Property transfer

[Boshi]

Can anyone give any advice on how to transfer half or all of a property to another person? My DH took on the mortgage when we bought our family home but we would like to transfer half or all of the property to my name now for various reasons.

I have another property which is not my residence, it was converted into a BTL when I came into it.

Will SDLT apply here? The remaining mortgage is £395k

Also does it matter that I do not have a high enough income to take on the mortgage?

Thanks!

It’s a pretty straightforward thing to do but you can’t transfer a property with an outstanding mortgage to another person without the consent of the mortgage provider. So if your income isn’t sufficient then I doubt they will agree to this.

Ah - is there no other way to transfer an interest without transferring the mortgage?

What are the reasons? You can be in the deeds without also being on the mortgage if the lender agrees to it; as you’re married, you also have marital home rights regardless of whether you are on the mortgage and deeds or not.

No because then your H would have a mortgage on a property he didn’t actually own

Hi OP, as I understand it, once you're married then in the eyes of HMRC you jointly own all marital assets.

E.g. here's a gov.uk link about SDLT: www.gov.uk/guidance/stamp-duty-land-tax-buying-an-additional-residential-property

"If you’re married or in a civil partnership:
The rules apply to you both as if you were buying the property together, even if you’re not.

If either of you individually have to pay the higher rates, you must pay the higher rates for the transaction as a whole (unless you’re permanently separated)."

I don't see any reason why you can't get your name on the deeds alongside your husband's - as PP says you'd need approval from the lender but as long as your husband can still afford repayments, that should be fine.

I don't think you can get the house solely in your name while your husband is still paying the mortgage; to do this you'd need to take on the mortgage yourself which it seems you can't do.

Depending on reasons behind this question you likely need legal advice!

A mortgage lender is not going to agree to a transfer of all or even half of the property to another person whilst they hold security on it, unless you are prepared to make a mortgage application together.

Thanks I’ve read about registering a home notice so I will do that, the reasons are just that my DH wants my name to be on the deeds somehow, he had a health scare recently.

As mentioned I think being married gives the same protections as being on the deeds but I may check that with a property lawyer?

Although technically the mortgage and the title don’t have to be in the same names it would be very unusual for any lender to allow itself