Transferring property between spouses

[herts]

Hi,

My husband has a flat in his name that has a mortgage on that we rent out. This is not our only property. For tax purposes he wants to give me the flat.

How would we do this?. Would we have to clear the mortgage and then he signs over the property to me or could I go on the current mortgage and he could then assign 50 per cent to me?.

Has anybody done this?. I will take legal advice nearer the time as we are not in a position this year to do it.

This might be helpful here.

Give a conveyancing solicitor a quick call and they’ll be able to talk you through. Say you’re asking for a quote.

Sorry - that link does not appear to want to work. If you google "transfer property between spouses" you will find some articles.

Fanspamtastic

Thanks for that link, looks like as the mortgage in under 250k we won’t have to pay any stamp duty .
Looks like he could assign 50 per cent to me if I go joint liability on the mortgage and I could have 50 per cent of the rent allocated to me.

Example

Paul owns a property worth £400,000 on which there is a mortgage of £300,000. He transfers a 50% interest to his wife, Caroline, who assumes liability for the mortgage jointly with Paul. Paul does not charge Caroline any additional consideration

They’ll still be SDLT I think you’re confusing it with first time buyers.
www.gov.uk/guidance/sdlt-transferring-ownership-of-land-or-property#if-you-marry-enter-into-a-civil-partnership-or-set-up-home-together

Oh sorry, no, half of 250 is 125 you’re right.