. I'm thinking, if he gifts me the equity, and I get added to 25percent of the mortgage, then we will be under the stamp duty limit. Is this possible?

It doesn’t work like that

I'm no expert but I'm guessing you wouldn't have to pay stamp duty. Last year when I got a divorce I brought the family home from my ex husband (the mortgage was also in his name only) and didn't have to pay stamp duty.

The solicitor will advise you accordingly. Can you budget for paying stamp duty then you'll get a pleasant surprise if you don't have to?

If all you are doing is remortgaging then it's simply a case of taking out a new joint mortgage, there is no sale as such. Like NotSuchASmug, there is a transfer of equity but no actual sale takes place so there is no stamp duty.

Stamp duty is paid on the consideration. Half of the mortgage if you only have 25% equity is above the threshold at 425000/2

What’s the motivation to put your name on it? In case of death or separation, it’s a marital asset and you’d inherit/claim your share. What are you looking to achieve through this?