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Original poster

Stamp Duty

14 replies

BabyBed · 26/04/2018 07:33

Looking for advice on where to get advice on stamp duty!
Me and my DP are thinking of marrying now we have responsibilities to our LO. We both own a house, me outright and him with a mortgage. I've looked all over to figure out what happens if/when we marry regarding stamp duty but can't find an answer. Our local CAB were stumped too. We're not trying to avoid it, but really need to know if we need money in the bank to pay it. Would our marriage turn out to be far more expensive than we realise?
Due to circumstances (unwell DM) we don't want to sell my house just yet so we can visit without crowding her tiny place. We live in DPs house in the town where we work, which is around 3 hours away.

Any thoughts on who can advise us?

OP posts:

Personwithhorse · 26/04/2018 07:39

Do you mean you will add husband to house ownership and he puts you on his? This could incur the 3% second homes stamp duty.

If this is what you mean you will need a conveyancing lawyer to do it for you both so best to get legal advice they will advise the best way to set this up

NorthernSpirit · 26/04/2018 07:46

You can’t avoid stamp duty. You both are currently owner occupiers so if you want to buy another property you will both have to sell before you purchase a new property together (or you will be liable for the extra 3% 2nd home owners levy). Even if just one of you sell, if you buy together you will still be liable.

The only way around this is for either both of you to sell and then to buy jointly. Or one of you sells and then that person purchases the new place.

Here’s a link to the costs:

www.moneyadviceservice.org.uk/en/tools/house-buying/stamp-duty-calculator

Original poster

BabyBed · 26/04/2018 07:46

Would we need to add each other or can they deeds stay as they are? I can call a conveyancing solicitors, I bought my house +15 years ago so didn't realise that's what they do (thought it was just searches etc).

OP posts:

NorthernSpirit · 26/04/2018 07:48

If you want to add a persons name onto the deeds then it needs to be done through a conveyancing solicitor.

Original poster

BabyBed · 26/04/2018 07:50

We don't want to buy another property, just don't want to sell my house yet as it's stressful enough doing frequent visits to support DM. Trying to figure out at what point, and how much stamp duty we would pay on our existing houses. Thanks though!

OP posts:

busyboysmum · 26/04/2018 07:53

Why do you need to do anything regarding your houses? You need to explain a bit more about what is your thinking behind this? I'd be tempted just to leave each house in your own name and possibly make Wills.

Original poster

BabyBed · 26/04/2018 07:56

Busy if we marry then I think we are no longer 2 households but 1 with 2 houses. Maybe we don't need to do anything but from what I read it looked like we might be liable to pay stamp duty. I'll talk to a conveyancer for the legal low down though.

OP posts:

DelphiniumBlue · 26/04/2018 07:58

Isn't stamp duty payable at the point of transfer? If I'm right, Getting married won't transfer the property, but the main residence issue may affect the CGT position when you come to sell.But I haven't dealt with tax issues for years, so could be wrong.
Don't get advice for tax on a forum, the consequences could be expensive! Get proper tax advice from a professional.

Original poster

BabyBed · 26/04/2018 08:05

Delphinium absolutely! I got the answer is needed really - conveyancing solicitors are the go too. Why I couldn't find that out before I don't know

OP posts:

bilbodog · 26/04/2018 08:16

I think you only pay stamp duty when you buy a property - you already own these properties, so i dont think you will be liable for anything at the moment.

Original poster

BabyBed · 26/04/2018 08:22

Would a tax lawyer, financial advisor or property solicitor be the right person? What's the best way to find one?

Just to add, we're not exactly property moguls, my terrace house in my home town cost under 35k and my DP bought at the height of the property boom and has only just got out of negative equity. We can't afford a mistake.

OP posts:

Alarae · 26/04/2018 08:22

Unless you transfer them into joint names after marriage, there is no transfer. When you are married you are correct that in divorce your assets will be looked at as joint, but for stamp duty purposes they won't unless you actively so something.

Stamp duty is levied on consideration. Consideration is either money received, or taking on a debt.

If the mortgage free house is transferred, no stamp duty payable as no consideration.

If the mortgage house is transferred, the person coming to the property will be taking on half of the mortgage debt, which is consideration. If it is above the £40,000 threshold, you will pay stamp duty with the additional 3%.

PalePinkSwan · 26/04/2018 08:25

You don’t need to do anything.

Just leave the home ownerships as they are. No need to add each other’s names to the deeds - if you were ever to divorce both houses would be treated as joint property regardless of whose name is on the paperwork.

There is absolutely no need to pay a congeyancing lawyer to add names to the deeds, or to pay any Stamp duty.

johnd2 · 26/04/2018 08:58

As above don't do anything. And if you do move the non mortgaged house to joint names you can do it yourself if you get the forms sign and witnessed correctly.
The mortgaged one would need a solicitor to represent the mortgage company

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