Mistake filling in Title deeds am i now liable for Stamp

[Jaspal10]

In 2006 my wife and I bought a property Jointly (property A – Our Main Residence) – Both names on Title Deeds

In 2013 We sold property A and Bought Property B – However due to a mistake on my part I only put my wife’s name on the Title deeds.
Property B has always been my main residence and I transferred all the equity in order to pay for this property.

Having realised what I have done I know want to add my name to the title deed. What I am trying to work out is what my stamp duty liability may now be.


In 2013 I also Inherited a property. Does this mean that I could also be liable for extra 3% if I leave this beyond November 2018

Any help greatly appreciated

[AGoodman]

If there is no mortgage then she can transfer the property into joint names. As there is no payment (consideration), there is no SDLT.

It becomes more complicated if you have a mortgage but I suspect there is none otherwise the lenders would have insisted that you were also on the title.

[Jaspal10]

There is currently a mortgage and it is in my wifes, sole, name (I wasn't working at the time so couldn't be added to mortgage - which is also why I ended up making the mistake!)

The amount of the mortgage is 280k. So i am guessing the consideration will be 140k?

[maths]

If the mortgagee wouldn't, you state, allow you to become a party to the mortgage on purchase why would they agree to it now?

If at the date of purchase the clear understanding and intention was that you and your wife were to own the property beneficially 50/50 and you contributed monies but only she could take out a mortgage then as at today's date she holds the legal title only in her name but on trust for you and her 50/50.

At the time of purchase either your solicitor so advised and this should be reflected on the TR1 which he would have filed at Land Registry or had your wife execute a separate declaration to the above effect. Failing which this could be done now, albeit after the event.

In short, there appears to be no real reason for you to appear on the legal title and re the above there are no SDLT consequences.

[Jaspal10]

Sorry re mortgage - I didnt have a salary so I couldn't take out mortgage in both our names.


"if at the date of purchase the clear understanding and intention was that you and your wife were to own the property beneficially 50/50 and you contributed monies but only she could take out a mortgage then as at today's date she holds the legal title only in her name but on trust for you and her 50/50"

This is essentially the case, going forward I want to put my name on deeds so that we can increase the mortgage (if only one of us is on the deeds then we can still get joint mortages but options are limited by number of providers willing to do this) .

We didnt formally document this>

I am now also wary of the 3% extra charge as I have since inherited a property.

Thanks

[bd6759]

Although your name is not on the deeds, you do in fact have a beneficial interest in the property. Adding your name to the needs now is not an acquisition because there is nothing for you to acquire. You already own half the property. SDLT is not an issue.

[maths]

Based upon your last response, as bd6759 points out, you already have a beneficial interest in the property and thus simply adding your name to the legal title does not precipitate any SDLT charge.

[Jaspal10]

Thank you Bd6759 & Maths!